Petroleum Africa
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Friday, January 2, 2015
Nigeria’s South Atlantic Petroleum Company (Sapetro) acquired an estimated 13% of Afren’s the shares as talks swirled around the potential takeover of Afren by another indigenous firm, Seplat.
Due to the recent drop in oil prices, as well as some corporate misdemeanors that led to the dismissal of some of Afren’s executives, the company has seen its share price take a dive making it ripe target for a takeover. The purchase of shares by Sapetro gave Afren’s share price a boost and the talk of a takeover by Seplat boosted the price even further.
Sapetro is looking to grow its assets beyond its current holdings in OML 130 in Nigeria, the Seme field in Benin, and a massive concession in the Mozambique Channel. The company also has acreage in Central Africa Republic. The firm has engaged the services of PricewaterhouseCoopers (PWC) to shop for assets and advise on value adding business strategy. The Afren investment is one of the several results of that engagement.
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