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LONDON (Alliance News) - Seplat Petroleum Development Co PLC late Friday said it has taken over as operator of two licenses in Nigeria following a lengthy litigation battle.
Seplat has become the operator of the licenses after formally being awarded a 40% working interest in the OML-53 licence and a 22.5% working interest in the OML-55 licence.
The company acquired the stakes in the two licenses from Chevron Nigeria Ltd back in February 2015, but Brittania-U Nigeria Ltd took the pair to court, which prevented the stakes from being fully transferred to Seplat.
Brittania-U was one of the opposing bidders for the assets and was contesting the sales process.
The ruling to transfer the stakes was made by the Supreme Court of Nigeria.
"We are naturally very pleased with today's ruling, not least because it means we are now free to deploy our proven operating expertise to realise the significant reserve, production and value potential these blocks hold," said Chief Executive Austin Avuru.
"To give an idea of scale, we estimate these blocks to hold recoverable volumes of around 200 million barrels of oil equivalent net to Seplat, a material volume by any standard and one which has now been unlocked for us," he added.
Seplat said the OML-53 licence fits with its strategy to acquire natural gas assets in the Niger Delta area to supply the rapidly growing domestic market, adding it will further reinforce the company's position as a pre-eminent supplier of gas in Nigeria.
The OML-55 licence provides Seplat with a number of attractive opportunities to boost oil and gas output and can be potentially producing in the near term, it said.
Seplat shares closed up 6.5% to 66.32 pence per share on Friday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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