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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chevron Corporation | NYSE:CVX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.12 | 0.70% | 160.75 | 161.775 | 159.89 | 160.26 | 8,663,269 | 01:00:00 |
By Sarah Kent and Alexis Flynn
LONDON--Nigerian oil company Seplat Petroleum said Tuesday it is planning a $500 million initial public offering on stock exchanges in London and Nigeria next month, potentially the largest flotation by an oil exploration and production company in Europe since the global financial crisis.
Seplat, which is hoping to list in mid-April, currently produces around 60,000 barrels of oil a day from three oil blocks it bought from Royal Dutch Shell in 2010. It plans to float around 25% of the company, giving it a market value of up to $2 billion. Its Nigerian founders will remain its largest shareholders, along with French energy company Maurel & Prom SA. Swiss-based trader Mercuria Energy Group also holds a minority stake in Seplat.
A listing for Seplat would go some way to reviving London's reputation as center for IPOs of emerging-market resource companies. Such flotations have proved controversial in recent years after high-profile corporate governance scandals at mining companies Bumi PLC and Eurasian Natural Resources Corp. PLC.
The U.K. regulator last year tightened its rules for so-called premium listings, which require higher standards of corporate governance for companies looking to float. Seplat, though, isn't seeking a premium listing as that would force it to move its headquarters to London. As a result, Seplat won't be included in benchmark indexes such as the FTSE 250.
"We are a Nigerian company and very proud of that fact. We would like to remain a Nigerian company," said Dr. AB Orjiako, Seplat's chairman. Dr. Orjiako said Seplat would voluntarily apply the standards required of a premium listing.
Seplat plans to use the float proceeds primarily to fund acquisitions, though $48 million would be used to pay off a shareholder loan. The company is one of several Nigerian companies seeking to grow through acquisitions as large international oil companies retreat from their holdings in the country's onshore oil sector.
Seplat is one of the final bidders for assets Shell is selling in the Niger Delta and has been selected by Chevron Corp. to buy its onshore assets in Nigeria.
"We are very strongly interested in Shell's assets: We believe that Seplat is very well positioned to develop them," said Dr. Orjiako. He declined to comment on the status of Seplat's acquisition of Chevron's assets because of a continuing lawsuit related to the sale.
Write to Sarah Kent at sarah.kent@wsj.com and Alexis Flynn at alexis.flynn@wsj.com
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