…Joins the premium Board just after 4 years of its dual listing on the NSE and LSE
…SEPLAT’s market capitalsiation now N391.37bn
…Migration recognizes SEPLAT’s adherence to international corporate governance best practices
SEPLAT Petroleum Development Company Plc has been migrated to the premium Board of the Nigerian Stock Exchange (The NSE). The pre-eminent Nigerian independent alongside three other companies, joined the elite club of only three members on Monday, April 16, 2018. The migration is historic because SEPLAT became a listed company just four years ago on April 14, 2014 and with this migration becomes the first in the oil and gas sector and also first indigenous oil company to attain the Premium Board status.
SEPLAT was migrated alongside Access Bank plc, Lafarge Africa Plc, and United Bank for Africa Plc, sequel to them applying and meeting the exchange’s listing requirements for the board. Other companies listed on the Premium Board include Dangote Cement plc, FBN Holdings Plc, and Zenith Bank International Plc who were migrated to the Premium Board in 2015.
The Premium Board is the listing segment for an elite group of issuers who have met the Exchange’s most stringent corporate governance and listing standards. The Premium Board provides a platform for showcasing companies who are industry leaders in their sector. It also gives a company access to a global pool of investors who are particular about companies managed in conformity to the highest standards in their target markets.
To feature on the Premium Board, companies must meet certain criteria, top of which is strict adherence to international corporate governance best practices as well as the Exchange’s highest standards of capitalization and liquidity. They must also attain a minimum market capitalization of 200bn as at the date of application, obtain a minimum score of 70 % on the Corporate Governance Rating System (CGRS), and maintain free float of 20 percent of their issued share capital or a free float value equal to or above N40billion.
SEPLAT Petroleum Development Company Plc currently has a market Capitalisation of N391.37billion.
Commenting on the migration, Dr ABC Orjiako, Chairman of SEPLAT said “SEPLAT has always adhered to international corporate governance best practices in every area of our operations as Nigeria’s pre-eminent independent. Conformity with rules and processes were critical to our historic dual listing on the NSE and LSE in 2014. I am glad to see our company SEPLAT, be the first indigenous company in the oil and gas segment to attain the Premium Board of the NSE.”
Commenting on the development, Chief Executive of The NSE Oscar Onyema said, “This migration affirms the strides our listed companies are making towards meeting the highest standards of corporate governance and underpins the robustness of our market. The new companies have consistently demonstrated their inherent values to be globally competitive brands and we congratulate them on the attainment of this migration.”
The NSE Premium Board and the associated Premium Board Index were launched on Tuesday August 25, 2015.
About Seplat Petroleum Development Company Plc:
Seplat Petroleum Development Company Plc is a leading indigenous Nigerian oil and gas exploration and production company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange (“LSE”) (LSE:SEPL) and The Nigerian Stock Exchange (“The NSE”) (NSE:SEPLAT).
In July 2010, Seplat acquired a 45 percent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas leases in the Niger Delta (OMLs 4, 38 and 41), which includes the producing Oben, Ovbor, Sapele, Okporhuru, Amukpe and Orogho fields. Since acquisition, Seplat has more than tripled production from these OMLs.
In June 2013, Newton Energy Limited, a wholly-owned subsidiary of the Company, entered into an agreement with Pillar Oil Limited to acquire a 40 percent participating interest in the Umuseti/Igbuku marginal field area within OPL 283. In February 2015, Seplat completed the acquisition of a 40 percent working interest in OML 53 and a 22.5percent working interest in OML 55, Onshore Nigeria.
Seplat is pursuing a Nigeria focused growth strategy and is well positioned to participate in future divestment programmes by the international oil companies, farm I n opportunities and future licensing rounds.