* Chevron lost battle over jurisdiction with Brittania-U
* Seplat's $500 mln IPO in Lagos, London to fund purchases
(Adds quotes, share price and details)
By Chijioke Ohuocha
LAGOS, May 22 Seplat is
confident it will win a dispute over the purchase of a Chevron
asset, the Nigerian oil and gas firm's chief executive
said on Thursday.
Austin Avuru said during a presentation of Seplat's interim
management statement that the company had appealed against a
ruling which gives jurisdiction to a Nigerian court in deciding
the outcome of a Chevron oil block sale, for which Seplat's bid
was the second-highest.
A Nigerian judge last week ruled the Federal High Court
should have jurisdiction over Chevron's asset sale dispute with
Nigeria's Brittania-U, dealing a blow to Chevron which had hoped
to have the case dismissed.
Chevron and Brittania-U are at loggerheads after the
Nigerian firm said it paid a deposit to buy some onshore oil
blocks from the U.S. group, only for Chevron to look for
The U.S. firm argued the sale was a private matter and
should not be subject to court involvement.
"We remain confident that the Chevron acquisition will be
settled in our favour," Avuru said.
Avuru said Seplat had lost out on a separate bid for a Shell
block in Nigeria because its bid was not the highest.
Shares in Seplat traded flat in Lagos and London on Thursday
morning at 625 naira and 228 pence respectively. Seplat said its
interim results will be released in July.
Avuru said Seplat, which raised $500 million via a debut
stock market listing in Lagos and London in April, was
considering three acquisitions seriously and expects to conclude
them before the end of the year.
It said it had $285 million in net cash after its IPO and is
on track to achieve a production rate for 2014 of 72,000 barrels
($1 = 0.5925 British Pounds)
(Reporting by Chijioke Ohuocha; editing by William Hardy and