Nigeria, Oct. 15 -- Seplat Petroleum Development Company Plc on Tuesday announced that it has agreed to buy Eland Oil & Gas Plc.

The company made this known in a disclosure notice sent to the Nigerian Stock Exchange and signed by Edith Onwuchekwa, the Company Secretary.

Seplat is a leading Nigerian independent oil and gas company listed on both the Nigerian Stock Exchange and London Stock Exchange.

The notice said the Boards of both firms have reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Eland by Seplat.

The acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act, the company said.

The company's acquisition...