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Seplat Energy Plans to Deliver 13 New Oil & Gas Wells in 2024

Seplat energy to deliver 13 new oil wells in 2024
Seplat energy to deliver 13 new oil wells in 2024

Seplat Energy Plc, a prominent Nigerian energy company, has unveiled its ambitious drilling program for the year 2024, aiming to introduce 13 new oil and gas wells across its operated and non-operated assets.

According to the company’s unaudited results for the first quarter ending March 31, 2024, the breakdown of the new wells includes 11 dedicated to oil production and 2 focused on gas production.

Seplat Energy has already kickstarted its drilling program by successfully delivering one well, Ovhor21, in the first quarter of 2024. Additionally, two wells, Okporhuru-9 and Sapele-37, were completed, with notable positive results recorded.

Both Okporhuru-9 and Sapele-37 encountered hydrocarbons, predominantly gas, in deeper reservoirs, showcasing promising commercial potential.

Roger Brown, the CEO of Seplat Energy, expressed optimism about the discoveries, highlighting the promising geology in Nigeria.

He also commended President Bola Tinubu and industry regulators for their progressive actions, including executive orders aimed at providing fiscal incentives in gas and midstream businesses.

In addition to its exploration endeavors, Seplat Energy Plc has released the applicable exchange rate for determining its final and special dividend payout to qualified shareholders who opt to receive dividends in the naira. The exchange rate stands at N1,309.88 per $1, based on the NAFEM closing rate for April 25, 2024.

Looking ahead, the company plans to complete the remaining 12 wells on the 2024 drilling plan, with three wells expected to be finished during the second quarter to support production volumes later in the year.

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