Seplat Energy Plc has outlined its robust drilling agenda for 2024, revealing plans to initiate the drilling of 13 new oil and gas wells across its operated and non-operated assets. This disclosure was made in the company’s unaudited results for the first quarter ending March 31, 2024.
According to the company, the comprehensive drilling program comprises 11 wells dedicated to oil production and two focused on gas production. Seplat Energy Plc highlighted the successful commencement of its drilling program with the completion of the Ovhor21 well in the first quarter of 2024. Additionally, two wells, Okporhuru-9 and Sapele-37, which were spudded towards the end of 2023, have been completed, yielding notable positive results.
The energy company announced the discovery of hydrocarbons, primarily gas, in both wells, with Okporhuru-9 uncovering multiple hydrocarbon-bearing intervals in deeper formations. Sapele-37, previously known as Sapele-N, not only discovered hydrocarbons in deeper reservoirs but also confirmed the extension of the Sapele field to the north, indicating promising commercial viability.
Further technical analysis is underway to evaluate the potential of Okporhuru, Sapele, and the broader OML41 area at greater depths. Seplat Energy Plc reiterated its commitment to delivering the remaining 12 wells on the 2024 drilling plan, with three wells—Ovhor-22, Sapele-38, and OBEN KIKB-02—expected to be completed during the second quarter to support production volumes later in the year.
Roger Brown, Chief Executive Officer of Seplat Energy, highlighted the signing and implementation of an executive order aimed at enhancing contracting procedures, thereby improving efficiency and contributing to cost reductions within the company.
Additionally, Seplat Energy Plc announced the exchange rate of N1,309.88 per $1 for determining the final and special dividend payout to eligible shareholders opting to receive dividends in naira. Brown emphasized the significant hydrocarbon discoveries made at Sapele-37 and Okhorpuru-9, underscoring the company’s commitment to driving exploration and production activities amid evolving market dynamics.
