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.

2016

Key milestones

December

At 31 December 2016 a gross volume of 3 million barrels had been evacuated via this route. The Company sets out its intention is to establish regular exports of 30,000 bopd (gross) via Warri. In addition to the Warri and Forcados export routes, Seplat confirms it is supporting NAPIMS (a 100% subsidiary of NNPC) on completion of the 160,000 bopd capacity Amukpe to Escravos pipeline that will offer a third export route through the Escravos terminal. When all available the three export routes will help ensure there is adequate redundancy in evacuation routes, reducing downtime which has adversely affected the business over a number of years.

Commissioning of the Oben Phase II gas processing plant expansion commences ahead of handover to operations in Q2 2017. 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 has established regular barging operations via the Warri refinery jetty with the first cargo sold FOB from the Warri refinery jetty to Seplat’s offtaker Mercuria. Following the successful initiation of barging operations the Company’s intention is to establish a regularised offtake pattern on a longer-term basis. This alternative liquids export solution importantly allows continuous gas supply to be maintained at higher rates.

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

Key milestones

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

Seplat completes 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

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 (which was subsequently converted into a financial revenue interest), 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 output. The acquisitions are 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.