Tuesday, May 18, 2021
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Anene Peters, Editor Naija247news

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Anene Peters is an intern with Naija247news Media. He's focus is on tech and science. He's a graduate of Abia State University with a major in Computer Science and Communications. You can contact him for press events on 0903 927 6505

OPEC Expects Speedy Second Half Oil Demand Growth

Crude Oil Price Movements Spot crude prices surged by more than 13% in February to their highest monthly average since January 2020. Oil prices were supported...

Naira exchange rate to Dollar drips at official market

Naira fell marginally against the U.S dollar at the I&E window of the foreign exchange market on Tuesday, data posted on the FMDQ Security...

Vocational skill mismatch worsening Nigeria’s unemployment situation, LCCI analysts say

Lagos, April 6, 2021 The Lagos Chamber of Commerce and Industry (LCCI) has realised that skill mismatch contributes to persistent worsening of the...

Shareholders task companies to cut operational cost for better economy

Ibadan, April 6, 2021 The Shareholders Association, Ibadan Zone, has urged companies in Nigeria to be decisive and cut operational costs to catalyze the...

AIICO Insurance records N60.7bn gross premium for 2020

Lagos, April 6, 2021 AIICO Insurance Plc has announced that it recorded N60.7 billion as its Gross Written Premium in its audited results for...

Nigeria’s fuel import defies pandemic, rises by 17% to N2.01trn

Abuja — Despite the COVID-19 pandemic, which ensured a slowdown in economic activities for a significant part of 2020, locally and globally, Nigeria’s...

Fitch Rates Seplat’s New Notes Final ‘B-‘

KEY ASSUMPTIONS - Oil price deck of USD58/bbl in 2021 and USD53/bbl until 2024 - Domestic gas prices of about USD2.9/mcf on average until 2024 - Upstream production ramping up to above 60kboe/d in 2023 - Dividends of about USD59 million a year up to 2024 Fitch's Key Assumptions for Recovery Analysis: - The recovery analysis assumes that Seplat would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated. - Seplat's post-reorganisation, going-concern EBITDA is estimated at around USD223 million, based on the current asset base. A drop in EBITDA to the going-concern level reflects risks associated with hydrocarbon price volatility, potential unplanned downtime and other adverse factors - We have applied a distressed enterprise value (EV)/EBITDA multiple of 4.5x to calculate a going-concern EV, reflecting a mid-cycle multiple for the natural resources sector in the EMEA region and the risks associated with the operating environment in the country of operation. - We assume a 10% administrative claim to be deducted from the going-concern EV - Our principal waterfall analysis assumes the USD350 million senior secured RCF and the USD100 million Eland RBL rank senior to Seplat's senior notes - Taking into account our Country-Specific Treatment of Recovery Ratings Criteria, our waterfall analysis generated a ranked recovery in the 'RR4' band, indicating a final 'B-' instrument rating. The waterfall analysis output percentage on current metrics and assumptions is 50%.

NCDMB, NNPC, Brass Fertilizer sign shareholders agreements on methanol project

Lagos — The Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian National Petroleum Corporation (NNPC), Brass Fertilizer and Petrochemical Company Limited and DSV...

Stanbic IBTC Bank Launches It’s SMS Banking Solution With Funds Transfer, Bill Payment Functionalities

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has launched its 3S (SMS/Self Service) Banking Solution with funds transfer and bill...

With Nigeria’s 800tcf gas reserves, NLNG train 7 will create 12000 jobs

In his Goodwill message, presented at the Nigeria International Petroleum Summit (N.I.P.S) Pre-Summit Conference, titled: The Decade of Gas, in furtherance of the Federal...

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