Across its operational and non-operated properties, Seplat Energy Plc intends to drill 13 new oil and gas wells as part of its 2024 drilling program.
This was revealed by the business in its unaudited first-quarter earnings, which ended on March 31, 2024. According to the report, “the breakdown of the new wells includes two focused on gas production and 11 dedicated to oil production.”
According to the business, in the first quarter of 2024, one well (Ovhor21) from the 2024 drilling program was delivered by the drilling program. It also said that two wells, Okporhuru-9 and Sapele-37, which were spudded in the end of 2023, had been completed.
“Sapele-37 and Okporhuru-9 had multiple targets in their respective initial plans, and each recorded notable positive results. Each well had secondary exploration targets in previously untested deeper stratigraphy in OML 41.
“We are pleased to announce the discovery of hydrocarbons, predominantly gas, in both wells. Okporhuru -9 well discovered multiple hydrocarbon-bearing intervals in deeper formations, “ the company stated.
“The Sapele-37 well, previously known as Sapele-N, discovered hydrocarbons in deeper reservoirs. Additionally, it has confirmed the extension of the Sapele field to the north. Initial findings indicate that these deeper reservoirs could be commercially viable,” the energy company announced.
It added that further technical analysis is currently being conducted to evaluate the potential of Okporhuru, Sapele, and the broader OML41 area at greater depths.
“For the remainder of 2024, we plan to deliver the remaining 12 wells on the 2024 drilling plan. Three wells: Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be completed during the second quarter. We expect these wells to support production volumes later in the year,” the company maintained.
According to the Chief Executive Officer, at Seplat Energy, Roger Brown, an executive order has been signed and officially implemented as law, which could significantly enhance Seplat’s contracting procedures and bring about improved efficiency that will contribute to cost reductions.
Seplat Energy Plc has also announced N1,309.88 per $1 as the exchange rate for determining the final and special dividend payout to eligible shareholders who choose to receive their dividends in naira.
Brown said the company has discovered hydrocarbons in deeper reservoirs than had previously been tested at Sapele-37 and Okhorpuru-9.
