Nigerian oil firm Seplat has launched onto the London Stock Exchange with a value of more than £1.1billion after offering more than a quarter of its shares to investors.
The firm, which also launched onto the stock market in Lagos, is the first Nigerian company to be listed in both countries as it looks to raise more than £300million. It has offered 26.4 percent of its shares in the combined listing.
Revenue from the listing will be used to snap up more assets in Nigeria as the independent, which has almost quadrupled its output in four years, looks to muscle in where majors are selling off their interests.
“We are already a leading indigenous independent in our home market but the opportunities opening up in Nigeria for companies like ours are significant,” said chief executive Austin Avuru.
“The proceeds from the global offer place us in a strong position to make further acquisitions as the IOCs divest their onshore assets in the Niger Delta.
“We have a production target of 85,000 barrels of oil and condensate per day by the end of 2016 from our current assets, but our ambition is to secure acquisitions which enable us to exceed this target.”
The Lagos-based firm already produces 62,000 barrels of oil equivalent per day since taking over three onshore licences from Shell in the Niger Delta in 2010.
The company said earlier this year it had managed to avoid the oil theft problem which has blighted other majors operating in Nigeria, after engaging with communities by hiring locally to provide security.
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