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LequteMan
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Nigeria- SEPLAT Petroleum Development Co. Plc has completed acquisition of interests in OML 53 and OML 55 onshore Nigeria, for a total of approximately $519.7 million, EMG reports:
SEPLAT has completed the acquisition of a 40% working interest in OML 53, onshore northeastern Niger Delta from Chevron Nigeria Ltd. NNPC holds the remaining 60.00% interest in OML 53. The upfront acquisition cost to SEPLAT, after adjustments, is $254.6 million.
SEPLAT also has concluded negotiations to purchase 56.25% of the share capital of Belemaoil Producing Ltd., a Nigerian special purpose vehicle that has completed the acquisition of a 40% interest in the producing OML 55, located in the swamp to coastal zone of south eastern Niger Delta, from Chevron Nigeria Ltd. NNPC holds the remaining 60% interest in OML 55.
SEPLAT’s effective working interest in OML 55 as a result of the acquisition is 22.5%. The cost for SEPLAT to acquire its 22.5% effective working interest in OML 55 is $132.2 million. The company also has advanced certain loans of $132.9 million to the other shareholders of Belemaoil to meet their share of investments and costs associated with Belemaoil. Consequently, the upfront cash outlay to SEPLAT after adjustments is $265.1 million.
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#Nigeria #Seplat
SEPLAT has completed the acquisition of a 40% working interest in OML 53, onshore northeastern Niger Delta from Chevron Nigeria Ltd. NNPC holds the remaining 60.00% interest in OML 53. The upfront acquisition cost to SEPLAT, after adjustments, is $254.6 million.
SEPLAT also has concluded negotiations to purchase 56.25% of the share capital of Belemaoil Producing Ltd., a Nigerian special purpose vehicle that has completed the acquisition of a 40% interest in the producing OML 55, located in the swamp to coastal zone of south eastern Niger Delta, from Chevron Nigeria Ltd. NNPC holds the remaining 60% interest in OML 55.
SEPLAT’s effective working interest in OML 55 as a result of the acquisition is 22.5%. The cost for SEPLAT to acquire its 22.5% effective working interest in OML 55 is $132.2 million. The company also has advanced certain loans of $132.9 million to the other shareholders of Belemaoil to meet their share of investments and costs associated with Belemaoil. Consequently, the upfront cash outlay to SEPLAT after adjustments is $265.1 million.
click here to read more
#Nigeria #Seplat
