Our history

Seplat was formed in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited to specifically pursue upstream oil and gas opportunities in Nigeria, and in particular divestment opportunities arising out of the incumbent Major IOC’s portfolios.

In July 2010 Etablissements Maurel et Prom acquired a 45% shareholding in Seplat and was latterly followed by certain other pre-IPO investors.

In July 2010 the Company acquired a 45% working interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas leases, OMLs 4, 38 and 41. Located in the prolific western delta basin of Edo and Delta states the three OMLs contain the producing Oben, Ovhor, Sapele, Okporhuru and Amukpe fields. Initially Seplat formed a JV partnership with NNPC, until the NNPC transferred its 55% interest to NPDC.

Today, Seplat operates the blocks on behalf of the Seplat/NPDC joint venture.

In June 2013, Newton Energy, a wholly owned subsidiary of Seplat reached an agreement with Pillar Oil to acquire a 40% participating interest (non operated) in the Umuseti/Igbuku Fields (OPL 283).

Other key events in Seplat’s history can be found below.

2015

Key milestones

February

In February 2015, the Company announced that it had acquired a 40% working interest in OML 53 and an effective 22.5% working interest in OML 55, significantly expanding its inventory of production and development opportunities. OML 53 fits neatly within Seplat’s strategy of securing, commercialising and monetizing natural gas in the Niger Delta to supply the rapidly growing domestic market. OML 55 offers a number of attractive opportunities to boost oil and gas output, and is consistent with Seplat’s strategy of prioritising opportunities that offer near-term production growth, cash flow and reserve replacement potential in the onshore and shallow water offshore areas of Nigeria.

2014

Key milestones

October

Gross liquids production at OMLs 4, 38 and 41 exceeds 70,000 bopd for the first time.

April

Successful IPO on the main market of the London Stock Exchange and Nigerian Stock Exchange on 14 April, raising gross proceeds of US$535 million (₦88 billion) at £2.10 (₦576) per share.

March

Pipeline to Warri refinery completed.

February

Pioneer tax status confirmed.

2013

Key milestones

December

Executed the Quantum Power LOI and the Mercuria Off-take Agreement; first oil achieved at Orogho; achieved exit rate of 61.7 Mbpd (gross) and an average gross production of 51.4 Mbpd for the year ended 31 December 2013; spudded first exploration well.

November

Entered into the CNL Assets Consortium Agreement; agreed to conditionally acquire a 40 per cent participating interest in OML 53 pursuant to the CNL Assets SPA.

June

Agreement to acquire a 40 per cent participating interest in the Umuseti/Igbuku Fields executed by Newton Energy with Pillar Oil; achieved oil production target of 60 Mbpd (gross).

May

First oil achieved at Okporhuru.

April

Increased 2P reserves from Okporhuru field to 43 MMbbl.

February

Signed an agreement with SPDC in connection with installation of the LACT Unit, which is expected to increase metering accuracy and reduce the reconciliation factor applied to volumes of crude oil transported through the Trans-Forcados Pipeline.

January

Achieved oil production target of 50 Mbpd (gross); added 2P reserves of 9 MMbbl from the Okporhuru field.

2012

Key milestones

December

Completed Oben gas plant upgrade for WAGP specified gas; achieved average gross oil production of 33.1 Mbpd for the year ended 31 December 2012.

June

Refinancing of acquisition debt facility by a syndicate of African banks, including African Export-Import Bank, Skye Bank, United Bank of Africa and First Bank of Nigeria.

May

Spudded first development well.

February

Construction of liquid treatment facility started.

2011

Key milestones

December

Achieved oil production target of 40 Mbpd (gross) during December 2011 and an average gross production of 31.4 Mbpd for the year ended 31 December 2011.

September

Start of extensive work-over programme.

June

Increase in debt finance commitments secured from existing and additional African banks for work-over programme and potential acquisitions.

March

Refinancing of acquisition debt facility by a syndicate of African banks, including African Export-Import Bank, Skye Bank, United Bank of Africa and First Bank of Nigeria.

February

Successful well intervention campaign and production increase.

2010

Key milestones

December

Achieved average gross oil production of 22.7 Mbpd for the year ended 31 December 2010; global memorandum of understanding executed with local communities in the Niger Delta.

October

Successful transition of management and technical teams from SPDC; production increased; achieved 30 Mbpd (gross) during October 2010.

July

Governmental and ministerial consents to the assignment of the 45 per cent participating interest in OMLs 4, 38 and 41 and transfer of operatorship to the Company obtained and successful completion of the transaction.

January

Agreement for Assignment of a 45 per cent participating interest in OMLs 4, 38 and 41 executed with SPDC, TOTAL and AGIP subject to satisfaction of certain conditions, including governmental and ministerial consents.

2009

Key milestones

December

Établissements Maurel et Prom agrees to make an equity and debt investment in the Company.

June

The Company is incorporated by Shebah Nigeria and Platform Nigeria.