Seplat transfers assets to subsidiary, says strategy intact

Seplat transfers assets to subsidiary, says strategy intactSeplat Petroleum Development Company Plc announced on Thursday the completion of transfer of the business activities and assets of Oil Mining Leases 4, 38 and 41 to its wholly-owned subsidiary, Seplat West Limited.

The oil firm disclosed this in a notice obtained from the Nigerian Stock Exchange.

It said following regulatory and partner approvals, the transfer is effective January 1, 2020.

Seplat said, “This intra-group transfer has been planned for some time and will not result in any change to the current business strategy for any of the assets nor will it affect the way in which the Seplat Group commercially operates.

“Therefore, the operatorship of the asset remains with Seplat under the Joint Operating Agreement, as the transfer to an affiliate of Seplat under the terms of the JOA is permitted.

It said the transfer of the assets out of Seplat Plc into Seplat West resulted in seven wholly-owned subsidiaries with no operating oil and gas assets directly held in the holding company.

According to the firm, the subsidiaries are Newton Energy Limited, Seplat Petroleum Development Company UK Limited, Seplat East Onshore Limited, Seplat East Swamp Company Limited, Seplat Gas Company Limited, Eland Oil and Gas Limited and Seplat West Limited.

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