Leading indigenous independent oil and gas company, Seplat Petroleum Development Company will today list its shares on the Nigerian Stock Exchange (NSE) having been admitted into London Stock Exchange (LSE) official list last Wednesday.
Seplat’s global offer raised $500 million, giving it a market capitalisation of $1.91 billion. With this development, Seplat is now the sixth oil and gas explorer with significant operations in Nigeria on London’s markets.
After formal admission in London today, the company will be the first Nigeria-registered company to list its shares on London’s Main Market.
The Head of primary markets for Africa, LSE Ibukun Adebayo said that the successful completion of Seplat simultaneous IPO in London and Lagos is a demonstration of how LSE and the NSE can complement each other in financing Nigerian industry and infrastructure.
He said, “A London listing ensures that Nigerian companies have access to the world’s largest pool of international equity capital and to the world’s marquee investors, while a Nigerian listing ensures that all available domestic funds are tapped and Nigerian citizens are provided the opportunity to participate in the wealth that is created by the development of the country’s natural resources,” he further said.
Earlier, the Chairman of the company, Dr. ABC Orjiako, said in the statement that the $500 million proceeds of the global offer would allow the company to further implement its business strategy, which includes acquiring new assets.
He said Seplat has a disciplined approach to acquiring new onshore and shallow water assets in the Niger Delta, adding that this would be strictly adhered to.
“We will be proud to be the first dual-listed Nigerian company to have its ordinary shares listed on the LSE and NSE simultaneously,” he added.
Orjiako said Seplat was a leader among the emerging indigenous Nigerian oil and gas operators.
“Our company was founded by Nigerians for the purpose of investing in Nigerian oil and gas opportunities and we are proud to have been the first Nigerian company to acquire and become operator of onshore oil and gas assets from international oil companies,” he said.
According to him, since Seplat commenced operations in 2010, it had increased oil production and reserves year-on-year, and had grown its revenues and its net profit each year.
He said the company’s target is to grow gross operated production of oil and condensate to 85,000 barrels per day by the end of 2016, with at least 100 per cent annual reserves replacement from its existing assets.
“We also plan to use our strategically located gas infrastructure to rapidly commercialise our gas reserves, as the Nigerian gas market develops. Our forward-looking targets are based on a tangible work plan, in-house operational capability and an innovative host community engagement programme,” he said.
“We are confident that Seplat will continue to succeed and flourish as a leading Nigerian oil and gas operating company with a proven track record for delivering value to its investors, while fostering indigenous participation in the Nigerian oil and gas industry. We are committed to maintaining our track record and achieving our growth aspirations through sound corporate governance and best practice,” he added.