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Oil producer Afren talks to bondholders on funding needs

Jan 27 (Reuters) - Afren Plc (LSE: AFR.L - news) said on Tuesday it was in talks with advisers of a committee of its largest bondholders over its immediate liquidity and funding needs as the oil and gas producer tries to weather a slump in oil prices.

The company, which had an estimated debt of about $1.1 billion as of end-2014, said its equity funding requirements were likely to be in excess of its current market capitalisation, if its debt structure remained unchanged.

Afren, which is in merger talks with Nigeria's Seplat Petroleum Development Co Plc, said it was also considering whether to utilise a 30-day grace period relating to $15 million of interest under its 2016 bonds due on Feb. 1.

Afren shares closed at 17.67 pence on the London Stock Exchange on Monday, valuing the company at about 194.5 million pounds ($293.3 million).

($1 = 0.6630 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Gopakumar Warrier)