Nigeria: New assets for Seplat

Seplat Petroleum Development Company has acquired stakes in two Niger Delta licences sold by Chevron Nigeria. The company, which raised $500m with a share listing in London and Lagos last year and is also considering a bid for Afren (AE 292/19), has completed the acquisition of a 40% stake in OML 53, as well as indirectly buying 22.5% in OML 55. Nigerian National Petroleum Corporation has 60% in both blocks. Seplat will acquire the OML 55 stake by buying 56.25% of Belemaoil Producing Limited, a special purpose vehicle that has completed the acquisition of 40% in the licence from Chevron.