March 10, 2014 / 8:47 PM / 4 years ago

Nigerian oil firm Seplat to announce $350 million London, Lagos IPO: FT

ABUJA (Reuters) - Nigerian energy company Seplat will announce on Tuesday a $350 million initial public offering in a dual listing on the London and Lagos stock exchanges, the Financial Times reported.

Seplat, in which French energy firm Maurel & Prom (MAUP.PA) and Swiss-based trader Mercuria both have minority stakes, will have a market capitalization of $1.5-$2 billion, the FT said.

The Nigerian firm announced last year that it would seek a dual listing in London and Lagos, and Maurel & Prom also said it is considering a second listing in London.

Seplat pumps around 60,000 barrels per day of oil from its 45 percent stake in three blocks in Nigeria’s Niger Delta region it bought from Royal Dutch Shell (RDSa.L), Total (TOTF.PA) and Eni (ENI.MI) in 2010.

Seplat is waiting to see if it can close a deal to buy an oil block from Chevron (CVX.N) in the Niger Delta but a legal dispute between the U.S. oil major and another Nigerian firm Brittania-U is threatening to scupper the deal.

The block - OML 53 - holds around 310 million barrels of oil equivalent and could sell for around $600 million, sources say.

Reporting by Joe Brock, editing by David Evans

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