SEPLAT, indigenous oil company set for dual listing on NSE, LSE

SEPLAT Petroleum Development Company PLC, an indigenous oil and gas company has announced its intention to float its shares on both the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE).

A statement from the company on Tuesday said that if successfully listed, SEPLAT would be the first Nigerian oil and gas company to have its ordinary shares dual listed on both the NSE and LSE.

SEPLAT in addition, indicated interest in trading on the LSE’s main market and to the official trading list of the NSE.

The statement by the company’s management quoted its Chairman, Dr Byrant Orjiako as commenting that “SEPLAT will continue to succeed and flourish as a leading Nigerian oil and gas operating company, while fostering indigenous participation in the Nigerian oil and gas industry.

“The global offer proceeds will allow us to further implement our business strategy, which includes acquiring new assets.

“We are committed to maintaining our track record and achieving our growth aspirations through sound corporate governance and best practice,’’ he said.

According to the statement, SEPLAT was founded in 2009 by Shebah Petroleum Development Company Ltd. and Platform Petroleum (Joint Ventures) Ltd. for the purpose of investing in Nigerian oil and gas opportunities.

It said that Maurel &Prom, a French independent oil company, subsequently acquired SEPLAT’s 45 per cent equity interest, which was later spun-off to form Maurel& Prom Nigeria S.A (now Maurel& Prom International (MPI).

“In July 2010, SEPLAT acquired a 45 per cent participating interest in, and was appointed operator of a portfolio of three onshore producing Oil Mining Leases (OMLs 4, 38 and 41) located in the Niger Delta.

“ In June 2013, the company entered into an agreement for the acquisition of a 40 per cent participating interest in the Umuseti/Igbuku marginal field area located within Oil Prospecting Licence (OPL) 283 in the Niger Delta,’’ it said.

It added that the company with an average gross operated oil production of 51,400 barrels per day (bpd) as at 31 December 2013, had grown from 13,900 bpd in August 2010.

According to the statement, the company’s average gross gas production in 2013 was 99 million standard cubic feet per day.

It added that SEPLAT was targeting gross operated oil production from its existing assets of 85 million bpd by the end of 2016.

“It intends to use the net proceeds of the global offer of 48 million dollars to repay in full all outstanding amounts under its shareholder loan from MPI S.A.

“The remainder of the net proceeds to be available for acquiring and developing new acquisitions, and/or pay down any additional debt raised in connection therewith.

“Both onshore and shallow offshore acreages, assets or joint venture farm-ins.

“The main source of acquisitions is expected to come from divestitures by various International Oil Companies (IOC),” it stated. (NAN)