LONDON (Alliance News) - SEPLAT Petroleum Development Co PLC Thursday said it is confident that it can achieve its targeted gross production exit rate of 72,000 barrels per day by the end of 2014.
The Nigerian oil and gas company, which listed in London on April 14, had announced that its first quarter production was impacted by a 36 day shut-down of Shell's Trans Forcados Pipeline and its second quarter had seen seven days of further shut downs.
However, on Thursday the company said production has resumed at its projected rates with its new pipeline to the Warri refinery now completed and commissioned, which should reduce the impact of such shut-downs in the future.
Seplat also noted that a 15-year gas sales agreement was made with Azura Edo IPP in recent months in order to supply 116 million square cubic feet per day of gas at USD3 per square cubic feet of gas from 2017.
The company said it is now planning to accelerate certain field developments and recover some of its production losses in the first quarter with certain changes to its drilling programme and it is pursuing further acquisition opportunities.
Seplat shares were trading flat at 230.00 pence on Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Seplat Energy (SEPL)