Westport Oil Limited, a wholly-owned subsidiary of Seplat Energy Plc, leading Nigerian independent energy company, has successfully raised a US$50 million offtake facility to enable it boost its operations.
The parent company made this known in a statement on Monday, July 19, 2021 signed by Mr. Emeka Onwuka, the Chief Financial Officer.
“Seplat Energy Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces that its wholly owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake linked reserved based lending facility due April 2027 (the “Offtake Facility”).
“The Offtake Facility is subordinated to the US$110 million senior reserve based lending facility (the “RBL”). The Offtake Facility carries initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023”.
Seplat Energy Plc is Nigeria’s leading indigenous energy company. It is listed on the Premium Board of the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange
(LSE: SEPL). Seplat is pursuing a Nigeria-focused growth strategy and is well positioned to participate in future asset divestments by international oil companies, farm-in opportunities, and future licensing rounds.
The Company is a leading supplier of gas to the domestic power generation market. For further information please refer to the Company website, http://seplatpetroleum.com/
