”Seplat Petroleum Development Co. agreed to buy Eland Oil & Gas Plc, adding resources in Nigeria as it seeks to become the country’s biggest independent exploration and production company.” google.com/amp/s/www.bloo…
“The acquisition of Eland, whose main asset is the OML 40 license in the Niger Delta, is set to boost Seplat’s production to 64,000 barrels of oil equivalent a day, a jump of as much as 30% from 2019 guidance.”
“While it’ll still trailing top domestic rival Aiteo Eastern E&P Co., the deal highlights how the retreat of some oil majors in recent years is allowing independent players to grow.”
From the FT: “Seplat currently supplies about a third of Nigeria’s power generation gas, while the combined entity will be mainly focused on the West Delta, according to Numis. Completion is expected in late 2019.”
