The shareholders of
The shareholders gave their approval at the company ninth Annual General Meeting (AGM)in
Speaking to shareholders, the chairman of Seplat Energy, Dr
According to him, "Our robust operational performance, despite our operational challenges meant that we were able to meet our dividend commitment and, with the Board having approved a Q4 dividend of
He pointed out that "Since we raised
He explained that "The performance of our oil business was impacted by two lengthy shut-ins at one of the third-party operated export routes that we rely upon. This underscores the need for alternative export routes to mitigate this risk.
"We drilled five oil wells and three gas wells during the year; the oil wells have a combined gross potential of 17.5 kbopd and the gas wells have a combined gross rate of 130 MMscfd of gas and 5.2 kbpd of condensate. I am particularly proud of our strong safety record which saw us reach 24 million hours without any Lost Time Injury (LTI) from our operated assets in 2021."
He explained that the company introduced hydrocarbons into the Amukpe-Escravos Pipeline (AEP) and are poised to launch this alternate export route which will enable the company to evacuate up to 40 kbopd gross from our OMLs 4, 38 and 41.
According to the chairman, this is an achievement worthy of note and this performance translated into revenues of
"Our cash position remained strong as we ended the year with
On his decision to retire as Chairman and Director of Seplat Energy, he noted that, "In fulfilment of a promise we made long ago to have an Independent Non-ExecutiveChairman, I decided that it was essential to retire from the Board and as Chairman of Seplat Energy.
"It is therefore a promise kept in the overall interest of the Company. I have now served as Chairman of Seplat Energy for 12 years and it has been an honour and a privilege to do so. I am proud of what we have been able to achieve, as we established ourselves as the largest indigenous independent energy company in
With the recently announced proposed acquisition, we are going to be in an even better position to drive transformational growth and profitability for all our stakeholders, meet our vision of delivering
On the outlook for Seplat Energy, chief executive officer of Seplat Energy,
"We intend to develop the onshore assets we have owned for years; develop the assets we have acquired with
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