Seplat to acquire Nigerian producer Eland

Oct. 16, 2019
Seplat Petroleum Development Co. PLC, Lagos and London, has agreed to buy share capital of Eland Oil & Gas, an independent oil and gas company focused on Nigeria and based in Aberdeen, for £382 million cash.

Seplat Petroleum Development Co. PLC, Lagos and London, has agreed to buy share capital of Eland Oil & Gas, an independent oil and gas company focused on Nigeria and based in Aberdeen, for £382 million cash.

Eland holds a 45% interest in OML 40 and a 40% interest in the Ubima field license, both in the Niger Delta.

Eland operates OML 40, where gross production at the end of last year reached 29,422 b/d of oil from Opuama field. Also on OML 40, which is 65 km northwest of Warri, the company this year started an early production facility at Gbetiokun field, for which it plans phased development.

On the Ubima license, Eland last year reentered the 1963 Ubima-1 discovery well with a dual-string completion over four intervals in preparation for an extended production and possible full-field development.

Ubima field is 40 km north of Port Harcourt.

Seplat has net production of about 26,000 b/d of oil and 145 MMscfd of natural gas from several Niger Delta blocks.