In October 2019, the boards of Seplat and Eland announced that they had reached agreement on the terms of a recommended cash acquisition by Seplat of the entire issued and to be issued ordinary share capital of Eland.
Commenting on the acquisition, Austin Avuru, Seplat's Chief Executive Officer said, "We are delighted to complete the acquisition of Eland, which further enhances Seplat's footprint in Nigeria and provides opportunities for enhanced scale, diversification and growth.
“We welcome our new colleagues and Nigerian partners as we look forward to working together in this exciting phase of our development."
A a result of the deal, trading of the Eland shares on AIM securities - a market operated by the London Stock Exchange - will be canceled with effect from December 18th, 2019.
Eland assets now for Seplat
Eland has two licences - OML 40 and Ubima-1 well. While its core asset OML 40 is in Warri, Delta, Ubima is located in Ikwerre, Rivers State.
According to reports, the transaction worth £382 million (about $484 million in October 2019) with an expectation of boosting Seplat’s production and reserves.