Seplat to Re-open Building

seplat



The indigenous giant Seplat has announced The Reopening of Building at 16a Temple Road.

Seplat’s portfolio comprises eight blocks in the Niger Delta, four of which Seplat operates directly.

Since Seplat acquired its first blocks and commenced production in 2010, the Company has increased oil and gas production and grown reserves in each year of operation and is today widely recognized as a leading Nigerian independent oil and gas operator.

Underpinning Seplat is a strong balance sheet and profitable production base with a balanced mix of oil and gas

Seplat announces that the Court of Appeal sitting in Lagos has suspended the Order of Interlocutory Injunctions made by the Lagos Federal High Court that led to the sealing of Seplat’s Corporate Head Office situated in a building located at 16A Temple Road, Ikoyi, Lagos, a building which is not owned by Seplat.

The Court suspended the Order, upholding Seplat’s application.

On 2nd December 2020, the building in which Seplat’s Corporate Head Office is located was sealed in connection with a court case concerning an outstanding loan to Access Bank Plc by Cardinal Drilling Services Limited (“Cardinal Drilling”), a third-party providing drilling services to Seplat. Seplat is not a party to the loan agreement, security agreement, or guarantees made by or on behalf of Cardinal Drilling to Access Bank Plc., and did not provide any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank Plc.

In April 2014, Seplat completed the first ever dual listing on both the London Stock Exchange and the Nigerian Stock Exchange. Seplat raised US$535 million in an initial public offering that ranked as the largest for a sub-Saharan Africa company since 2008 and the second largest ever for a Nigerian company, demonstrating the international investor appetite for leading Nigerian indigenous players in the oil and gas sector. 

The capital raised allowed Seplat to further implement the Company’s business strategy, including the acquisition of additional blocks.



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