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Saturday, July 2, 2022

Seplat Denies Link to Cardinal Drilling Loan Facility, to Begin $5m Share Buyback

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Seplat Petroleum Development Company Plc, a Nigerian independent energy company has denied any link to a loan facility issued by Access Bank to Cardinal drilling that went bad.

“Seplat is not a party to the loan agreement and did not guarantee the loan agreement,” Seplat Chief Executive Officer, Roger Brown said during a conference call today monitored by MoneyCentral.

Brown said Seplat had gotten its office complex in downtown Lagos which had been sealed in relation to the loan dispute released.

Seplat has also approved a $5 million funding of a share repurchase programme, by Trustee, for Seplat Long Term Incentive Plan (LTIP), starting immediately.

Meanwhile the Board has directed Seplat to eliminate Related-Party Transactions by the end of 2021, Brown said.

Seplat reported strong cash position of $259 million for 2020 after $58 million dividends paid in the year, and $150 million worth of capex.

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