ABC Orjiako’s Yet Another Giant Stride
Are you thinking of going into oil and gas business?
If yes, then, you need to read the story of Dr. Ambrose Bryant Chukwueloka Orjiako.
Reading the interesting story of the chairman of Seplat Petroleum Development Company will give you useful hints on the ABC of running a successful business, particularly in the oil and gas sector.
Also, if you think the Anambra State-born billionaire and shrewd businessman is resting on his lauresls, you had better have a rethink. He is set to make Seplat one of the biggest indigenous oil companies in Nigeria.
Society Watch gathered that Seplat Petroleum, last week, reached an agreement to acquire Eland Oil and Gas in Aberdeen, Scotland, United Kingdom for £383 million.
The landmark deal is expected to be completed towards the end of the year, after which Eland will be de-listed from the London Stock Exchange.
It was also learnt that the £383m all-cash deal has been recommended by the Eland board. The deal is supported by the company’s three largest shareholders, viz. Helios Natural Resources, Lombard Odier Asset Management (Europe) and Richard Griffiths.
“In principle, about 60.17% of Eland’s shareholders support the move. Besides,
“Seplat Petroleum and Eland Oil have a number of similarities as business entities.
“Indeed, the deal will see Seplat’s production capacity soar. As a matter of fact, the addition of Eland’s production will take Seplat to 38,000 bpd of liquids. Seplat’s 2P liquid reserves will increase by 41mn barrels to 268mn barrels, while 2P and 2C reserves will increase by 65mn barrels to 330mn barrels,” a source said.