…Secures fresh $100m capital equity
By Adewale Sanyaolu
Executive Officer of ASMA, Mr. Stephen Vineburg, will join the Board of Directors of Seven Energy.
According to the firm, the additional funds will enhance its liquidity as it completes the gas pipeline that integrates its existing pipelines in the South East of Nigeria over the next few months.
When completed, the company will own and operate a flexible gas transportation network, from Ukanafun and Ikot Abasi in the West to Calabar in the East, enabling the group to deliver more gas to Nigeria’s growing domestic market for power generation and industrial consumption.
The group is currently delivering total gas volumes in excess of 110 million standard cubic feet per day (MMcfpd) to three power stations, a cement plant and a fertiliser factory, and is the leading integrated gas company in South East Nigeria.
The company explained that as Alaoji, Calabar and Ibom power stations complete their commissioning work and electricity transmission infrastructure, gas deliveries would increase to 200 MMcfpd over the coming year.
On the equity investment, Seven Energy’s Chief Executive Officer, Mr. Phillip Ihenacho, said, “I am pleased by the continued support shown by our leading shareholders and the vote of confidence in our business plan demonstrated by the investment from the IDB Infrastructure Fund II.
Seven Energy is now established as a significant participant in the rapidly developing Nigerian gas market.
Our gas deliveries have more than trebled during the course of 2015, and are currently running in excess of 110 MMcfpd.
“This new funding enables us to complete our current development phase, enhancing our pipeline network, which will be capable of transporting 600 MMcfpd of gas to the growing regional market.”