Last checked at 8 Jun 2018 10:26
SEPLAT Petroleum Development Company Plc
("Seplat" or the "Company")
Press Speculation
Lagos and London, 08 June 2018: SEPLAT Petroleum Development Company Plc ("Seplat" or together with its subsidiaries the "Group"), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, announces that contrary to recent press speculation regarding the Assa North/Ohaji South ("ANOH") project, Seplat has not violated local content policy.
The ANOH project is still in development and has not yet achieved Final Investment Decision. SEPLAT in consultation with the Nigerian Content Development Management Board (NCDMB) wishes to state that: (i) the NCDMB has reviewed the contracting strategy for the ANOH project; and (ii) both the NCDMB and SEPLAT will continue to work together to obtain all applicable approvals which capture Nigeria content commitments.
This announcement is made in accordance with the provisions of Rule 17.10 (Dealing with Rumour), Rulebook of the Nigeria Stock Exchange, 2015 (Issuers Rule), where Seplat is required to publicly state its position.
Dated this 8th day of June 2018
Signed:
Dr. Mirian Kene Kachikwu
(Company Secretary)
**Ends**
FOR FURTHER ENQUIRIES CONTACT:
Dr. Chioma Nwachuku - GM, External Affairs & Communications/ Seplat Petroleum Development Company Ltd/Tel: 012770400/ Email: Cnwachuku@seplatpetroleum.com /Website: www.seplatpetroleum.com
Notes to editors
Seplat Petroleum Development Company Plc is a leading indigenous Nigerian oil and gas exploration and production company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange ("LSE") (LSE:SEPL) and Nigerian Stock Exchange ("NSE") (NSE:SEPLAT).
In July 2010, Seplat acquired a 45 percent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas leases in the Niger Delta (OMLs 4, 38 and 41), which includes the producing Oben, Ovhor, Sapele, Okporhuru, Amukpe and Orogho fields. Since acquisition, Seplat has more than tripled production from these OMLs.
In June 2013, Newton Energy Limited, a wholly-owned subsidiary of the Company, entered into an agreement with Pillar Oil Limited to acquire a 40 percent participating interest in the Umuseti/Igbuku marginal field area within OPL 283. In February 2015, Seplat completed the acquisition of a 40 percent working interest in OML 53 and a 22.5 percent working interest in OML 55, Onshore Nigeria.
Seplat is pursuing a Nigeria focused growth strategy and is well positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds. For further information please refer to the company website, http://seplatpetroleum.com/