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Seplat Petroleum buys up Eland for £380 million

Exploration firm Seplat Petroleum has announced today it has reached an agreement to acquire Aberdeenshire-headquartered Eland Oil and Gas for more than £380 million.

Eland said the deal has been recommended by the firm’s board and is supported by its three largest shareholders.

A Nigerian upstream exploration and production company, Seplat Petroleum operates a portfolio of assets in the Niger Delta region.

The total deal is for £383m.

London-listed Eland hailed first production from one of its key projects in West Africa in August.

The Gbetiokun field is understood to hold probable reserves of 82.2million barrels of oil equivalent.

Westhill-based Eland said first oil came via an early production facility yesterday, with the field initially producing 12,000 barrels of oil per day for the next seven days.

The transaction is expected to complete in late 2019.

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