Niger Delta E&P plans $450m equity offer

Niger Delta Exploration & Production (NDEP) plans to raise $450m through a share offer, CEO Layi Fatona told the company’s annual general meeting in Lagos on 19 September. The first tranche of $200m is expected to be raised by year-end from either local or international markets and will fund the acquisition and development of oil fields in Nigeria. There is no date set on when the remaining $250m will be sought, but it could be used to fund the company’s possible entrance into South Sudan and Zambia, he said. FBN Capital and Chapel Hill Denham have been appointed as financial advisors.