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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Seplat Energy Plc | LSE:SEPL | London | Ordinary Share | NGSEPLAT0008 | ORD NGN0.50 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 148.00 | 146.50 | 148.00 | 152.00 | 148.00 | 150.00 | 71,790 | 11:29:07 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil & Gas Field Services,nec | 696.87B | 54.58B | 92.7479 | 0.02 | 1.08B |
From Apr 2019 to Apr 2024
TIDMSEPL
RNS Number : 3280D
SEPLAT Petroleum Development Co PLC
26 April 2017
26 April 2017
SEPLAT Petroleum Development Company PLC
SEPLAT PetDevCom plc - 2016 Annual Report and Notice of AGM
SEPLAT Petroleum Development Company PLC confirms it has today posted its Annual Report and Accounts for the year ended 31 December 2016 to shareholders together with the notice of the 2016 Annual General Meeting (AGM) and forms of proxy. The Company will hold its AGM at 11 a.m. (local time) on Wednesday 1 June 2017 at the Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos, Nigeria.
In accordance with Listing Rule 14.3.6 copies of the Company's Annual Report and Accounts for the year ended 31 December 2016, the Notice of AGM and proxy forms have also been submitted to the FCA for publication through the document viewing facility of the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.
In accordance with Disclosure and Transparency Rule 6.3.5R(3), copies are available on the Company's website, www.seplatpetroleum.com.
A condensed set of the Company's financial statements and extracts of the management report, were included in the Company's Final Results announcement on 30 March 2017. That information, together with the Appendices to this announcement, which contains the following additional information that has been extracted from the 2016 Annual Report, constitutes the material required for the purposes of compliance with DTR 6.3.5 only:
-- the Directors' Responsibilities Statement; -- a description of principal risks and uncertainties that the Company faces; and -- related party transactions.
This announcement should be read in conjunction with and is not a substitute for reading the full 2016 Annual Report. Page and note references in the text below refer to page numbers and notes in the 2016 Annual Report and terms defined in that document have the same meanings in these extracts.
Enquiries:
Seplat Petroleum Development Company Plc
Roger Brown, CFO
Andrew Dymond, Head of Investor Relations +44 (0) 203 725 6500
Chioma Nwachuku, GM - External Affairs and Communications +234 12 770 400
FTI Consulting
Ben Brewerton / Sara Powell / +44 (0) 203 727 1000
seplat@fticonsulting.com
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).
In July 2010, Seplat acquired a 45 percent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas leases in the Niger Delta (OMLs 4, 38 and 41), which includes the producing Oben, Ovhor, Sapele, Okporhuru, Amukpe and Orogho fields. Since acquisition, Seplat has more than tripled production from these OMLs.
In June 2013, Newton Energy Limited, a wholly-owned subsidiary of the Company, entered into an agreement with Pillar Oil Limited to acquire a 40 percent participating interest in the Umuseti/Igbuku marginal field area within OPL 283. In February 2015, Seplat completed the acquisition of a 40 percent working interest in OML 53 and a 22.5 percent working interest in OML 55, Onshore Nigeria.
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's website, http://seplatpetroleum.com/
Appendices
Appendix A: Statement of Directors' responsibilities
The following Statement of Directors' responsibilities is extracted from the 2016 Annual Report and Accounts (page 111).
The Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004, requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of financial affairs of the Company at the end of the year and of its profit or loss. The responsibilities include ensuring that the Company:
a. keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Company and comply with the requirements of the Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004;
b. establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and
c. prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgements and estimates, and are consistently applied.
The Directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards ('IFRS'), the requirements of the Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004 and Financial Reporting Council of Nigeria Act, No 6, 2011.
The Directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Company and of its financial performance for the year. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.
Nothing has come to the attention of the Directors to indicate that the Company will not remain a going concern for at least 12 months from the date of this statement.
Signed on behalf of the Directors by
A.B.C. Orjiako
Chairman
FRC/2013/IODN/00000003161
30 March 2017
Austin Avuru
Chief Executive Officer
FRC/2013/IODN/00000003100
30 March 2017
Appendix B: Principal risks and uncertainties
The following Principal risks and uncertainties table is extracted from the 2016 Annual Report and Accounts (pages 50 to 53).
