Nigerian independents look to London listings

摘要

Some Nigerian-backed companies are using London Stock Exchange listings to help fund the development of upstream assets in their home country. Seplat Petroleum Development listed on the London and Lagos stock exchanges in April,raising$535mn.It aims to use the funding by being the first energy firm to have a dual London-Lagos listing to increase production at blocks 4,38 and 41 to 72,000 b/d at the end of this year and to 85,000 b/d by 2017,from 60,000 b/d in the first quarter.Seplat is also looking to buy blocks from Chevron,but the transac-tion has been delayed by legal objections from Nigerian firm Brittania-U,which says Chevron did not award the blocks transparently(WPA,23 May,p9).