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SEPL Seplat Energy Plc

144.80
0.40 (0.28%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  0.40 0.28% 144.80 144.40 144.80 145.00 144.40 144.60 71,394 16:19:53
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

Seplat Petroleum Development Co PLC Crude Purchase Agreement (4402J)

22/12/2020 7:00am

UK Regulatory


Seplat Energy (LSE:SEPL)
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RNS Number : 4402J

Seplat Petroleum Development Co PLC

22 December 2020

Seplat Petroleum Development Company Plc ("Seplat" or "the Company")

Crude Purchase Agreement

Lagos and London - December 22, 2020: Seplat Petroleum Development Company Plc ("Seplat" or the "Company"), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announces a Crude Purchase Agreement (CPA) with Waltersmith Petroman Oil Limited (Waltersmith).

The CPA is for the supply of between 2,000 and 4,000 bopd from existing working-interest production from the Ohaji South Field within OML53, for Waltersmith's new 5,000 bopd modular refinery at Ibigwe Field, in Imo State.

Previously, Seplat's share of Ohaji South crude was primarily evacuated to the export Terminal via a third-party Crude Handling Agreement with Waltersmith. This new agreement benefits Seplat by selling its crude oil directly to Waltersmith for refining, thereby eliminating crude losses and downtime experienced along the evacuation and export route. The transaction would also boost the capacity of Waltersmith in providing its products particularly to the immediate region of our operations thereby supporting Seplat's commitment to national energy security.

Seplat maintains its guidance of 48,000 - 52,000 boepd for the 2020 financial year.

Roger Brown, Chief Executive of Seplat, said :

"We are delighted to sign this Crude Purchase Agreement with Waltersmith as it ensures that Nigerian crude will be refined locally by a Nigerian refiner. The agreement will eliminate losses we previously experienced on the export pipeline, meaning more revenue will be booked by Seplat for the same amount of oil produced from the field. Waltersmith's refinery will also benefit the Nigerian economy by creating local jobs to refine our oil."

- ENDS -

Enquiries:

Seplat Petroleum Development Company Plc +234 1 277 0400

Emeka Onwuka, Chief Financial Officer

Carl Franklin, Head of Investor Relations

Ayeesha Aliyu, Investor Relations

Chioma Nwachuku, General Manager, External Affairs & Communications

FTI Consulting

Ben Brewerton / Sara Powell +44 (0) 203 727 1000

seplat@fticonsulting.com

Notes to editors

Seplat Petroleum Development Company Plc is Nigeria's leading indigenous energy company. It is listed on the Premium Board of the Nigerian Stock Exchange (NSE: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).

Seplat is pursuing a Nigeria-focused growth strategy and is well positioned to participate in future asset divestments by international oil companies, farm-in opportunities, and future licensing rounds. The Company is a leading supplier of gas to the domestic power generation market. 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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

December 22, 2020 02:00 ET (07:00 GMT)

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