Glossary

Please find a consolidated summary of common terms used by Seplat and their relevant definitions, below.

Term Definition
AGM Annual General Meeting
bbls Barrels of oil
boe Barrels of oil equivalent
bcf Billion cubic feet of gas
bopd Barrels of oil per day
boepd Barrels of oil equivalent per day
bn Billion
Development well A well drilled specifically into a previously discovered field
Degrees API A measure of how heavy or light a petroleum liquid is compared to water
DTR The FCA’s Disclosure and Transparency Rules
EHSS Environment Health, Safety, and Security
E&P Exploration and Production
Farm in To acquire an interest in a license from another party
Farm out To assign an interest in a license to another party
FCA Financial Conduct Authority
ft Feet
GBP/£ Pound sterling currency
Hydrocarbons Compounds containing only the elements hydrogen and carbon, they may exist as solids, liquids or gases
H1 First half of the year
H2 Second half of the year
IPO Initial Public Offering
Joint venture/JV A group of companies who share the cost and rewards of exploring for and producing oil or gas from a License or Block
km2 Square kilometres
LACT Lease Automated Custody Transfer unit; facility used for accurately metering liquids production
License/Block Area of specified size, which is licensed to a company by the government for production of oil and gas
LSE London Stock Exchange
m Metres
Major IOC Major international oil company
MMbbls Million barrels
MMboe Millions of barrels of oil equivalent
MMscfd Million cubic feet of gas per day
MOU Memorandum of Understanding
NSE Nigeria Stock Exchange
Nigerian Naira currency
OML Oil Mining License
OPL Oil Prospecting License
Q1 First quarter
Q2 Second quarter
Q3 Third quarter
Q4 Fourth quarter
Operator A company which organizes the exploration and production programs in a permit or license on behalf of all the interest holders in the permit or license
Spud To commence drilling a well
STOIIP Stock Tank Oil Initially In Place
TFP Trans Forcados Pipeline system
Tcf Trillion cubic feet of gas
US$ United States Dollar currency
WI Working interest
2D Seismic Two-dimensional seismic
3D Seismic Three-dimensional seismic
1P Reserves Proven reserves
2P Reserves Proven and probable reserves
3P Reserves Proven, probable and possible reserves