Seplat Petroleum Development Co PLC AGPC raises US$260m to complete ANOH project (5494N)
01 Febrero 2021 - 4:55AM
UK Regulatory
TIDMSEPL
RNS Number : 5494N
Seplat Petroleum Development Co PLC
01 February 2021
AGPC raises US$260m to complete ANOH project and drive energy
transition in Nigeria
Lagos and London - 1 February, 2021: Seplat Petroleum
Development Company Plc ("Seplat" or the "Company"), a leading
Nigerian independent energy company listed on both the Nigerian
Stock Exchange and the London Stock Exchange, announces that its
Incorporated Joint Venture ("IJV"), the ANOH Gas Processing Company
("AGPC"), has successfully raised US$260m in debt to fund
completion of its ANOH Gas Processing Plant ("ANOH").
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo
State, is being built by AGPC, which is an IJV owned equally
between Seplat and the Nigerian Gas Company ("NGC"), a wholly owned
subsidiary of Nigerian National Petroleum Corporation ("NNPC").
Seplat and NGC have previously provided a combined US$420m in
equity funding and the project is now fully funded.
The US$260m funding was provided by a consortium of seven banks:
Stanbic IBTC Bank Plc (advisor), United Bank for Africa Plc, Zenith
Bank Plc, FirstRand Bank Limited (London Branch) / RMB Nigeria
Limited, The Mauritius Commercial Bank Limited, Union Bank of
Nigeria Plc and FCMB Capital Markets Limited. It allows for an
additional US$60m accordion at the time of completion to fund an
equity rebalancing payment at that time, if considered appropriate.
Funding commitments of more than US$450m were received by the
company, which is a significant oversubscription and a strong sign
of confidence in the project.
Following a cost optimisation programme, the AGPC construction
cost is now expected to be no more than US$650m, inclusive of
financing costs and taxes, significantly lower than the original
projected cost of US$700m.
ANOH is one of Nigeria's most strategic gas projects. It will
help Nigeria to accelerate its transition away from small-scale
diesel generators to cleaner, less expensive fuels such as natural
gas for power generation. Seplat is a leading provider of natural
gas to Nigeria's power sector, supplying around 30% of gas used for
electricity generation.
Okechukwu Mba, Managing Director of ANOH Gas Processing Company
said :
"Successfully closing the US$260 million debt facility means
that the ANOH project is now fully funded. Once operational, AGPC
will be a significant supplier of gas to Nigeria's power sector,
supporting local employment and the cleaner generation of power for
Nigerian homes and businesses. We conservatively estimate that the
gas from AGPC will be enough to generate electricity for more than
5 million people".
Roger Brown, Chief Executive Officer of Seplat, said :
"Completing the funding of ANOH is an important milestone for
AGPC. The ANOH development is one of the government's Seven
Critical Gas Development Projects and our involvement provides a
clear path towards strengthening Seplat's position as Nigeria's
leading indigenous diversified energy producer. It will help us
drive, alongside our government partners, Nigeria's transition to
cleaner, less expensive power generation. We are extremely proud to
partner with the Nigerian Gas Company in this strategically
important project, which will create jobs and prosperity in the
Nigerian economy.
Seplat will continue to diversify its business and invest in gas
to help Nigeria develop its own natural resources, which in turn
will drive more sustainable social and economic growth for a young,
rapidly growing population."
Enquiries:
Seplat Petroleum Development Company Plc +234 1 277 0400
Emeka Onwuka, Chief Financial Officer
Carl Franklin, Head of Investor Relations
Ayeesha Aliyu, Investor Relations
Chioma Nwachuku, General Manager, External Affairs &
Communications
Notes to editors
Seplat Petroleum Development Company Plc is Nigeria's leading
indigenous energy company. It is listed on the Nigerian Stock
Exchange (NSE: 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/
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