London Stock Exchange welcomes SEPLAT Petroleum Development Company Plc
London Stock Exchange welcomes SEPLAT Petroleum Development Company Plc to the Main Market.
SEPLAT is one of the leading indigenous independent oil and gas companies operating in Nigeria and now becomes the first Nigerian company to be dual listed on both the LSE and the NSE.
The Company issued 143,284,130 new Ordinary Shares at a price of 210 pence per share (NGN 576 per share for NSE listed shares) raising US$500 million. At the issue price, SEPLAT has a total market capitalisation of approximately £1.14 billion.
The IPO proceeds will primarily be used to acquire and develop new acquisitions. SEPLAT has a production target of 85,000 barrels of oil and condensate per day by the end of 2016 from its current assets, but is aiming to secure acquisitions which will enable it to exceed this target.
In July 2010, SEPLAT acquired a 45 per cent interest in, and was appointed operator of, a portfolio of three onshore producing oil licences (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 interest in the Umuseti/Igbuku marginal field, also in the Niger Delta. SEPLAT exited 2013 with production of 61.7 thousand barrels per day (“Mbpd”), having grown that from 13.9 Mbpd in August 2010.
SEPLAT was advised by BNP Paribas, Standard Bank, Renaissance Securities, Citigroup and RBC Capital Markets.
Dr. A.B.C. Bryant Orjiako, Chairman of SEPLAT, 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 leading Nigerian indigenous E&P players.”