SEPLAT Petroleum Development Co PLC Notification on License Renewal (4914H)
15 November 2018 - 10:00PM
UK Regulatory
TIDMSEPL
RNS Number : 4914H
SEPLAT Petroleum Development Co PLC
15 November 2018
20-year License renewal for OMLs 4, 38 and 41 confirmed
Lagos and London, 15 November 2018: 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 announces that the
President and Honourable Minister of Petroleum Resources has given
consent for the renewal of OMLs 4, 38 and 41 to a new expiry date
of 21 October 2038. Seplat holds a 45% working interest in OMLs 4,
38 and 41 and in the first nine months of 2018 production from the
licenses accounted for 92% of Seplat's total oil production and
100% of Seplat's gas production. In connection with the license
renewal Seplat has paid in full a Renewal Bonus of US$25.9 million,
thus ensuring all conditions for license renewal have been met. The
Company is now working with the Department of Petroleum Resources
to obtain the updated title deeds in connection with the
renewal.
Commenting on the license renewal Austin Avuru, Seplat's Chief
Executive Officer, said:
"We are delighted to have concluded the early renewal of our
core producing licenses, OMLs 4, 38 and 41. With the extension of
the license to 2038 secured, we can now invest with confidence long
into the future as we seek to further realise the full oil and gas
potential of the licenses and continue to deliver value to all of
our stakeholders".
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 +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 / Jonathan Wolf +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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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