Seplat Presses Ahead With Possible Niger Delta Acquisition

Seplat Presses Ahead With Possible Niger Delta Acquisition

Seplat Petroleum Development Co. PLC (SEPLAT.LA) has resumed talks for a potential acquisition in Nigeria’s Niger Delta, agreeing with the sellers to set aside a smaller pool of funds ahead of a possible deal amid the sharp recent fall in oil prices.

The U.K. and Nigeria-listed company, co-founded by Nigerian financier A.B.C Orjiakor, is part of a consortium seeking to buy the asset from oil and gas majors operating in the region, a person familiar with the matter said.

The company’s stock price surged on the news, rising 7.4% in London to 116 pence, giving Seplat a market capitalization of GBP642 million or $987 million.

Seplat, whose shareholders include France’s Etablissments Maurel et Prom SA (MAU.FR), said it can’t disclose the name of the asset, the seller, or the consortium members due to confidentiality clauses signed as part of the deal negotiations. Read more

 

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