Niger Delta E&P to raise an additional $400m from capital market

Niger Delta Exploration & Production Plc has perfected plans to raise additional $400 million through a private placement and Initial Public Offering (IPO) from the Nigerian capital market

The company has already completed the first tranche of a $100 million capital raising exercise through private placement and the next tranche of $300 million would be sourced through an IPO that would open in a few weeks. The capital raising would fast-track the companys repositioning exercise, through the acquisition of more assets and increase gas production.