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Nigeria’s Seplat eyes Afren takeover

22nd December 2014

Afren shares have risen following an announcement that Seplat Petroleum Development Company, a Nigeria-listed exploration and development company, has approached the company regarding a takeover

Afren shares have risen following an announcement that Seplat Petroleum Development Company, a Nigeria-listed exploration and development company, has approached the company regarding a takeover
Both companies operate and have interest in a number of exploration and production licences onshore and offshore Nigeria

Seplat has until 19 January to issue a firm offer for the company or withdraw its intentions.

"Afren plc notes the recent movement in Afren’s share price and confirms that it has received a highly preliminary approach from SEPLAT Petroleum Development Company plc regarding a possible combination with Afren," the company said in a statement.

"There can be no certainty that an offer will be made or as to the terms of any offer."

Both companies operate and have interest in a number of exploration and production licences onshore and offshore Nigeria.

Afren's shares rose 10.5 per cent to 50.82 pence this morning on the London Stock Exchange.

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