Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » $20.5m escrow account: Seplat settles with Crestar

    $20.5m escrow account: Seplat settles with Crestar

    April 2, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Seplat-Petroleum personnel.

    OpeOluwani Akintayo

    02 April 2018, Sweetcrude, Lagos — Seplat Petroleum Development Company Plc has announced a settlement between its wholly owned subsidiary, Newton Energy Limited and Crestar Natural Resources Limited over the deposit of US$20.5 million currently held in an escrow account.

    Seplat is an indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange.

    The litigation filed in the English High Court has now been settled between the parties, a statement by the company said.

    Under the terms of the settlement, the escrow monies will be split into two, with US$10.0 million going to Seplat and US$10.5 million to Crestar.

    The case has been in court since January 2017.

    Last year, Seplat announced the commencement of proceedings in the English High Court against its wholly owned subsidiary Newton Energy Limited by Crestar Natural Resources Limited relating to the deposit of US$20.5 million held in an escrow account.

    According to the firm, the monies were related to the potential acquisition of an interest in Oil Mining License, OML 25 by Crestar, which Newton had an option to invest into, but were put into escrow in July 2015 until an agreement was reached with Crestar and Newton on final terms of the deal.

    The acquisition of an interest in OML 25 was initially identified in 2014 at which time the group (Seplat and its subsidiaries) placed a sum of US$453million as a deposit towards the investment.

    However, after several delays, US$368 million was returned to the group in July 2015.

    Certain events then led to renewed efforts by the consortium to secure the asset and to the group providing the escrow monies.

    Furthermore, the group had said it paid US$11 million to Crestar for past costs while US$45 million deposit remained with Newton.

    Related News

    US crude stocks fall, gasoline and distillate inventories rise as refining activity increases, EIA says

    Oil prices rally as United States sanctions on Venezuela ease supply worries

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    Nigeria partners Brazil to develop methanol complex 

    E-book
    Resilience Exhibition

    Latest News

    Developers to add 18.7 GW of natural gas-fired capacity by 2028, EIA says

    June 12, 2025

    US crude stocks fall, gasoline and distillate inventories rise as refining activity increases, EIA says

    June 12, 2025

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    June 11, 2025

    Kenya central bank lowers 2026 growth forecast to 5.4%

    June 11, 2025

    Nigeria partners Brazil to develop methanol complex 

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.