11 March 2014, Lagos – Seplat Petroleum Development Company PLC has announced its intention to float its shares on both the London Stock Exchange, LSE, and the Nigerian Stock Exchange, NSE.
The company has announced that it intends to apply for admission of its ordinary shares to the standard listing segment of the Official List of the Financial Conduct Authority and to trading on the LSE’s main market and to the Official Trading List of the NSE.
A successful listing will make SEPLAT the first Nigerian oil and gas company to have its ordinary shares dual listed on both the LSE and the NSE.
Seplat was founded in 2009 by Shebah Petroleum Development Company Limited and Platform Petroleum (Joint Ventures) Limited for the purpose of investing in Nigerian oil and gas opportunities. Maurel& Prom, a French independent oil company, subsequently acquired a 45 per cent equity interest in Seplat; this interest was later spun-off to form Maurel& Prom Nigeria S.A (now Maurel& Prom International).
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 OPL 283 in the Niger Delta. Seplat is one of the leading indigenous oil and gas operators in Nigeria with average gross operated oil production of 51,400 barrels per day (bpd) as at 31 December 2013 having grown from 13,900bpd in August 2010. The Company’s average gross gas production in 2013 was 99 million standard cubic feet per day (MMscfd). Seplat is targeting gross operated oil production from its existing assets of 85 Mbpd by the end of 2016.
The company noted in its announcement that it “intends to use the net proceeds of the Global Offer as follows: (i) US$ million to repay in full all outstanding amounts under its shareholder loan from MPI S.A. (MPI); and (ii) 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, of both onshore and shallow offshore acreages, assets or joint venture (JV) farm-ins. The main source of acquisitions is expected to come from divestitures by various international oil companies (IOC”)”.