Seplat Petroleum Development Company Plc. has announced the commencement of the Closed Period with respect to trading in its shares by Company Insiders and Connected Persons with effect from 29th January, 2017. The Closed Period will end on 30th March, 2017.
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The Company also announced that proceedings have been commenced in the English High Court against its wholly owned subsidiary, Newton Energy Limited, by Crestar Natural Resources Limited relating to a deposit of US$20.5 million currently held in an escrow account. The Escrow Monies relate to the potential acquisition of an interest in OML 25 by Crestar, which Newton has an option to invest into, and were put into escrow in July 2015 pursuant to an agreement reached with Crestar and the vendor on final terms of the potential transaction.
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