Nigerian oil and gas exploration firm SEPLAT has announced plans to list on the London Stock Exchange (LSE) and the New York Stock Exchange (NSE) to fund its expansion, including into shallow offshore waters.
An initial offer is expected to amount to at least US$500 million.
SEPLAT is an indigenous independent oil and gas company incorporated and operating in Nigeria with a focus on Nigeria.
Upon listing, SEPLAT will be the first Nigerian company to have its ordinary shares dual listed on both the LSE and the NSE.
The firm operates and has 45% interest in three onshore producing oil mining leases (OMLs 4, 38 and 41) in the Niger Delta, and a 40% stake in the Umuseti/Igbuku marginal field area, within OPL 283 in the Niger Delta.
In 2013, its production was 51,300 bbl/d and 99MMcf/d. SEPLAT is targeting gross operated oil production from its existing assets of 85,000, by the end of 2016, from onshore and shallow water offshore acreage.