Monitoring and mitigating risks to the business
The implementation of our strategy can be hindered by various risks and uncertainties. The risks that the Board considers most significant are described here.
Hot Features
Premium
Key risk Description Mitigation KPI/Performance Strategic Assessment Trend
metric pillars
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Operational risks
-----------------------------------------------------------------------------------------------------------------------------------------
Field Failure Focus 1/ High Steady.
operations to manage on risk * Net working interest production 2/ Whilst
and project operational management 3 this risk
deliverability activities at planning still
in line phase * Operating costs per boe remains,
with and mitigations there
planned plans have been
expectations activated. significant
can lead Compulsory improvements
to production 'peer-to- in the
misses, peer' contributory
project review areas
delays for high-value of land
and cost projects acquisition
overruns, and better and
high project preparation.
production management
costs techniques.
and earlier Protracted
than land acquisition,
expected preparation
field and rig
decommissioning. startup
have been
contributory
factors
which
have received
focused
attention
and significant
process
improvements
and improved
communications
with JV
partner
and approving
regulators
to mitigate
delays.
Use of
smart/intelligent
wells
to improve
recovery
and improved
rig performance
monitoring
and reporting
to manage
NPTs.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Third An over-reliance Exports 1/3 Very Increased.
party on third via the * Net working interest production High With the
infrastructure party alternative extended
downtime operated Warri outage
transportation refinery * Days downtime of Forcados
infrastructure route export
can expose commenced terminal.
the Company in 2016, * EBIT
to extended albeit
periods at constrained
of production rates.
shut-in Upgrades
and reduced and jetty
earnings. repairs
will allow
for a
stabilised
30,000
bopd gross
export
capacity
via this
route.
The Company
is supporting
NAPIMS
on completion
of the
Amukpe
to Escravos
pipeline.
Two contingency
storage
tanks
at Amukpe
provide
a buffer
during
shorter
periods
of shut-in.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
HSSE Oil and Deployment 5/1/3 High Steady.
risks gas activities of an * HSSE scorecards Though
carry HSSE Management the risk
significant System is inherent,
levels in line * LTIF we will
of HSSE with best continue
risks practices. to deploy
if not Monitoring * TRIR our HSSE
properly and reporting risk
managed. of HSSE management
As activity performance in line
levels scorecards with best
continue at management practices
to increase level and with
there and Board strong
is a level. emphasis
strong Our HSSE on
focus systems prevention.
on preventing and process
major have been
environmental, subject
health to independent
or safety review
incidents. and identified
improvement
initiatives
are being
deployed.
Continual
focus
on HSSE
training
and initiatives
focused
on incidence
prevention.
Emergency
Response
plan set
for any
eventuality
and comprehensive
Incident
Review
panels
to identify
and channel
lessons
learnt
to improvement
activities.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Sustained Exploration Strict Reserve 1/2/3 High No change.
E&A programme and appraisal compliance replacement Reduced
failure activities with reservoir E&A
carry management activities
significant guidelines. but we
levels Building will monitor
of subsurface internal the outcomes
risk. capacity of further
Sustained with skilled studies.
E&A drilling subsurface
failure expertise.
will
impact
the Company's
ability
to organically
replace
reserves
and production.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
External risks
-----------------------------------------------------------------------------------------------------------------------------------------
Security The Company Continuous 5/1/3 Very Increased.
incidents operates security * LTIF high With uptick
in a monitoring in militancy
region and intelligence. activities
where Quick * TRIR in the
security mechanism Niger
incidents for security Delta.
such advisory * Security incidents. We will
as kidnappings to staff continue
and criminal and movement our
attacks restriction monitoring
can occur. for high and
alert vigilance.
situations.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Failure Failure Successful 5/1 High No change.
to manage to manage operation * Net working interest production We continue
stakeholder stakeholders of the to enjoy
relationships can result GMOU agreement good working
in business with host * LTIF relations
disruptions communities, with all
and interference. periodic stakeholders.
The Company engagement * TRIR
prioritises and feedback
the effective forums.
management Tailored * Host community incidences
of relationships CSR programmes,
with capacity
all stakeholders building
including and
host infrastructure
communities, developments
government, with the
regulatory host communities.
bodies Organisational
and shareholders. focus
and clear
strategy
to deliver
shareholder
value
pursued
by the
Board
and management.
