Seplat Petroleum Development Company prices IPO, values the oil and gas producer at USD1.91 billion

By Staff Reporter

Apr 09, 2014 05:52 PM EDT

Seplat Petroleum Development Company PLC has priced its IPO at USD1.67 per share piece. This valued the Nigerian oil and gas company at USD1.91 billion, reported Ventures Africa. SPDC listed its initial public offering on the London bourse.

The plan to sell the company’s shares was announced last March, said Ventures Africa. Seplat also gave information that the IPO would be listed on the Nigerian Stock Exchange and on the London bourse. The proceeds of the sale had been intended for company operation expansion and acquisition of other Nigerian oil assets. After the IPO sets on trading, this would mark the first dual listing for Seplat, said Ventures Africa.

Seplat also disclosed plans to acquire Royal Dutch Shell’s OML 29 oil bloc in a deal valued USD2.4 million, reported Ventures Africa. Meanwhile, the bid was offered a higher price at USD2.85 per share piece by Transcorp.

Presently, the company has 60,000 oil barrels production a day from the three oil blocs it owns.

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