Statement re possible combination with Afren plc

RNS Number : 6725B

SEPLAT Petroleum Development Co PLC

08 January 2015

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

Statement regarding possible combination with Afren plc

In accordance with the provisions of Section 10 of the Amended Listing Rules of the Nigerian Stock Exchange, Seplat Petroleum Development Company Plc ("Seplat" or the "Company") notes the announcement by Afren plc ("Afren") dated 22 December 2014 and confirms that it has made a highly preliminary approach regarding a possible combination with Afren.  There can be no certainty that an offer will be made or as to the terms of any offer.

Seplat acknowledges that in accordance with Rule 2.6(a) of the UK City Code on Takeovers and Mergers (the "Code"), by no later than 5.00 pm on 19 January 2015, the Company must either announce a firm intention to make an offer under Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.  Seplat notes that this deadline can be extended with the consent of the UK Takeover Panel (the "Panel") in accordance with Rule 2.6(c) of the Code.

Further details cannot be provided at this stage due to the highly preliminary status of events.  Further announcements will be made as soon as the need arises.

Enquiries:

Seplat Petroleum Development Company Plc
Roger Brown, CFO
Andrew Dymond, Head of Investor Relations	[phone]
Chioma Nwachuku, GM - External Affairs and Communications	[phone]
Citigroup Global Markets Limited
Tom Reid / Luke Spells / Miguel Azevedo / Hamza Girach	[phone]

Notes to editors

Seplat Petroleum Development Company Plc is a leading indigenous Nigerian oil and gas exploration and production company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange ("LSE") (LSE:SEPL) and Nigerian Stock Exchange ("NSE") (NSE:SEPLAT).

In July 2010, Seplat acquired a 45 percent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas leases in the Niger Delta (OMLs 4, 38 and 41), which include the producing Oben, Ovhor, Sapele, Okporhuru, Amukpe and Orogho fields.  Since acquisition, Seplat has more than tripled production from these OMLs. 

In June 2013, Newton Energy Limited, a wholly-owned subsidiary of the Company, entered into an agreement with Pillar Oil Limited to acquire a 40 per cent participating interest in the Umuseti/Igbuku marginal field area within OPL 283. 

Seplat is pursuing a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds.

For further information please refer to the company website, http://seplatpetroleum.com 

 

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