London, Lagos, 07 February 2017: Seven Energy Finance Limited, with its parent company Seven Energy International Limited (“Seven Energy”), the leading integrated gas company in south east Nigeria, with upstream oil and gas interests in the region, announces that its wholly owned subsidiary, Seven Exploration & Production Limited (“SEPL”), has received notice from Nigerian Petroleum Development Company Limited (“NPDC”) of its intention to terminate the Strategic Alliance Agreement between NPDC and SEPL relating to OMLs 4, 38 and 41 (the “SAA”) unless NPDC’s alleged default of certain terms of the SAA in respect of outstanding cash calls are remedied by 17 March 2017. SEPL does not agree that there are grounds under which the SAA can be terminated, particularly in light of the prolonged force majeure closure of the Forcados oil export terminal, and SEPL will take necessary steps, including legal actions, to defend and enforce its position and to preserve its contractual rights under and in respect of the SAA.
For further enquiries, please contact:
Seven Energy International Limited
Phillip Ihenacho, CEO
Bruce Burrows, CFO
Joe Kaye, Group Head, Finance
John Arthur, Planning and Performance Manager
|+44 20 7518 3850
|+44 20 7404 5959
|+234 809 996 1007
About Seven Energy
Seven Energy, founded in 2004, is the leading integrated gas company in south east Nigeria, with upstream oil and gas interests in the region. With a deep understanding of the domestic Nigerian gas market, supplying gas to the power generation and manufacturing industries, principally through its own integrated processing and pipeline infrastructure, and the backing of strategic long-term investors, the Group has a unique focus on the emerging Nigerian domestic gas market. The Group’s midstream gas infrastructure assets, focused in the south east Niger Delta, include the 200 MMcfpd Uquo gas processing facility and a gas pipeline network of 260 km with distribution capacity of 600 MMcfpd. Its upstream assets include licence interests in the Uquo Field and the Stubb Creek Field (south east Niger Delta), an indirect interest in OMLs 4, 38 & 41 through a Strategic Alliance Agreement with Nigerian Petroleum Development Company (north west Niger Delta) and a licence interest in OPLs 905, 907 and 917 (Anambra Basin). The Group has its main offices located in Lagos and London.
Seven Energy Finance Limited is a wholly owned subsidiary of Seven Energy International Limited incorporated in the British Virgin Islands. The Company is the issuer of US$300 million 10.25% Senior Secured Loan Notes due 2021 and the US$100 million 10.50% Senior Secured Notes due 2021, both of which are listed on the Irish Stock Exchange.
For more information on Seven Energy please visit www.sevenenergy.com