Business Hilights

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Seplat Petroleum

‘Integrating Eland’s producing assets, operations into Seplat’s portfolio’ll be seamless’

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The management of Seplat Petroleum Development Company Plc, has assured seamless integration of assets and operations of its new bride, Eland Oil and Gas Plc.

Seplat said in a terse statement made available to our correspondent that “As a leading indigenous operator, Seplat understands the critical role it must play to drive a positive socio-economic impact among its communities.

“With their knowledge of Eland’s producing assets and operations, Seplat’s management team will efficiently integrate them into Seplat’s existing portfolio,” the statement explained.

Recall that shareholders of Eland Oil & Gas Plc had at a Court-ordered extra ordinary General Meeting, given their backing to the £382 million takeover of the company by indigenous oil & gas producer, Seplat.

Businesss Hilights gathered that resolutions in favour of the proposed takeover of Nigeria-focused Eland were approved by 99.9 per cent of votes cast at two separate meetings of the shareholders held recently.

The acquisition which is subject to court approval is expected to become effective December 17, 2019.

Already, the cash takeover announced in October provided recognition of Eland’s achievement in building a successful exploration, development and production business in Nigeria.

Seplat has the financial and technical capacity to develop Eland’s assets and would deliver long-term benefits for employees, partners, host communities, and Nigeria as a whole.

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