Caverton Lists on the Nigerian Stock Exchange with $196 Million Capitalisation

Caverton Offshore Support Group Plc has made history as the first oil services company to list on the Nigerian Stock Exchange (NSE). The service company, which owns two subsidiaries, Caverton Helicopters and Caverton Marine, listed on Tuesday with a market capitalisation of just under N32 billion (about N196 million) after an initial offering 3.35 billion...

Seawolf Oil Services in Receivership as a Going Concern

A Notice of Appointment of Receiver has been issued in respect of Seawolf Oilfield Services. The notice was issued by Michael Igbokwe, SAN after being appointed by the Asset Management Corporation of Nigeria (AMCON) as Receiver/Manager of the oil service company. Debtors of Seawolf and its related companies are to pay their debts directly to the Receiver,...

Heritage Oil Sold to Qatar Sovereign Wealth Fund

Heritage Oil, the partner of Shoreline Power Company in Shoreline Natural Resources, which owns a 45 per cent interest in (oil mining lease), OML 30, has been sold to a Qatar sovereign wealth fund, Al Mirqab Capital. Heritage Oil is an independent Jersey-based oil and gas exploration and production company. Founded by controversial figure and former mercenary,...

Total Nigeria Plc Reveals Audited Results for 2013

Total Nigeria Plc, the downstream company of the international oil giant has revealed details of its year-end results for 2013. Revenue was up from N217,843,731 in 2012 to N283,163,160 in 2013. Profit before tax also rose from N7,098,173 in 2012 to N8,120,018 in 2013, while profit after tax rose from N4,670,917 in 2012 to N5,334,091 in 2013. In a statement, the...

Seplat Lists in London with Market Capitalisation of $1.9 Billion, Targets Production of 85,000 Barrels Per Day

After many months of preparation, leading Nigerian oil and gas firm Seplat has finally listed on the main board of the London Stock Exchange. It sold 143.2 million shares to investors at £2.10 pounds per shares, giving the company a market capitalisation of $1.90 billion. Conditional trading of its shares began in London on Wednesday while formal admission and...

Arco Petrochemicals Profits Rose 166.96%

Listed engineering company, Arco Petrochemical Engineering Company has recorded a profit of N1.7 billion for the year ended March 31st 2013. Profit before tax shot up from N636.79 million in the previous financial year to N1.7 billion for the period under review representing an increase of 166.96 per cent over the preceding year. The chairman of the Board of...