SEPLAT PETROLEUM LANDS MORE GAS

Remember Seplat Petroleum PLC quoted on the London and Nigerian stock exchanges and now reaping good profit from its gas operations? Well, thanks to a ruling by the Supreme Court of Nigeria, it has landed yet another field to dig for gold, beg your pardon, produce oil and harvest gas.
According to a notice sent to both markets late last week, Brittania-u Nigeria ltd had sued Seplat and Chevron from going ahead to close and activate a deal they signed for Seplat to have 40% working interest in OML53 and 22.5% effective working interest in OML 55.
Last week, the Supreme Court finally gave its ruling in the matter and it was to the effect that both parties to the agreement could go ahead with it.
Thus, says Seplat Petroleum's chief executive officer, Austin Avuru, the company now has relevant interest in both blocks " estimated to hold recoverable volumes of around 200m barrels of oil equivalent".
He added: " OML 53 fits neatly within our strategy of securing , commercialising and monetising natural gas in the Niger Delta to supply the rapidly growing domestic market and will further reinforce our position as a preeminent supplier of gas in Nigeria"
Seplat Petroleum PLC started the journey to today back in July 2010 when it acquired 45% interest and was appointed operator of three onshore producing oil and gas leases in the Niger Delta ( OMLs 4, 38 and 41) which includes the now very gas active Oben, and fields like Ovhor, Sapele, Okporhuru, Amukpe and Orogho.
Since then, claims Seplat executives, production has more than tripled from these fields.

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