Settlement of High Court Proceedings

RNS Number : 5059J

SEPLAT Petroleum Development Co PLC

29 March 2018

 

29 March 2018

Seplat Petroleum Development Company Plc

("Seplat" or the "Company")

Lagos and London, 29 March 2018:  Seplat Petroleum Development Company Plc ("Seplat" or together with its subsidiaries the "Group"), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, announces that a settlement has been reached between its wholly owned subsidiary Newton Energy Limited ("Newton") and Crestar Natural Resources Limited ("Crestar").  The settlement relates to proceedings in the English High Court, details of which were announced by Seplat on 27 January 2017, in connection with the deposit of US$20.5 million currently held in an escrow account (the "Escrow Monies").  The litigation has now been substantially settled between the parties.

Under the terms of the settlement, the Escrow Monies will be split as follows: US$10.0 million to Seplat and US$10.5 million to Crestar.  A provision equal to the share of Escrow Monies due to Crestar was already provided for in Seplat's audited 2017 annual accounts.

Enquiries:

Seplat Petroleum Development Company plc
Roger Brown, CFO	[phone]
Andrew Dymond, Head of Investor Relations
Ayeesha Aliyu, Investor Relations	[phone]
Chioma Nwachuku, GM - External Affairs and Communications
FTI Consulting
Ben Brewerton / Sara Powell	[phone]
	[e-mail]
Citigroup Global Markets Limited
Tom Reid / Luke Spells	[phone]
Investec Bank plc
Chris Sim / George Price	[phone]

Notes to editors

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 Nigerian Stock Exchange ("NSE") (NSE:SEPLAT).

Seplat is pursuing a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds.  For further information please refer to the company website, http://seplatpetroleum.com/

 

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