Corporate
governance
and transparency
in dealings
with regulators
and JV
partners.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Geo-political Nigeria Scenarios Occurrences 5/1/3 High No change.
risk has at and response of civil We will
times option unrest continue
in its plans and terrorism to monitor
history set. Crisis situations
faced management closely.
political team over
uncertainties the high
and threats alert
such political
as terrorism periods.
aimed Business
at de-stabilising continuity
and undermining plans
the orderly actioned
and effective in light
rule of current
of central geo-political
government. situation.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Financial risks
-----------------------------------------------------------------------------------------------------------------------------------------
Oil price Oil prices Hedging 1 Very Increased.
volatility have continues * Realised oil price High With the
exhibited to be very low
a history an option, oil prices
of volatility with the * Operating cash flow early
and can Company in 2016.
fluctuate benefitting We will
sharply from the continue
in line strike to take
with price hedge
external hedged positions
factors. in Q4 and apply
2016. cost
Price reduction
sensitisation strategies.
on project
economics
and cost
discipline
for capital
projects
sanctioning.
Aggressive
focus
on cost
reduction.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Changes If the Perform 1/3 Very Steady.
to tax tax evaluation * Effective tax rate High New
status regime/legislation of business government
and and incentives plan and in Nigeria
legislation under performance * Tax status has resumed
which metrics the
the Company exclusive review
operates of any of the
its assets tax benefits. PIB and
were Project we will
to change, economics continue
profitability determined to monitor
will on maximum the
be impacted. tax basis situation.
to mitigate
impact
of any
potential
change
in tax
status.
Impact
assessment
of potential
tax legislature
monitored
at the
Board
level.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Availability The oil Working 1/3/4 Very Steady.
of capital and gas on alternative * JV receivables High Discussions
industry funding on
is highly arrangement alternative
capital with JV * Capital expenditures funding
intensive. partner. continue
Significant Board to progress.
amounts review * New M&A activities
of capital and approval
are required of financial
to continue strategy
development and debt
activities refinancing
and fund arrangements
M&A. with strong
Non funding banking
of cashcalls relationships.
by JV
partners
impacts
activities
and liquidity.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Ineffective Increasing Comprehensive 5/1/3 Very Increasing,
cost operating budgeting * Operating cost per boe High with the
control cost process associated
and ineffective approved pressures
capital by the * EBIT from low
cost joint oil pricing
control venture requiring
negatively partner * Capital expenditure greater
impacting and the cost
operating Board. discipline.
cash Clear * Well costs
flows cost management
and profitability. targets.
Grading
of portfolio
opportunities
and project
ranking
for capital
allocation.
Focus
on reducing
drilling
costs
at well
design
phase.
Cost monitoring
and periodic
reporting.
Focus
on effective
contracting
strategies
for cost
reduction.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Strategic risks
-----------------------------------------------------------------------------------------------------------------------------------------
Portfolio High Focus Successful 1/3 High Steady,
concentration dependency on portfolio execution as the
risk on a expansion of new Company
concentrated strategy acquisition is currently
portfolio from the and farm-in in a
of producing Board opportunities portfolio
blocks level expansion
and limited to diversify phase.
number current
of wells portfolio.
can leave Integrated
the Company long-term
more planning
susceptible on crude
to declining oil and
long-term gas business.
growth
and reserves
depletion.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Merger Growth New business -- Successful High Steady.
& through development execution DRB process
Acquisition M&A activities unit always of new in place
('M&A') is part looking acquisition to vet
risk of Seplat's for the and farm-in opportunities
strategy right opportunities and deals.
to pursue opportunities
a focused for Seplat.
acquisition Decision
and farm-in. review
M&A deals board
and transactions ('DRB')
come process
with in place
significant to ensure
risk deals
including are properly
structural, vetted
commercial and adequate
and integration due diligence
risks. done on
There new
is also opportunities.
the risk The DRB
of non-achievement ensures
of acquisition the commercial,
targets structural,
due to KYC and
highly integration
competitive risks
landscape. are fully
considered
and addressed
with mitigation
plan approved
and in
place
prior
to deal
closing.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Bribery Bribery Extensive 5 High No change,
and corruption and corruption training * Whistleblowing reports as
risk presents on anti-bribery geographical
a risk and corruption. location
throughout Embedding * Number of disciplinary cases continues
the global corporate to be
oil and governance susceptible
gas industry principles to
and represents with key corruption.
an ongoing focus
risk on all
to any areas
oil and of the
gas company. business
which
may be
more susceptible
to corruption
such as
the contracting
and procurement
process.
