Seplat, an indigenous E&P with a robust operational platform completed its acquisition of Eland Oil & Gas, and AIM-quoted independent oil and gas company focused on production and development in West Africa for £382m ($510m). "This recommended offer from Seplat represents the culmination of a very successful journey by Eland, the management team and all of its stakeholders. Since founding Eland, we have, jointly with our partners in Elcrest, acquired our interests in OML 40, a non-producing asset, achieved an all-time record production on this asset and become a significant independent producer in Nigeria's E&P landscape and one of the biggest oil producers on London's AIM market. Eland has, in a period which has seen a significant cyclical downturn in our industry, outperformed most of its peers and the AIM Oil & Gas Index. This transaction represents a record share price for Eland and crystallizes Eland's stated goal to maximize shareholder value," George Maxwell, Eland CEO. Starcrest Nigeria Energy has raised concerns regarding the acquisition of Eland Oil and Gas by Seplat Petroleum Development, stating various misappropriation of the offer and information.