Seplat to deliver 13 new oil wells in 2024

Seplat Energy Plc has announced its drilling program for 2024 with plans to deliver 13 new oil and gas wells across its operated and non-operated assets.

The company disclosed this in its unaudited results for the first quarter ending March 31, 2024.

“The breakdown of the new wells includes 11 dedicated to oil production and two focused on gas production,” it said.

The company stated that its drilling programme delivered one well from the 2024 drilling programme, Ovhor21, in the first quarter of 2024.

It added that it completed two wells; Okporhuru-9, and Sapele-37, which were spudded towards the end of 2023.

“Sapele-37 and Okporhuru-9 had multiple targets in their respective initial plans, and each recorded notable positive results. Each well had secondary exploration targets in previously untested deeper stratigraphy in OML 41.

“We are pleased to announce the discovery of hydrocarbons, predominantly gas, in both wells. Okporhuru -9 well discovered multiple hydrocarbon-bearing intervals in deeper formations, “ the company stated.

“The Sapele-37 well, previously known as Sapele-N, discovered hydrocarbons in deeper reservoirs. Additionally, it has confirmed the extension of the Sapele field to the north. Initial findings indicate that these deeper reservoirs could be commercially viable,” the energy company announced.

It added that further technical analysis is currently being conducted to evaluate the potential of Okporhuru, Sapele, and the broader OML41 area at greater depths.

“For the remainder of 2024, we plan to deliver the remaining 12 wells on the 2024 drilling plan. Three wells: Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be completed during the second quarter. We expect these wells to support production volumes later in the year,” the company maintained.

According to the Chief Executive Officer, at Seplat Energy, Roger Brown, an executive order has been signed and officially implemented as law, which could significantly enhance Seplat’s contracting procedures and bring about improved efficiency that will contribute to cost reductions.

Seplat Energy Plc has also announced N1,309.88 per $1 as the exchange rate for determining the final and special dividend payout to eligible shareholders who choose to receive their dividends in naira.

Brown said the company has discovered hydrocarbons in deeper reservoirs than had previously been tested at Sapele-37 and Okhorpuru-9.

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