Who we are

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 December 2009, Établissements Maurel et Prom (“MPI”) acquired a 45% shareholding in Seplat and was followed by 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. Initially Seplat formed a JV partnership with NNPC, until 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).

In 2015, the Group purchased a 40% participating interest in OML 53, onshore north eastern Niger Delta, from Chevron Nigeria Ltd and a revenue interest in OML 55, south eastern Niger Delta.

In January 2017, the Group incorporated a new subsidiary, ANOH Gas Processing Company Limited, a midstream gas company committed to the processing of gas from OML 53 for distribution to the local market.

Our portfolio now comprises six oil blocks- direct interests in five blocks in the Niger Delta area, four of which Seplat operates, and one further revenue interest.

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

2019

6 oil blocks, 49,867 boepd WIP; 481 MMboe 2P reserves

March

  • Final Investment Decision sanctioned by Seplat’s Board for the ANOH gas Project ; Phase 1 to comprise a 300 MMScfd gas processing plant

2018

6 oil blocks, 53,604 boepd WIP; 477 MMboe 2P reserves

November

  • Seplat received consent from The President and Honourable Minister of Petroleum Resources for licence renewal of OMLS’s 4, 38 & 41 to a new expiry date of 21 October 2038

August

  • Seplat signed the Shareholder agreement and Share Subscription agreement with NGPTC for it to subscribe for fifty percent of shares in AGPC that will process gas from the upstream unitised gas fields at OML 53 and OML 21.
  • Bond listed on the London Stock Exchange

April

  • Seplat attained the Nigerian Stock Exchange’s (NSE) Premium listing status becoming the first oil and gas company migrated to the Premium Board of the NSE.

March

  • Completed the offering of $350 million in aggregate principal amount of 9.25% senior notes due 2023 (the "Notes"). The proceeds of the Notes, together with drawings under an amended and restated revolving credit facility, are being used to refinance existing indebtedness and for general corporate purposes.
  • Successfully refinanced existing US$300 million revolving credit facility due December 2018 with a new four year US$300 million revolving credit facility due June 2022 (the "RCF"). The RCF carries initial interest of Libor +6% payable semi-annually.

February

  • Seplat's share capital increased by 25,000,000 to 588,444,561 ordinary shares of ?0.50k each, all with voting rights. This was in exercise of the powers granted to the Board of Directors of the Company, by the Shareholders at the Annual General Meeting held on 30th June 2014 to implement the IPO award and other remuneration of the top Management and Directors as disclosed in the IPO Prospectus in furtherance of the Company's Long Term Incentive Plan. These shares were also formally listed on the Nigerian Stock Exchange.

2017

6 oil blocks; 36,923 boepd WIP; 477 MMboe 2P reserves

1. 5 months constrained production due to Force Majeure

December

  • Commencement of deliveries to the 459MW Azura-Edo IPP.
  • Signed a funding agreement with pipeline owners to ensure timely completion of the Amukpe to Escravos pipeline, a third evacuation option for Seplat.

July

  • Successfully concluded a one year extension of the revolving credit facility ("RCF")- previously due to expire at the end of 2017- until 31 December 2018.

June

  • Force majeure on exports from the Forcados terminal was lifted on 6 June.

April

  • Upgrades and repairs completed as planned on two jetties at the Warri refinery. The upgraded jetties will enable sustained exports of 30,000 bopd gross
  • Incorporated the ANOH Gas Processing Company- the greenfield gas development at OML 53 (and adjacent OML 21 with which the upstream project is unitised) is expected to underpin the next step-change expansion of our gas business.

March

  • FY 2016 results impacted by force majeure at Forcados terminal with net working interest production standing at 25,877 boepd, revenue US$254 million, gross profit US$72 million and net loss after tax US$166 million.  FY 2016 cash from operations was US$172 million against capex incurred of US$52 million.  3 MMbbls of gross oil and condensate was exported via the Warri refinery route in 2016.  Continued growth of the gas business saw 2016 net working interest production up 10% year-on-year at 95 MMscfd (210 MMscfd gross) and gas revenue up 37% to US$105 million – all gas was supplied to domestic market

2016

6 oil blocks; 25,877 boepd WIP; 462 MMboe 2P reserves

1. 10 months constrained production due to Force Majeure 

December

  • Completed and commissioned the Oben Phase II gas processing plant expansion. The Phase II expansion adds a further 225 MMscfd processing capacity, taking gross Company operated processing capacity to 525 MMscfd.

October

  • With the support of its lenders the Company successfully concluded the re-profiling of its seven-year secured term facility over the period to the end of 2017, reducing principal service obligations by US$150 million with no adjustments to the existing tenor of the loan.

June

  • Seplat established regular barging operations via the Warri refinery jetty

March

  • Seplat announces FY 2015 results. The positive financial impact of the Oben Phase I gas plant expansion is felt as gas revenues increased +200% year-on-year to US$77 million and that additional processing modules had been ordered for Phase II expansion to take gross processing capacity to minimum of 525 MMscfd from the current 300 MMscfd

February

  • Following the declaration of force majeure on exports at the Forcados terminal oil and gas production at OMLs 4, 38 and 41 is constrained, prompting the Company to seek alternative export routes for oil production which in turn would ensure continuity of gas supply to the domestic market.

2015

6 oil blocks; 43,372 boepd WIP; 480 MMboe 2P reserves

December

  • Average daily working interest production reaches new highs as Seplat records full year 2015 production of 43,372 boepd comprising 29,003 bopd and 86 MMscfd.

June

  • Completed the Phase I expansion of the Oben gas processing plant, adding 150 MMscfd of additional processing capacity, and taking total gross operated gas processing capacity to 300 MMscfd.

February

  • Acquired a 40% working interest in OML 53 and an effective 22.5% working interest in OML 55 (which was subsequently converted into a financial revenue interest), significantly expanding its inventory of production and development opportunities.

January

  • Secured US$1 billion debt re-financing

2014

4 oil blocks; 30,823 boepd WIP; 281 MMboe 2P reserves

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

  • 100kbopd Pipeline to Warri refinery completed.

February

  • Pioneer tax status confirmed.

2013

4 oil blocks, 28,311 boepd WIP; 226 MMboe 2P reserves

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

3 oil blocks; 30,823 boepd WIP; 163 MMboe 2P reserves

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

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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

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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

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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.