A Review of the Nigerian Energy Industry

Seplat’s market value rises by N6.8bn to N377bn

Seplat212 May 2013, LAGOS –  The market capitalisation of Seplat Petroleum Development Company Plc increased by N6.841 billion, following listing of additional 10.026 million shares of 50 kobo of the company on the Nigerian bourse.

The Nigerian Stock Exchange (NSE) had on April 14, listed 543.284,130 shares of the company at N576 per share. However, the NSE said additional 10,026,183 shares were added to Seplat last Friday. The additional shares, the exchange explained, arose as a result of over subscription and allotment of Seplat’s global Initial public offering (IPO).

Checks showed that the additional shares have boosted the market capitalisation of Seplat by N6.841 billion to close at N377.540 billion. The petroleum exploring and production firm closed as the seventh capitalised on the NSE as at last Friday.

Seplat became the first Nigerian firm to enjoy a dual listing on the NSE and LSE last month.

Speaking during the listing on the NSE, the Chairman of Seplat Dr. ABC Orjiako, said: “We are delighted with the support shown and happy to welcome a range of blue chip investors to our share register.

“Despite a challenging market for oil and gas stocks, the response has been excellent and demonstrates strong demand in both London and at home for a leading Nigerian indigenous E&P player.”

Speaking in the same vein, the Chief Executive Officer of Seplat, Mr. Austin Avuru, said: “We are already a leading indigenous independent in our home market but the opportunities opening up in Nigeria for companies like ours are significant.”

In his remark, the CEO of the NSE, Mr. Oscar Onyema, said that with the listing of Seplat is a celebration of many milestones.

“Seplat becomes the first Nigerian company listed on the main market of the LSE and the first pure play upstream listing on the NSE. This is also the first IPO since the market crash of 2008. It exemplifies your leadership and commitment to support and promote Nigeria,” he said.

– This Day

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