NewStats: 3,264,554 , 8,184,081 topics. Date: Wednesday, 11 June 2025 at 01:51 PM 1y1mv

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.

“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 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 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.”

https://businessday.ng/energy/article/seplat-to-deliver-13-new-oil-gas-wells-in-2024/

Good Move

Good moves with ulterior purpose

More loot more money.

What's the Benefits of the oil well to common Nigerians

Okay

Arthur Eze ....doing great for the energy ecosystem

Ok
Make una give me my own share of the oil loot sha

ariesbull:
Arthur Eze ....doing great for the energy ecosystem

Where you see Arthur Eze?
Abi River blindness dey worry you?

Wickedfacts:


Where you see Arthur Eze?
Abi River blindness dey worry you?

sorry it's ABC Orkiako owns SEPLAT ...Arthur owns Oranto Douglas

We need government to sell the three remaining public refineries to to able,transparent,viable investors and issue more license and encourage more small refineries.
secondly Tinubu should allow scheme to farmers to be able to sell their Farm produce directly to the Federal Government ;the Federal Government afterwards will set up processing plant or invite processing firms to transform it to end products.
These are few things that will boost our economy

South Eastern Nigeria: Trade, oil and Gas

South South: Oil and gas

North Central/Middle belt: Solid minerals and agriculture

Core North: Solid minerals and agriculture

South West:

Yet the people who contribute absolutely nothing to the nation are everywhere issuing empty threats and making the most noise. Hmmm

Better to have Seplat than Shell or Chevron.

Seplat is on fire! Where these men dey see money?

HEllo babe

Nigeria must move forward no matter what any body or any group of people or any tribe do against the development of Nigeria... One love Nigeria...

Emperor5:
What's the Benefits of the oil well to common Nigerians

They use the taxes and revenue from there to pay government workers' salaries, build projects, help businesses and the list is endless!

ariesbull:
Arthur Eze ....doing great for the energy ecosystem

Arthur Eze is NOT the owner of Seplat.

ariesbull:
sorry it's ABC Orkiako owns SEPLAT ...Arthur owns Oranto Douglas

Please read Seplat's annual financials for the list of shareholders and their percentage holding.

To, about to, vowed to, to begin, we will, we have promised to,,, everything is futuristic to APC folks, you all must think we are still in campaign period

kolexy:


Please read Seplat's annual financials for the list of shareholders and their percentage holding.

And the major shareholder of seplat and the original founder of seplat founder name is not even mentioned, people keep mentioning orjiakor as the owner. Wetin we go come call Augustine avuru.

popez:
South Eastern Nigeria: Trade, oil and Gas

South South: Oil and gas

North Central/Middle belt: Solid minerals and agriculture

Core North: Solid minerals and agriculture

South West:

Yet the people who contribute absolutely nothing to the nation are everywhere issuing empty threats and making the most noise. Hmmm

Don't bring politics into everything.

This is just an energy company outlining its successes and plans for the future.

This comment is unnecessary.

You must not have something to contribute to every thread.

silverx:
And the major shareholder of seplat and the original founder of seplat founder name is not even mentioned, people keep mentioning orjiakor as the owner. Wetin we go come call Augustine avuru.

Austin Avuru is the Founder but ABC Orjiakor was the biggest financial/Investor when they started but I don't think he is anymore.

Poor man own na just to look

Odidigboigbo:
Austin Avuru is the Founder but ABC Orjiakor was the biggest financial/Investor when they started but I don't think he is anymore.

No,one of the biggest financial then, was platform petroleum owned by Augustine avuru and maurel and not orjiakor.

ariesbull:
sorry it's ABC Orkiako owns SEPLAT ...Arthur owns Oranto Douglas

I know your game! How did you come to the conclusion that Dr Orjiakor 'owns' SEPLAT.....or you just want to start something here?

LOVEALAIGBO:


I know your game! How did you come to the conclusion that Dr Orjiakor 'owns' SEPLAT.....or you just want to start something here?

Check here 👇👇👇👇👇

Agbadorian:


Check here 👇👇👇👇👇

The fella i quoted had a ulterior motive in making the post he made....he was trying to stir the honets nest! Dr Orjiakor and Dr Avuru founded SEPLAT initially, but ownership has since gone public on the Nigerian and UK stock-exchnages and is now diversified. Though i would imagine they would still both have a large or majority stake in the company!

The Buhari/Fulani gov't engineered boardroom crises in SEPLAT to find a way to get rid of the duo! This was a coy that started from humble beginnings and was built up to the behemoth it is today by the good management skills and expertise of Dr Orjiakor and Dr Avuru! When it became one of the top two or three indigenous oil/gas producing coys in Nigeria, it inevitably attracted the attention and envy of the hegemonic establishment in power who are of the firm belief that they 'own' Nigeria and no leading oil and gas coy in Nigeria should have a majority Igbo ownership! What followed was the engineering of boardroom crises, as i alluded to earlier, as well as host community 'unrest'.....both problems which were non-existent until the coming of the Buhari gov't in 2015! Dr Orjiakor and Dr Avuru were eventually forced out....meanwhile, other indigenous oil and gas coys like OANDO and others owned by individuals from 'favored' parts of Nigeria continue to be managed by the same management that were on ground after Buharis' unfortunate ascendency to office in 2015!

Good Move

Dr. ABC Orjiakor no longer owns up to 20% of SEPLAT. All his wealth in the company has gone into settling bank loans that he initially refused to repay .

ariesbull:
sorry it's ABC Orkiako owns SEPLAT ...Arthur owns Oranto Douglas

DonDiego:
Dr. ABC Orjiakor no longer owns up to 20% of SEPLAT. All his wealth in the company has gone into settling bank loans that he initially refused to repay .

Can we see a link to a report that helps buttress your assertion on Dr Orjiakor?

Seeing comments here from some people who do not understand the business and the technicality of the O&G industry. We don't have to comment on every post, please!