Deal Announcement

Olaniwun Ajayi LP is pleased to be acting as adviser to Seplat Petroleum Development Company Plc. (Seplat) on its proposed circa £382 million cash acquisition of the entire issued share capital of the Aberdeen oil group, Eland Oil and Gas Plc (Eland).

Dual-listed in the Nigerian Stock Exchange and the London Stock Exchange, Seplat is a leading independent oil and gas company and a leading supplier of processed natural gas in Nigeria. Eland is a Scottish independent oil and gas company listed on the London Stock Exchange and focused on production, development and exploration activities in West Africa, particularly the Niger Delta region of Nigeria.

The transaction, which involves the acquisition of interests in OML 40 and the Ubima marginal field, further boosts Seplat’s production capacity, thus deepening Seplat’s participation in the upstream sector of the Nigerian oil and gas industry, and cementing Seplat’s position as Nigeria’s leading E&P independent. Our role as Seplat’s adviser reinforces our position as the leading commercial law firm in Nigeria with market-leading expertise in the Oil & Gas, M&A and Capital Markets space.

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