Seplat Energy’s Subsidiary Westport Oil Raises US$50 Million Offtake Facility

Seplat Energy Plc, a leading Nigerian independent oil company listed on both Nigerian Exchange Limited and the London Stock Exchange, announced that its wholly-owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake facility due April 2027.

The oil company disclosed in a statement signed by Mr. Emeka Onwuka, the Chief Financial Officer, Seplate Energy Plc.

According to the company, the US$50 million (offtake facility) is subordinated to the US$100 million senior reserve-based lending facility (the “RBL”).

The initial interest on the offtake facility is Libor + 10.5 percent payable semi-annually and the repayment is scheduled to commence in March 2023.

“The statement reads, Seplat Energy Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces that its wholly owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake linked reserved based lending facility due April 2027 (the “Offtake Facility”).

“The Offtake Facility is subordinated to the US$110 million senior reserve-based lending facility (the “RBL”). The Offtake Facility carries an initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023.”