Seplat To List Shares On London And Nigerian Bourse

VENTURES AFRICA – Nigerian indigenous oil and gas comany Seplat Petroleum Development says it plans to sell its shares on the London Stock Exchange (LSE) and the Nigerian Stock Exchange (NSE), as it bids to expand its operation and acquire other oil assets available in Nigeria.
Seplat announced that it intends to apply for admission of its ordinary shares to the standard listing segment of the Official List of the Financial Conduct Authority of the LSE and to trading on the bourse’s main market and to the Official Trading List of the NSE.
“The global offer proceeds will allow us to further implement our business strategy, which includes acquiring new assets,” chairman of Seplat, Dr. ABC Orjiako said of the planned listing.
The chairman expressed confidence that the company will continue to succeed as it builds on its proven track record to achieve its “growth aspirations through sound corporate governance and best practice.”

Founded in 2009 by Shebah Petroleum Development Company Limited and Platform Petroleum (Joint Ventures) Limited for the purpose of investing in Nigerian oil and gas opportunities, SEPLAT soon became a force to be reckoned with in the Nigerian oil and gas industry.
The oil firm’s growth was also fostered by a subsequent 45 percent equity interest in it by French independent oil company, Maurel & Prom, although the interest was later spun-off to form Maurel & Prom Nigeria S.A (now Maurel & Prom International).
If listed successfully, listing will make SEPLAT the first Nigerian oil and gas company to have its ordinary shares dual listed on both the LSE and the NSE.
According to a company statement, Seplat intends to use the net proceeds from the shares sold to fund acqusition of oil assets which have been made available by other oil majors.