Nigerian oil and gas firm SEPLAT Petroleum Development Co PLC (SEPLAT.LA) said Thursday it has bought a 40% working interest in OML 53, onshore north eastern Niger Delta, from Chevron Nigeria Ltd. for $259.4 million.
It has also concluded negotiations to buy 56.25% of Belemaoil Producing Ltd., a Nigerian special purpose vehicle that has bought a 40% interest in the producing OML 55, located in the swamp to coastal zone of south eastern Niger Delta.
NNPC holds the remaining 60.00% interest in OML 55, and Seplat's effective working interest in OML 55 as a result of the acquisition is 22.50%, it said.
SEPLAT is paying $132.2 million for its 22.50% interest in OML 55, after adjustments. It has also advanced certain loans of $80.0 million to the other shareholders of Belemaoil to meet their share of investments and costs associated with Belemaoil.
In addition, SEPLAT said talks are underway to determine repayment terms for the initial deposit against the acquisition of $52.5 million that Belemaoil funded with bank debt, which may be added to the total amount loaned to Belemaoil by SEPLAT.
Current gross production at OML 55 is 8,000 barrels of oil per day. Seplat has been designated operator of OML 55. The Company will also
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