By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- First listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc has until February 13, deadline to make a firm offer on its merger with Afren Plc, a U.K. oil and gas explorer.

Afren said in a statement on Friday that the U.K Takeover Panel has extended the deadline from January 30 to February 13 for both parties to reach a conclusion.

Seplat had on January 08 confirmed to the Nigerian Stock Exchange (NSE) its proposed merger deal with Afren getting a January 19 deadline to solidify the deal which was later extended to January 30.

“Following the receipt of a request from Seplat, the board of the company has received the consent of the UK Takeover Panel (the “Panel”) for an extension to the Deadline until 5.00 p.m. on 13 February 2015 to enable the parties to continue their ongoing discussions.

By this time Seplat must either announce a firm intention to make an offer for Afren or announce that it does not intend to make an offer for Afren, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This new deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code,” the UK oil and gas explorer added.

Seplat’s shares on Friday climbed up 1.23 percent to gain N3.72 kobo at the close trading on the Nigerian bourse.

Afren’s was up 32 percent at 5.59 pence at 1540 GMT on the London Stock Exchange.