Shareholders of
According to a press statement by
Subject to court approval, the takeover is expected to become effective on
The cash takeover announced in October provided recognition of Eland's achievement in building a successful exploration, development and production business in
'As a leading indigenous operator, Seplat understands the critical role it must play to drive a positive socio-economic impact among its communities. With their knowledge of Eland's producing assets and operations, Seplat's management team will efficiently integrate them into Seplat's existing portfolio,' the statement said.
On announcement of the deal, Seplat acknowledged the importance and value of the skills and experience of existing Eland employees who built the company's success, stating that the combination of the two businesses will result in a wider range of capabilities, as well as underpin Seplat's ambition to be the leading independent E and P in
'We are glad to have contributed immensely to the growth of the Nigerian oil and gas industry. Eland has, in a period which has seen a significant cyclical downturn in our industry, outperformed most of its peers and the London AIM Oil and Gas Index. We are proud to say that Eland has contributed greatly to helping the Federal Government achieve its mission of growing local participation in the sector,'
On 23rd of
The condition requiring a joint notification made by Seplat and Eland to the
© Pakistan Press International, source