$85.8m ‘Debt’: Appeal Court Unseals Seplat Petroleum’s Offices

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Seplat announces that the Court of Appeal sitting in Lagos has today suspended the Order of Interlocutory Injunctions made by the Lagos Federal High Court that led to the sealing of Seplat’s Corporate Head Office situated in a building located at 16A Temple Road, Ikoyi, Lagos, a building which is not owned by Seplat. The Court suspended the Order, upholding Seplat’s application.

On 2nd December 2020, the building in which Seplat’s Corporate Head Office is located was sealed in connection with a court case concerning an outstanding loan to Access Bank Plc by Cardinal Drilling Services Limited (“Cardinal Drilling”), a third-party providing drilling services to Seplat.

Seplat Revenue declined by 10.7% to N136bn in Q3 2020 Results Brandspurng

Seplat is not a party to the loan agreement, security agreement or guarantees made by or on behalf of Cardinal Drilling to Access Bank Plc., and did not provide any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank Plc.

Today’s decision by the Court of Appeal demonstrates the strength of Seplat’s case. Seplat will continue to vigorously defend itself against its unmerited inclusion in the court action by Access Bank Plc.

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Seplat Petroleum Development Company Plc is a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange (“LSE”) (LSE:SEPL) and Nigerian Stock Exchange (“NSE”) (NSE:SEPLAT).

Read Also:  Seplat Petroleum Records 6.5% Revenue decline in 2019

Seplat is pursuing a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds.

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$85.8m ‘Debt’: Appeal Court Unseals Seplat Petroleum's Offices - Brand Spur$85.8m ‘Debt’: Appeal Court Unseals Seplat Petroleum's Offices - Brand Spur
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$85.8m ‘Debt’: Appeal Court Unseals Seplat Petroleum's Offices - Brand Spur$85.8m ‘Debt’: Appeal Court Unseals Seplat Petroleum's Offices - Brand Spur

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