Processes
exist
to guide
dealing
with public
officials.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Loss The oil Annual Staff 1/4 Low Steady,
of key and gas benchmark turnover with
employees industry reviews attendant
is very to ensure reduction
specialised competitiveness in capital
in certain in reward spend
areas and recruitment. in general
and there Succession response
is competition planning to low
within in place oil prices.
the industry as part
to secure of business
talent continuity.
and highly-skilled Focus
and experienced on training
personnel as a key
in core differentiating
areas. factor
in the
operating
environment.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Fraudulent Fraudulent Extensive Number 5 High Steady.
activity activity whistleblowing of reported Risk is
risk presents campaign. cases. still
a risk Continuous high and
throughout monitoring management
the global and improvement continues
oil and of the to maintain
gas industry system a zero
and represents of internal tolerance
an ongoing controls policy.
risk by all
to any lines
oil and of defence
gas company. with strong
internal
audit
activity.
Automation
of processes
where
possible
to reduce
manual
intervention.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Information Potential We monitor Information 5/2 Medium No change.
security cyber-attacks and regularly security While
risk and information upgrade identification cyber
technology the Company's and containment security
security information reports continues
breaches technology to hold
could and security international
result systems. attention,
in loss The Company there
or compromise has a has been
of sensitive clearly no material
proprietary defined IT breach
information, employee on our
communication user policy operations.
and business and control
continuity of access
disruption rights.
across Our information
operations security
framework
and
infrastructure
have been
externally
reviewed
in line
with requirements
of ISO27001.
A business
continuity
plan is
in place
for quick
deployment.
--------------- ------------------- ------------------ -------------------------------------- ---------- ----------- --------------
Appendix C: Related Party Transactions
The following Related party relationships and transactions are extracted from the 2016 Annual Report and Accounts (pages 169 to 170 and pages 236 to 237)
Related party relationships and transactions
The Group is controlled by Seplat Petroleum Development Company Plc (the 'parent Company'). As at 31 December 2016, the parent Company is owned 13.84% either directly or by entities controlled by A.B.C. Orjiako ('SEPCOL') and members of his family and 13.15% either directly or by entities controlled by Austin Avuru ('Professional Support Limited' and 'Platform Petroleum Limited'). The remaining shares in the parent Company are widely held.
a) Related party relationships
The services provided by the related parties:
Abbeycourt Trading Company Limited: The Chairman of Seplat is a director and shareholder. The company provides diesel supplies to Seplat in respect of Seplat's rig operations.
Berwick Nigeria Limited: The Chairman of Seplat is a shareholder and director. The company provides construction services to Seplat in relation to a field base station in Sapele.
Cardinal Drilling Services Limited (formerly Caroil Drilling Nigeria Limited): Is owned by common shareholders with the parent Company. The company provides drilling rigs and drilling services to Seplat.
Helko Nigeria Limited: The Chairman of Seplat is shareholder and director. The company owns the lease to Seplat's main office at 25A Lugard Avenue, Lagos, Nigeria.
Keco Nigeria Enterprises: The Chief Executive Officer's sister is shareholder and director. The company provides diesel supplies to Seplat in respect of its rig operations.
Montego Upstream Services Limited: The Chairman's nephew is shareholder and director. The company provides drilling and engineering services to Seplat.
Nabila Resources & Investment Ltd: The Chairman's in-law is a shareholder and director. The company provides lubricant to Seplat.
Ndosumili Ventures Limited: Is a subsidiary of Platform Petroleum Limited. The company provides transportation services to Seplat.
Neimeth International Pharmaceutical Plc: The Chairman of Seplat is also the chairman of this company. The company provides medical supplies and drugs to Seplat, which are used in connection with Seplat's corporate social responsibility and community healthcare programmes.
Nerine Support Services Limited: Is owned by common shareholders with the parent Company. Seplat leases a warehouse from Nerine and the company provides agency and contract workers to Seplat.
