LONDON--Nigerian-based oil company SEPLAT Petroleum said Tuesday
it plans to raise $500 million via a global offer on the London and
Nigerian Stock Exchanges.
The company, which was founded in 2009 by Shebah Petroleum
Development Company Ltd. and Platform Petroleum (Joint Ventures)
Ltd. to invest in Nigerian oil and gas opportunities, said it will
apply for a standard listing of its Ordinary shares on the Official
List of the London Stock Exchange's main market and the Official
list of the Nigerian Stock Exchange.
"Upon listing, SEPLAT will be the first Nigerian company to have
its ordinary shares dual listed on both the LSE and the NSE," it
said.
SEPLAT owns a 45% participating interest in, and is operator of,
a portfolio of three onshore producing oil mining leases--OMLs 4,
38 and 41--located in the Niger Delta. It also owns a 40%
participating interest in the Umuseti/Igbuku marginal field area
located within OPL 283 in the Niger Delta.
In 2013 the average gross operated oil production from OML's 4,
38 and 41 was 51,300 barrels per day. SEPLAT is targeting gross
operated oil production from its existing assets of 85,000 by the
end of 2016.
"The global offer proceeds will allow us to further implement
our business strategy, which includes acquiring new assets,",
Chairman, Dr A.B.C. Bryant Orjiako said.
"We are confident that SEPLAT will continue to succeed and
flourish as a leading Nigerian oil and gas operating company with a
proven track record for delivering value to its investors, while
fostering indigenous participation in the Nigerian oil and gas
industry. We are committed to maintaining our track record and
achieving our growth aspirations through sound corporate governance
and best practice," Mr. Orjiako added.
Write to Ian Walker at ian.walker@wsj.com
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