Nigerian oil company Seplat to launch IPO April 14

SEC DG, Oteh

Nigerian oil producer Seplat Petroleum announced Friday that trading of its shares listed on the Lagos and London stock exchanges is expected to start on April 14 this year.
Seplat set a price range for it shares at between 195 pence and 255 pence per share on the London Stock Exchange, and 535-700 naira/share on the Nigerian Stock Exchange.
Seplat said March 11 that it would raise $500 million through public offers of its shares on the two exchanges, to fund acquisitions of new onshore and offshore assets to be sold by major oil companies in the West African country.
"The net proceeds of the global offer will primarily be used to acquire and develop new acquisitions, and/or pay down any additional debt raised in connection therewith, of both onshore and shallow offshore acreages, assets and joint venture farm-ins," Seplat said.
Seplat, in which French company Maurel & Prom holds 45%, currently operates three Niger Delta onshore oil fields -- OMLs 4, 38 and 41 -- acquired from Shell in 2011 with output averaging 51,300 b/d as at end of 2013, according to company data.
Seplat is finalizing its deal to buy Chevron's stakes in Nigeria's Niger Delta OML 53, 53 and 55, having outbid Nigeria's Brittania-U for the blocks.
Seplat is also eyeing new oil blocks and oil assets Shell intends to sell, sources said.