Seplat Petroleum Development Co PLC Crude Purchase Agreement (4402J)
December 22 2020 - 1:00AM
UK Regulatory
TIDMSEPL
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/
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END
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