Seplat Petroleum Development Plc is set to consummate its deal to acquire Eland Oil and Gas Plc following the amicable resolution of issues raised by Starcrest Nigeria Energy Limited, a key stakeholder in Eland.
Among the issues raised in the warning notice by Starcrest Counsel, Ogochukwu Ifeoma Aniekwe, was that the acquisition, which was based on Seplat Petroleum owning a 45 per cent stake in an oil mining lease held by Eland Oil and Gas, “is not true as Eland is not the operator of the license as portrayed to the general public.”
Also, in continuation of the deal, the Boards of Eland and Seplat stated that at the court approved meeting and the general meeting held last week, which was convened in relation to the proposed scheme, all the proposed resolutions for the take-over were duly passed by the requisite majorities.
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