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SEPLAT Petroleum Not Party To Court Judgement Involving Chairman

LONDON (Alliance News) - Nigerian oil & gas company SEPLAT Petroleum Development Co PLC said it ...

Alliance News 17 October, 2018 | 6:06PM
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LONDON (Alliance News) - Nigerian oil & gas company SEPLAT Petroleum Development Co PLC said it is not party to a USD114 million court judgement involving the chair of the SEPLAT board.

SEPLAT said it has been "made aware" of media publications on the enforcement of the judgement made against SEPLAT Chairman Ambrosie Orjiako, as well as against Shebah Exploration & Production Co Ltd and Allene Ltd.

In addition to his chairmanship of SEPLAT, Orjiako is also president of Shebah Exploration.

"SEPLAT is not a party to the litigation. The company will monitor the progress of this suit and issue further communication on the matter as appropriate," said SEPLAT.

Nigerian newspaper The Guardian reported on Tuesday that a federal high court sitting in Lagos had ordered that a total of USD114.2 million be paid to African Export-Import Bank, Diamond Bank PLC, and Skye Bank PLC in payment of interest on a loan granted to the defendants in 2011.

http://guardian.ng/features/court-orders-company-orjiako-to-pay-144-2m-debt-to-three-banks/

London listed shares in SEPLAT closed down 1.1% at 136.50 pence on Wednesday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
SEPLAT Petroleum Development Company PLC 121.25 GBX -0.61 -
SEPLAT Petroleum Development Company PLC 549.70 -

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Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

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