May I congratulate team Seplat as they absorb London-listed Eland Oil & Gas Plc as reported by Financial Times. Few weeks ago, I shared a platform with the leadership of Seplat, and was exceedingly impressed on their mission. Congratulations Austin Avuru and team for reaching this agreement to acquire Eland Oil & Gas for 383 million pounds. Close the deal and find new territories and markets.
Seplat Petroleum Development Company Plc on Tuesday announced that it has agreed to buy Eland Oil & Gas Plc.
The company made this known in a disclosure notice sent to the Nigerian Stock Exchange and signed by Edith Onwuchekwa, the Company Secretary.
Seplat is a leading Nigerian independent oil and gas company listed on both the Nigerian Stock Exchange and London Stock Exchange.
With this deal, Seplat will become Nigeria’s biggest independent exploration and production company in the indigenous category.
Seplat Petroleum Development Co. agreed to buy Eland Oil & Gas Plc, adding resources in Nigeria as it seeks to become the country’s biggest independent exploration and production company.
The acquisition of Eland, whose main asset is the OML 40 license in the Niger Delta, is set to boost Seplat’s production to 64,000 barrels of oil equivalent a day, a jump of as much as 30% from 2019 guidance. While it’ll still trailing top domestic rival Aiteo Eastern E&P Co., the deal highlights how the retreat of some oil majors in recent years is allowing independent players to grow.
Nigeria’s independent producers have grown after snapping up oil leases from large international companies such as Royal Dutch Shell Plc when attacks and sabotage forced the majors to scale back some operations. Aiteo, Seplat and other so-called E&Ps have helped drive output growth in the West African country, pushing production above limits imposed by the OPEC+ alliance.