A Nigerian energy company, Seplat Energy Plc, revealed its drilling schedule for 2024 and aims to finalize 13 new oil and gas wells across its operated and non-operated assets.
The information was shared in the company's unaudited results for the first quarter ending March 31, 2024.
It mentioned that out of the new wells, 11 are intended for oil production and 2 for gas production.
The company announced that it had successfully completed one well, Ovhor21, from the 2024 drilling program, in the first quarter of 2024.
It also noted the completion of two wells, Okporhuru-9 and Sapele-37, which were started towards the end of 2023.
“Sapele-37 and Okporhuru-9 had numerous targets in their initial plans, and both showed positive results. Each well had secondary exploration targets in previously untested deeper layers in OML 41.
“We are excited to announce the discovery of hydrocarbons, mainly gas, in both wells. Okporhuru -9 well found multiple hydrocarbon-bearing intervals in deeper formations,” stated the company.
The Sapele-37 well, previously known as Sapele-N, discovered hydrocarbons in deeper reservoirs, confirming the extension of the Sapele field to the north. Initial findings suggest that these deeper reservoirs could be economically viable.
The energy company is currently conducting further technical analysis to assess the potential of Okporhuru, Sapele, and the broader OML 41 area at greater depths.
“For the rest of 2024, our plan is to complete the remaining 12 wells on the 2024 drilling plan. Three wells: Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be finished in the second quarter. We anticipate these wells will support production volumes later in the year,” stated the company.
According to the Chief Executive Officer of Seplat Energy, Roger Brown, an executive order has been signed and officially implemented as a law, which could significantly enhance Seplat’s contracting procedures and bring about improved efficiency that will contribute to cost reductions.
“The initial results are promising, again highlighting the world-class quality of the geology in Nigeria. In Nigeria, we were pleased to see more progressive actions taken by President Tinubu and the industry regulators”.
Seplat Energy Plc has also announced the exchange rate for determining the final and special dividend payout to eligible shareholders who choose to receive their dividends in Nigerian naira. The disclosed exchange rate is N1,309.88 per $1, as stated in a corporate disclosure by the company.
Roger Brown, chief executive officer, at Seplat Energy, said the company has discovered hydrocarbons in deeper reservoirs than had previously been tested at Sapele-37 and Okhorpuru-9.
In March, President Bola Tinubu signed executive orders that will provide fiscal incentives in gas and midstream businesses.