Oriental Catering Services Limited: The Chief Executive Officer of Seplat's spouse is shareholder and director. The company provides catering services to Seplat at the staff canteen.
Platform Petroleum Limited: The Chief Executive Officer of Seplat is a director and shareholder of this company. The company seconded support staff to Seplat.
ResourcePro Inter Solutions Limited: The Chief Executive Officer of Seplat's in-law is its UK representative. The company supplies furniture to Seplat.
Shebah Exploration and Production Company Limited ('SEPCOL'): The Chairman of Seplat is a director and shareholder of SEPCOL. SEPCOL provided consulting services to Seplat.
b.) Related party transactions in Nigerian Naira ( )
Year-end balances arising from related party transactions
i) Purchases of goods and services
The Group The Company
------------------------------------- ------------- -------------
2016 2015 2016 2015
'm 'm 'm 'm
------------------------------------- ----- ------ ----- ------
Shareholders of the parent
company
------------------------------------- ----- ------ ----- ------
SEPCOL 358 302 358 302
------------------------------------- ----- ------ ----- ------
Platform Petroleum Limited - 7 - 7
------------------------------------- ----- ------ ----- ------
358 309 358 309
------------------------------------- ----- ------ ----- ------
Entities controlled by key
management personnel:
------------------------------------- ----- ------ ----- ------
Contracts > 1billion in 2016
------------------------------------- ----- ------ ----- ------
Nerine Support Services Limited(1) 3,948 4,179 3,948 4,179
------------------------------------- ----- ------ ----- ------
Montego Upstream Services
Limited 2,937 1,879 2,937 1,879
------------------------------------- ----- ------ ----- ------
Cardinal Drilling Services
Limited 1,543 3,429 1,543 3,429
------------------------------------- ----- ------ ----- ------
8,428 9,487 8,428 9,487
------------------------------------- ----- ------ ----- ------
Contracts < 1billion in 2016
------------------------------------- ----- ------ ----- ------
Helko Nigeria Limited 560 113 560 113
------------------------------------- ----- ------ ----- ------
Ndosumili Ventures Limited 422 268 422 268
------------------------------------- ----- ------ ----- ------
Abbeycourt Trading Company
Limited 164 470 164 470
------------------------------------- ----- ------ ----- ------
Oriental Catering Services
Limited 148 187 148 187
------------------------------------- ----- ------ ----- ------
Keco Nigeria Enterprises 77 377 77 377
------------------------------------- ----- ------ ----- ------
ResourcePro Inter Solutions
Limited 17 366 17 366
------------------------------------- ----- ------ ----- ------
Nabila Resources & Investment
Ltd 17 45 17 45
------------------------------------- ----- ------ ----- ------
Berwick Nigeria Limited 6 5 6 5
------------------------------------- ----- ------ ----- ------
Neimeth International Pharmaceutical
Plc 3 - 3 -
------------------------------------- ----- ------ ----- ------
1,414 1,831 1,414 1,831
------------------------------------- ----- ------ ----- ------
9,842 11,318 9,842 11,318
------------------------------------- ----- ------ ----- ------
1.
Nerine on average charges a mark-up of 7.5% on agency and contract workers assigned to Seplat. The amounts shown above are gross i.e include salaries and Nerine's mark-up. Total costs for agency and contracts during 2016 are 2.4 billion.
