Nigerian President Muhammadu Buhari approved Seplat Energy's $1.28 billion purchase of Exxon Mobil’s shallow water business in the West African country, seemingly putting an end to efforts by the national oil company to block the deal.
The number of public listed North Sea operators that could be a suitable fit for a reverse takeover have “diminished significantly”, according to an industry experty.
A north-east entrepreneur has set his sights on commercialising oilfield technology developed primarily in Aberdeen after it passed field trials in Nigeria.
Seplat Petroleum’s revenue fell 6.5% in 2019 while cash flow from operations fell 32.7%, but the company was keen to highlight its resilience to the current macroeconomic shock.
Seplat Petroleum’s production slipped during the first nine months of 2019 versus the same period in 2018, although profit increased substantially.
Seplat Petroleum Development has returned to a profit after battling sabtagoegd pipelines.
Kuwait Energy Plc is planning an initial public offering in London that could value the oil and gas exploration business at as much as $1 billion, according to unnamed sources.
On Valentine's Day last year Austin Avuru saw his company’s production stifled by 85% overnight.
Oil major Chevron has handed over the producing assets in a number of oil mining leases to Seplat Petroleum Development Company following a Supreme Court judgement.
Seplat Petroleum has seen its working interest production for last year boosted by more than 40%. The Nigeria and London Stock exchanged firm said its current daily production interest was sitting at around 55,000boepd (barrels of oil equivalent per day) with both its oil and gas rates strong.
Negotiations by SEPLAT Petroleum Development to acquire an asset in Nigeria which faced delays has finally restarted. The company said it had reached an agreement to release funds from an account which had been set up with a consortium in a bid to make a potential acquisition. It had been created to look for opportunities to buy assets from oil and gas companies operating in the region. In the latest agreement, SEPLAT has said it will release $408million of the total $453million which is being held in the account.
Oil producer Afren has seen a boost in its shares following a preliminary offer from Seplat Petroleum Development. The company’s shares rose 10.5% on the London Stock Exchange to 50.82pence. The company’s shares rose 10.5% on the London Stock Exchange to 50.82pence.