Seplat Declares Plan to Ship 13 New Oil Wells

Seplat Declares Plan to Ship 13 New Oil Wells

Seplat Power Plc has introduced its drilling programme for 2024 with plans to ship 13 new oil and gasoline wells throughout its operated and non-operated belongings.

The corporate disclosed this in its unaudited outcomes for the primary quarter ending March 31, 2024.

“The breakdown of the brand new wells consists of 11 devoted to grease manufacturing and two targeted on gasoline manufacturing,” it mentioned.

The corporate said that its drilling programme delivered one nicely from the 2024 drilling programme, Ovhor21, within the first quarter of 2024.

It added that it accomplished two wells; Okporhuru-9, and Sapele-37, which have been spudded in the direction of the top of 2023.

“Sapele-37 and Okporhuru-9 had a number of targets of their respective preliminary plans, and every recorded notable constructive outcomes. Every nicely had secondary exploration targets in beforehand untested deeper stratigraphy in OML 41.

“We’re happy to announce the invention of hydrocarbons, predominantly gasoline, in each wells. Okporhuru -9 nicely found a number of hydrocarbon-bearing intervals in deeper formations, “the corporate said.

“The Sapele-37 nicely, beforehand often called Sapele-N, found hydrocarbons in deeper reservoirs. Moreover, it has confirmed the extension of the Sapele area to the north. Preliminary findings point out that these deeper reservoirs could possibly be commercially viable,” the vitality firm introduced.

It added that additional technical evaluation is at the moment being performed to judge the potential of Okporhuru, Sapele, and the broader OML41 space at better depths.

“For the rest of 2024, we plan to ship the remaining 12 wells on the 2024 drilling plan. Three wells: Ovhor-22, Sapele-38, and OBEN KIKB-02, are anticipated to be accomplished throughout the second quarter. We count on these wells to assist manufacturing volumes later within the yr,” the corporate maintained.

In response to the Chief Govt Officer, at Seplat Power, Roger Brown, an government order has been signed and formally carried out as legislation, which might considerably improve Seplat’s contracting procedures and convey about improved effectivity that may contribute to value reductions.

Seplat Power Plc has additionally introduced N1,309.88 per $1 because the change price for figuring out the ultimate and particular dividend payout to eligible shareholders who select to obtain their dividends in naira.

Brown mentioned the corporate has found hydrocarbons in deeper reservoirs than had beforehand been examined at Sapele-37 and Okhorpuru-9.