By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Oil and gas firm, Seplat Petroleum Development Company of Nigeria (SEPLAT) has emerged as the winner of ‘’Best Africa listing’’ award by Africa investor (Ai), a leading international investment and communications group.
Ai announced SEPLAT ‘’Best Africa Listing’’ winners of the award at the prestigious 2014 Ai Index Series Awards presented at the New York Stock Exchange (NYSE).
“Congratulations to all Ai winners. Once again, this latest Academy of Ai Index Series Awards winners attests to the world class quality and investment leadership that prevails in Africa, and we are delighted to be able to recognise them, along with all the shortlisted companies in all the hotly contested categories,” Hubert Danso CEO Ai said.
SEPLAT had a dual listing on the Nigerian Stock Exchanges (NSE) and became the first Nigerian company listed on the main board of the London Stock Exchange (LSE).
The petroleum development firm had on April 14, 2014 listed over 543 million ordinary shares of 50 kobo each at N576 per share, and its post listing profit soared 404.4 percent. The firm reported a profit of $550.268 million (N90 billion) in the review period of 2013 compared to N109.099 million (N17.783 billion) in the same period of 2012.
Ambrosie Orjiako, chairman of Seplat had told reporters in July that SEPLAT operated crude oil production has grown significantly over a three-year period (2011-2013), from 11.5 million barrels in 2011 to 18.8 million barrels in 2013, with an exit gross production rate at 31 December 2013 of 61.7 thousand barrels per day.
He said the oil and gas firm operated average daily production for 2013 was 51.4 thousand barrels per day, with total annual operated production of 18.8 million barrels.
The company had announced on March 11 its intention to do an initial public offering (IPO) which it sought to raise $500 million equivalent to 300.9 million pounds and N82.5 billion and then get listed on the NSE and LSE.
SEPLAT was founded in 2009 by Shebah Petroleum Development Company Limited and Platform Petroleum (Joint Ventures) Limited for the purpose of investing in Nigerian oil and gas opportunities. Maurel & Prom, a French independent oil company, subsequently acquired a 45 per cent equity interest in SEPLAT; this interest was later spun-off to form Maurel & Prom Nigeria S.A (now Maurel & Prom International).
In July 2010, the company acquired a 45 per cent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil mining leases (OMLs 4, 38 and 41) located in the Niger Delta.
In June 2013, the Company entered into an agreement for the acquisition of a 40 per cent participating interest in the Umuseti/Igbuku marginal field area located within OPL 283 in the Niger Delta.
SEPLAT is one of the leading indigenous oil and gas operators in Nigeria with average gross operated oil production of 51,400 barrels per day (“bpd”) as at 31 December 2013 having grown from 13,900bpd in August 2010. The Company’s average gross gas production in 2013 was 99 million standard cubic feet per day (“MMscfd”). SEPLAT is targeting gross operated oil production from its existing assets of 85 Mbpd by the end of 2016.
