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Seplat Energy unveils ambitious drilling program for 2024

Plans to Deliver 13 New Oil and Gas Wells Amid Positive Exploration Results

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Seplat Energy Plc has revealed its strategic drilling program for 2024, aiming to bring forth 13 new oil and gas wells across its operated and non-operated assets, according to its unaudited results for the first quarter ending March 31, 2024.

Detailing the breakdown, the company specified that out of the 13 planned wells, 11 will be dedicated to oil production, while the remaining two will focus on gas production.

The energy firm disclosed that the drilling program has already commenced, with one well, Ovhor21, successfully delivered in the first quarter of 2024. Additionally, two other wells, Okporhuru-9 and Sapele-37, initiated towards the end of 2023, have been completed.

Commenting on the exploration outcomes, Seplat Energy highlighted positive results from both Okporhuru-9 and Sapele-37. Notably, the wells unearthed hydrocarbons, predominantly gas, in deeper formations, with Sapele-37 confirming the extension of the Sapele field to the north.

Further technical evaluations are underway to assess the commercial viability of these discoveries, with a focus on exploring deeper reservoirs in the broader OML41 area.

Looking ahead, Seplat Energy outlined its plans to finalize the remaining 12 wells outlined in the 2024 drilling plan, with three wells expected to be completed during the second quarter. These developments are anticipated to bolster production volumes in the latter part of the year.

In addition to its exploration endeavors, Seplat Energy highlighted regulatory advancements, including the implementation of an executive order aimed at enhancing contracting procedures and driving operational efficiency to mitigate costs.

Moreover, the company announced the exchange rate of N1,309.88 per $1 for determining the final and special dividend payout to eligible shareholders opting for dividends in naira.

Seplat Energy’s Chief Executive Officer, Roger Brown, underscored the significance of the discoveries at Sapele-37 and Okporhuru-9, signaling promising prospects for the company’s future exploration and production endeavors.

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