Seplat Oil and Gas company has completed its purchase of Aberdeen based company Eland Oil & Gas for £382million.The deal, which was first announced in October 2019, with Seplat valuing Eland at 166p a share was later approved by 75 per cent of Eland shareholders and also sanctioned by a court under part 26 of the Companies Act of 2006.
With every procedure now completed, Seplat has become the official owner of Eland.
Eland’s shares have been suspended from the 18 December, and every non-executive director of the company has now resigned with immediate effect.
The Chief Executive Officer, Elland, George Maxwell and Chief Financial Officer, Ron Bain are expected to remain at the company during the transition period.
The Chief Executive Officer, Seplat, Austin Avuru expressed delight over the completion of the acquisition, which he said would enhance the company footprint in Nigeria and also provides opportunities for diversification and growth.
“We welcome our new colleagues and Nigerian partners as we look forward to working together in this exciting phase of our development ”, he averred.
Eland had two operations in Nigeria that Seplat was interested in, the 45 per cent equity stake OML 40 licence in the Niger Delta, which produced an average of 8,000 barrels of oil per day in 2018 and a 40 per cent stake in the Ubima discovery well in Rivers State respectively.