Nigerian oil and gas firm SEPLAT Petroleum Development Co PLC (SEPLAT.LA) said Thursday it
has bought a 40% working interest in OML 53, on shore north eastern Niger Delta, from Chevron Nigeria Ltd.
for $259.4 million.
It has also concluded negotiations to buy 56.25% of Belemaoil Producing Ltd., a Nigerian special purpose
vehicle that has bought a 40% interest in the producing OML 55, located in the swamp to coastal zone of south
eastern Niger Delta.
NNPC holds the remaining 60.00% interest in OML 55, and Seplat’s effective working interest in OML 55 as a result of the acquisition is 22.50%, it said.
SEPLAT is paying $132.2 million for its 22.50% interest in OML 55, after adjustments. It has also advanced
certain loans of $80.0 million to the other shareholders of Belemaoil to meet their share of investments and costs
associated with Belemaoil.
In addition, SEPLAT said talks are underway to determine repayment terms for the initial deposit against
the acquisition of $52.5 million that Belemaoil funded with bank debt, which may be added to the total amount loaned to Belemaoil by SEPLAT.
Current gross production at OML 55 is 8,000 barrels of oil per day. Seplat has been designated operator of OML
55. The Company will also act as technical services provider to Belemaoil.
SEPLAT estimates net recoverable hydrocarbon volumes attributable to its 40% working interest in OML 53 is 51
million barrels of oil and condensate and 611 billion square cubic feet of gas. Seplat has been designated
operator of OML 53.
Shares at 1315 GMT up 0.75 pence, or 0.56%, at 135.25 pence valuing the company at 748 million pounds ($1.13
billion).
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