Nigeria’s Seplat approaches Afren

Nigeria’s Seplat approaches Afren

Afren, has reportedly received what it called a “highly preliminary approach” from Seplat after an oil price rout set the stage for takeover activity in the sector according to reports by ft.com.

Afren’s shares on the London Stock Exchange (LSE) have risen as much as 10.5 per cent following news of the approach, and after a run-up that forced Afren to reveal Seplat’s interest, reported the London-based Financial Times (FT).

In a statement to investors yesterday, the company said: “Afren Plc (“Afren”) notes the recent movement in Afren’s share price and confirms that it has received a highly preliminary approach from SEPLAT Petroleum Development Company plc (“Seplat”) regarding a possible combination with Afren.”

The Managing Director of Seplat, Austin Avuru, was quoted as saying his company had indeed made a preliminary approach to Afren.

“It is nothing beyond a preliminary approach at this stage, because we see a synergy that could be explored. If we find anything beyond this point we could proceed with further discussions,” he said.

Oil and Gas Press

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