Seplat’s to acquire Eland Oil for US$481m to boost production despite falling global oil prices

NIGERIA – Independent and indigenous Nigerian upstream exploration and production company, Seplat Petroleum Development Company Plc has revealed plans to acquire Eland Oil and Gas Plc for US$481 million (N174.2bn). Seplat while announcing its imminent acquisition also revealed that the recommended cash acquisition of Eland Oil would be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006. The notice from Seplat which carried the announcement stated that both companies had reached agreement on the terms of a recommended cash acquisition of the entire…

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