Seplat Petroleum Development Company will hold talks with members of the capital market community (i.e., investors and analysts) at the London Stock Exchange regarding the gas fields in Imo State.
In a statement published on the Nigerian Stock Exchange (NSE), Seplat said that the session will focus on gas field, Assa North and Ohaji South (ANOH) located in Imo State. The event is slated for Wednesday, June 26, 2019.
Why this matters: The Federal Government plans to reduce the reliance on oil in Nigeria by boosting the production of gas within the country. This objective prompted the announcement to raise $700 million for the joint gas project between Seplat and Nigerian Gas Co, a unit of the Nigerian National Petroleum Corporation (NNPC).
Both parties have contributed $100 million in equity according to the Seplat Chief Executive Officer, Austin Avuru. He also disclosed that they will provide 60% of the funds as equity while ANOH will source the remaining balance as debt.
Together, the companies will develop, build, operate and maintain the ANOH Gas Processing plant in Southeastern Imo State.
What you need to know: The ANOH Gas Processing plant has a capacity of US $300 standard cubic feet per day. It is expected to begin production work in the last quarter of 2020 with its major supply targeted to begin in 2021. ANOH has the capacity to meet domestic demand and will target local customers.
About Seplat: The company is an independent indigenous Nigerian upstream exploration and production company with a focus on the Niger Delta region. Seplat is dual-listed on the London Stock Exchange and the NSE, that’s why the company is hosting the event in London.
Note: According to Seplat, spaces are limited, and live broadcast will be available online and through dial-in details, which will be provided at a later date. For those interested in being there in person, contact the FTI team at [email protected].