ABERDEEN-based Eland Oil & Gas is set to be acquired for £382 million by Nigerian oil firm Seplat.

Eland directors have recommended shareholders approve Seplat’s takeover bid.

Led by North Sea veteran George Maxwell, Eland has developed a significant oil and gas production business focused on the Niger Delta.

Seplat said the acquisition will support its drive to become the leading exploration and production company focused on Nigeria.