13th Aug 2018 16:51
LONDON (Alliance News) - Seplat Petroleum Development Co PLC said Monday it has signed a shareholder agreement and share subscription agreement with the Nigerian Gas Processing & Transportation Co, a wholly owned subsidiary of the Nigerian National Petroleum Corp.
Nigerian Gas Processing & Transportation will subscribe for 50% of the shares in ANOH Gas Processing Co Ltd - a company that was incorporated in 2017 for the purpose of processing future wet gas production from the upstream unitised gas fields at OML 53 and OML 21, both operated by Shell.
The agreement will govern Seplat's and Nigerian Gas Processing & Transportation's respective interests in the ANOH incorporated joint venture.
Chief Executive Officer Austin Avuru said: "We are delighted to have entered into an incorporated joint venture with our government partner Nigerian Gas Processing &Transportation. The execution of the agreements today is an important step as we head towards taking final investment decisionon the ANOH project later this year. ANOH is one of the largest greenfield gas and condensate developments in Nigeria which will supply critical and much needed gas volumes to be internally consumed in country into a growing domestic market."
Shares in Seplat Petroleum Development closed up 5.3% on Monday at 155.00 pence each.
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