Seplat Energy Plc, a Nigerian energy company, has announced its drilling program for 2024, targeting the delivery of 13 new oil and gas wells across its operated and non-operated assets.
“The breakdown of the new wells includes 11 dedicated to oil production and 2 focused on gas production, according to the company’s unaudited results for the first quarter ending March 31, 2024.
The energy company noted that its drilling program successfully delivered One well from the 2024 drilling program, Ovhor21, in the first quarter of 2024 and completed two wells; Okporhuru-9, Sapele-37, which were spudded towards the end of 2023.
Seplat Energy added “Sapele-37 and Okporhuru-9 had multiple targets in their respective initial plans, and each recorded notable positive results. Each well had secondary exploration targets in previously untested deeper stratigraphy in OML 41.
“We are pleased to announce the discovery of hydrocarbons, predominantly gas, in both wells. Okporhuru -9 well discovered multiple hydrocarbon-bearing intervals in deeper formations.
While the Sapele-37 well (previously Sapele-N) encountered hydrocarbons in deeper reservoirs, as well as proving up a northernly extension to the Sapele field”.
The company noted that early indications suggest that these deeper reservoirs may have commercial potential, and further technical analysis is now underway to assess the deep potential at Okporhuru, Sapele and the wider OML 41.
Read also: Here’s how Seplat Energy performed in Q1 2024
“For the remainder of 2024, we plan to deliver the remaining 12 wells on the 2024 drilling plan. Three wells: Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be completed during the second quarter. We expect these wells to support production volumes later in the year,” the company explained.
Roger Brown, chief executive officer, at Seplat Energy said the company has discovered hydrocarbons in deeper reservoirs than had previously been tested at Sapele-37 and Okhorpuru-9.
“The initial results are promising, again highlighting the world-class quality of the geology in Nigeria. In Nigeria, we were pleased to see more progressive actions taken by President Tinubu and the industry regulators”.
Recall that in March, the President Bola Tinubu signed executive orders that will provide fiscal incentives in gas and midstream businesses.
In addition, an executive order was signed and gazetted into law, which has potential to materially improve Seplat contracting process and bring the right level of efficiency that will support costs reductions, its CEO said.
Seplat Energy Plc also said it has released the applicable exchange rate used in determining its final and special dividend payout to qualified shareholders who wish to receive their dividends in the naira.
A corporate disclosure by the company, seen by BusinessDay, said the exchange rate would be N1,309.88 per $1.
According to the statement, the exchange rate for the Naira amounts payable is the NAFEM closing rate for April 25, 2024.
“Seplat Energy Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London Stock Exchange, confirms that the below currency exchange rate is applicable in determining both the final and special dividend for 2023 to shareholders that will receive the dividend payment in Naira (NGN):
The exchange rate for the Naira amounts payable is the NAFEM closing rate for April 25, 2024. Exchange Rate 1 USD = 1,309.88 NGN.”
