Seplat plans to deliver 13 additional oil and gas wells by 2024

The Nigerian energy business Seplat Energy Plc has revealed its drilling schedule for 2024, with the goal of delivering 13 new gas and oil wells among its operated and non-operated assets.

“The unaudited results for the first quarter ended March 31, 2024, released by the company, show that the new wells are split into 11 for oil production and 2 for gas production.”

 

The oil business said that its drilling program had successfully completed two wells, Okporhuru-9 and Sapele-37, which were spudded around the end of 2023, and one well, Ovhor21, from the 2024 drilling program in the first quarter of 2024.

 

“Sapele-37 and Okporhuru-9 had multiple targets in their respective initial plans, and each significantly exceeded their goals,” Seplat Energy continued. “In OML 41, each well featured secondary exploration prospects in deeper stratigraphy that had not been explored before.”

 

“We are happy to report that hydrocarbons—mostly gas—have been found in both wells. Multiple hydrocarbon-bearing intervals were found in deeper formations by the Okporhuru-9 well.”

 

“While the Sapele-37 well (formerly Sapele-N) proved to be a northern extension of the Sapele field, it also encountered hydrocarbons in deeper reservoirs.”

 

The business stated that more technical investigation is currently being conducted to evaluate the deep potential at Okporhuru, Sapele, and the larger OML 41. Early indications point to the potential for these deeper reservoirs to be commercially viable.

“We intend to deliver the final 12 wells on the 2024 drilling plan over the remaining months of 2024. It is anticipated that three wells—Ovhor-22, Sapele-38, and OBEN KIKB-02—will be finished in the second quarter. Later in the year, we anticipate that these wells will support production volumes,” the company stated.

 

Seplat Energy’s CEO, Roger Brown, reported that the company had found hydrocarbons in deeper reservoirs than had been investigated at Sapele-37 and Okhorpuru-9.

 

“The preliminary findings are encouraging, underscoring Nigeria’s exceptional geology once more. We were happy to see President Tinubu and the industry regulators in Nigeria take more progressive measures.”

 

Remember that President Bola Tinubu signed executive directives in March that will offer financial incentives to companies in the gas and midstream sectors?

 

Furthermore, the CEO of Seplat stated that an executive order that was signed and gazetted into law has the ability to significantly enhance the company’s contracting procedure and provide the necessary level of efficiency to enable cost reductions.

 

Additionally, Seplat Energy Plc announced that qualifying shareholders who want to receive their dividends in naira can now do so by obtaining the relevant exchange rate.

 

BusinessDay obtained a corporate statement from the company stating that the exchange rate will be N1,309.88 for every $1.

 

The notification states that the NAFEM closing rate for April 25, 2024, will be used as the exchange rate for the Naira amounts payable.

 

“Seplat Energy Plc (“Seplat” or the “Company”), a well-known independent energy provider in Nigeria that is listed on the London Stock Exchange in addition to the Nigerian Exchange Limited, hereby certifies that the following exchange rate will be used to calculate the final and special dividend for 2023 and will be paid in Naira (NGN) to shareholders.

 

The NAFEM closing rate for April 25, 2024, is the exchange rate for the Naira amounts payable. Exchange Rate: 1,309.88 NGN for every USD.