Starcrest launches broadside over Seplat purchase of Eland

摘要

A dispute by its block partner is putting the purchase of Eland Oil & Gas by fellow Nigerian specialist Seplat Petroleum in jeopardy. Last month the two companies announced a US $480m takeover. Eland's main asset is a stake in OML 40 which was bought from Shell in 2012 via its Elcrest partnership for $200m. Elcrest is a venture with Starcrest, headed by influential Emeka Offor's Chrome Group, and owns 45% in the block with the remainder held by NNPC development arm NPDC.