Seplat Petroleum Development Company Plc has now transformed into a full-fledged holding company. All of the company’s assets will now be managed by its wholly-owned subsidiary. This follows regulatory and partner approvals with effect from January 1, 2020.
The indigenous oil giant announced the completion of the transfer of the business activities and assets of OMLs 4,38, and 41, from the holding company to Seplat West Limited, its wholly-owned subsidiary.
The oil firm disclosed this in a notification sent to the Nigerian Stock Exchange. This notification was signed by Mrs Edith Onwuchekwa, the Company Secretary/ Chief Governance Compliance Officer. Note that Seplat Petroleum Development Company Plc is listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE).
The notification made it clear that this Intra-Group transfer would not lead to any change to the current business strategy. It also stated that the transfer would not affect the way the Seplat Group commercially operates.
With the transfer of OMLs 4, 38, and 41 from Seplat Plc to Seplat West, seven wholly-owned subsidiaries were created:
- 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
- Seplat West Limited
With these subsidiaries, no operating oil and gas assets are now directly held in the holding company. This will not impact the Group’s ratings, according to credit rating agencies.