Seplat oil output recovery helps Nigeria’s stocks sustain gain

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Nigerian stocks extended gains to hit a new 23-month high on Thursday as the reopening of the Forcados crude oil terminal helped to boost confidence in the country’s largest local oil exploration company, Reuters reports.

Royal Dutch Shell lifted force majeure on exports of Nigeria’s Forcados crude oil on Wednesday, bringing all of the West African country’s oil exports fully online for the first time in 16 months. Shares in Seplat, the indigenous oil and gas company with the largest capitalisation, gained 10 percent on Thursday.

The company, in a statement to the Nigerian stock exchange, said the lifting of the force majeure helped it to successfully reinstate gross production at OMLs 4, 38 and 41, to levels last seen before the terminal’s closure.