c). Balances in Nigerian Naira ( ):
Year-end balances arising from related party transactions:
i) Prepayments / receivables
The Group and
Company
------------------------------------------------- ---------------
2016 2015
'm 'm
------------------------------------------------- ------- ------
Entities controlled by key management
personnel
------------------------------------------------- ------- ------
Cardinal Drilling Services Limited - current
portion 1,894 1,716
------------------------------------------------- ------- ------
Cardinal Drilling Services Limited - non-current
portion - 1,060
------------------------------------------------- ------- ------
1,894 2,776
------------------------------------------------- ------- ------
ii) Payables
The Group and
Company
-------------------------------------- ---------------
2016 2015
'm 'm
-------------------------------------- -------- -----
Entities controlled by key management
personnel
-------------------------------------- -------- -----
Montego Upstream Services Limited 3,520 -
-------------------------------------- -------- -----
Nerine Support Services Limited 3,480 -
-------------------------------------- -------- -----
Cardinal Drilling Services Limited 308 -
-------------------------------------- -------- -----
7,308 -
-------------------------------------- -------- -----
d) Related Party Transactions in US Dollars ($):
i) Purchases of goods and services
The Group The Company
------------------------------------- -------------------- --------------------
2016 2015 2016 2015
US$ '000 US$ '000 US$ '000 US$ '000
------------------------------------- --------- --------- --------- ---------
Shareholders of the parent
company
------------------------------------- --------- --------- --------- ---------
SEPCOL 1,364 1,517 1,364 1,517
------------------------------------- --------- --------- --------- ---------
Platform Petroleum Limited - 35 - 35
------------------------------------- --------- --------- --------- ---------
1,364 1,552 1,364 1,552
------------------------------------- --------- --------- --------- ---------
Entities controlled by key
management personnel:
------------------------------------- --------- --------- --------- ---------
Contracts > US$1m in 2016
------------------------------------- --------- --------- --------- ---------
Nerine Support Services Limited(1) 14,991 21,015 14,991 21,015
------------------------------------- --------- --------- --------- ---------
Montego Upstream Services
Limited 13,513 9,449 13,513 9,449
------------------------------------- --------- --------- --------- ---------
Cardinal Drilling Services
Limited 6,931 17,244 6,931 17,244
------------------------------------- --------- --------- --------- ---------
Helko Nigeria Limited 1,976 566 1,976 556
------------------------------------- --------- --------- --------- ---------
Ndosumili Ventures Limited 1,729 1,350 1,729 1,350
------------------------------------- --------- --------- --------- ---------
39,140 49,624 39,140 49,614
------------------------------------- --------- --------- --------- ---------
Contracts < US$1m in 2016
------------------------------------- --------- --------- --------- ---------
Abbeycourt Trading Company
Limited 598 2,362 598 2,362
------------------------------------- --------- --------- --------- ---------
Oriental Catering Services
Limited 579 941 579 941
------------------------------------- --------- --------- --------- ---------
Keco Nigeria Enterprises 259 1,896 259 1,896
------------------------------------- --------- --------- --------- ---------
ResourcePro Inter Solutions
Limited 81 1,841 81 1,841
------------------------------------- --------- --------- --------- ---------
Nabila Resources & Investment
Ltd 58 226 58 226
------------------------------------- --------- --------- --------- ---------
Berwick Nigeria Limited 28 27 28 27
------------------------------------- --------- --------- --------- ---------
Neimeth International Pharmaceutical
Plc 10 - 10 -
------------------------------------- --------- --------- --------- ---------
1,613 7,293 1,613 7,293
------------------------------------- --------- --------- --------- ---------
40,753 56,917 40,753 56,907
------------------------------------- --------- --------- --------- ---------
1.
Nerine on average charges a mark-up of 7.5% on agency and contract workers assigned to Seplat. The amounts shown above are gross i.e include salaries and Nerine's mark-up. Total costs for agency and contracts during 2016 are US$7.9 million.
e) Balances in US Dollars ($):
Year-end balances arising from related party transactions:
i) Prepayments / receivables
The Group and
Company
------------------------------------------------- --------------------
2016 2015
US$ '000 US$ '000
------------------------------------------------- --------- ---------
Entities controlled by key management
personnel
------------------------------------------------- --------- ---------
Cardinal Drilling Services Limited - current
portion 6,211 12,632
------------------------------------------------- --------- ---------
Cardinal Drilling Services Limited - non-current
portion - 1,333
------------------------------------------------- --------- ---------
6,211 13,965
------------------------------------------------- --------- ---------
ii) Payables
The Group and
Company
-------------------------------------- --------------------
2016 2015
US$ '000 US$ '000
-------------------------------------- --------- ---------
Entities controlled by key management
personnel
-------------------------------------- --------- ---------
Montego Upstream Services Limited 11,540 -
-------------------------------------- --------- ---------
Nerine Support Services Limited 11,411 -
-------------------------------------- --------- ---------
Cardinal Drilling Services Limited 1,009 -
-------------------------------------- --------- ---------
23,960 -
-------------------------------------- --------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBCGDSUBDBGRU
(END) Dow Jones Newswires
April 26, 2017 02:00 ET (06:00 GMT)
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