Lagos — A list of funders of Seplat’s $700 million Assa North /Ohaji South, ANOH gas and condensate field project, has emerged.
In a presentation by the company’s Chief Executive Officer, Mr. Austin Nwachuku; Chief Financial Officer, Mr. Roger Brown; and the Managing Director, AGPC, Mrs. Yetunde Taiwo at the Nigerian capital market recently, revealed that the project is being funded by both local and international banks. Seplat is also listed on the London Stock Exchange.
According to Roger, on the funding arrangement, local banks on board of the project include but not limited to UBA, Zenith, Stanbic, Fidelity, FCMB, FBN, Access Bank, Union Bank, and Nova.
International lenders include the likes of SCB, RMB, Standard Bank, BHGE, and Nedbank.
At completion, the project is expected to contribute significantly to address Nigeria’s deficit in thermal power delivery.
The project straddles OML 53 (Seplat 40 percent working interest and operator) and OML 21 (Shell JV).
The ANOH gas processing project is managed by Anoh Gas Processing Company, AGPC, an incorporated joint venture, IJV between Seplat and the Nigerian Gas Company.
AGPC will develop a 300 Mscfd midstream plant on OML 53 to process future wet gas production from the upstream unit.
The AGPC is a special purpose company formed to raise $420m of equity to derisk the project; of which equity investors – Seplat and Nigeria Gas Company- granted equal share 50:50 in AGPC.
Roger said equity and debt are to be scaled in line with final project cost whilst maintaining a target debt: equity ratio of 60:40.
ANOH is unitised 50:50 across the two blocks. Shell is the operator of the upstream unit.