SEPLAT Petroleum Development Co PLC Operations update (4274H)
07 June 2017 - 9:11PM
UK Regulatory
TIDMSEPL
RNS Number : 4274H
SEPLAT Petroleum Development Co PLC
07 June 2017
Operations update
Lagos and London, 7 June 2017: Seplat Petroleum Development
Company Plc ("Seplat" or the "Company"), a leading Nigerian
indigenous oil and gas company listed on both the Nigeria Stock
Exchange and London Stock Exchange, today issues an operations
update.
Production update
Seplat has received notification from the operator of the
Forcados terminal, Shell Petroleum Development Company of Nigeria
Ltd ("SPDC"), that the Force Majeure on exports from the terminal
has been lifted. Since the recommencement of oil and condensate
injection into the Forcados system at the end of May, Seplat has
been able to successfully reinstate gross production at OMLs 4, 38
and 41 to pre-Force Majeure levels of around 75,000 bopd and 290
MMscfd, or 125,000 boepd. On a net working interest basis this
equates to around 34,000 bopd and 130 MMscfd, or 56,000 boepd.
Alternative export routes
Having completed repairs and upgrades on one of two jetties at
the Warri refinery in April, work on the second jetty is on track
to be completed during Q2 as earlier communicated. The upgraded
jetties will enable sustained exports of 30,000 bopd (gross) and
form part of the Company's strategy to de-risk the distribution of
future oil production to market. Alongside this, Seplat is
collaborating with and supporting government on completion of the
160,000 bopd Amukpe to Escravos pipeline that will offer a third
export route to the Company.
Commenting on the operational update Austin Avuru, Seplat's
Chief Executive Officer, said:
"The resumption of exports at the Forcados terminal has enabled
us to very quickly de-constrain production, and in doing so once
again demonstrate Seplat's strong underlying fundamentals. Our
focus now is on restoring production and cash flow momentum whilst
also establishing longer-term access to multiple export routes.
Whilst the lifting of force majeure is welcome news we continue to
monitor the situation closely and, dependent on performance in the
interim period, will seek to resume formal production guidance at
our half-yearly results to be released on 27 July 2017".
Enquiries:
Seplat Petroleum Development
Company plc
Roger Brown, CFO +44 (0) 203 725 6500
Andrew Dymond, Head of Investor
Relations
Ayeesha Aliyu, Investor Relations +234 12 770 400
Chioma Nwachuku, GM - External
Affairs and Communications
FTI Consulting
Ben Brewerton / Sara Powell
/ George Parker +44 (0) 203 727 1000
seplat@fticonsulting.com
Citigroup Global Markets Limited
Tom Reid / Luke Spells +44 (0) 207 986 4000
Investec Bank plc
Chris Sim / George Price +44 (0) 207 597 4000
Important notice
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation. Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain.
Certain statements may contain forward-looking information
concerning Seplat's strategy, operations, financial performance or
condition, outlook, growth opportunities or circumstances in the
countries, sectors or markets in which Seplat operates. By their
nature, forward-looking statements involve uncertainty because they
depend on future circumstances, and relate to events, not all of
which are within Seplat's control or can be predicted by Seplat.
Although Seplat believes that the expectations and opinions
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations and opinions will
prove to have been correct. Actual results and market conditions
could differ materially from those set out in the forward-looking
statements. No part of these results constitutes, or shall be taken
to constitute, an invitation or inducement to invest in Seplat or
any other entity, and must not be relied upon in any way in
connection with any investment decision. Seplat undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise, except to
the extent legally required.
Notes to editors
Seplat Petroleum Development Company Plc is a leading indigenous
Nigerian oil and gas exploration and production company with a
strategic focus on Nigeria, listed on the Main Market of the London
Stock Exchange ("LSE") (LSE:SEPL) and Nigerian Stock Exchange
("NSE") (NSE:SEPLAT).
Seplat is pursuing a Nigeria focused growth strategy and is
well-positioned to participate in future divestment programmes by
the international oil companies, farm-in opportunities and future
licensing rounds. For further information please refer to the
company website, http://seplatpetroleum.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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