President Muhammadu Buhari has given consent for the renewal of three Oil Mining Licences (OML) belonging to oil and gas firm, Seplat Petroleum Development Company Plc.
A disclosure sent to the Nigerian Stock Exchange (NSE) on Thursday said the president gave consent for the renewal of the three licences––OMLs 4, 38 and 41––to a new expiry date of 21 October 2038. (http://www.nse.com.ng/Financial_NewsDocs/24435_SEPLAT_PETROLEUM_DEVELOPMENT_COMPANY_PLC_CORPORATE_ACTIONS_NOVEMBER_2018.pdf).
Mr Buhari, who is also Nigeria’s petroleum minister granted the approval after the company paid a renewal bonus of $25.9 million, the disclosure said.
Seplat Petroleum Development Company is a Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange.
According to the disclosure, signed by Roger Brown, Seplat’s Chief Financial Officer, the company holds a 45 per cent working interest in OMLs 4, 38 and 41. Mr Brown added that in the first nine months of 2018, production from the licenses accounted for 92 per cent of Seplat’s total oil production and 100 per cent of Seplat’s gas production.
“In connection with the licence renewal Seplat has paid in full a Renewal Bonus of US$25.9 million, thus ensuring all conditions for license renewal have been met,” the disclosure said.
“The Company is now working with the Department of Petroleum Resources to obtain the updated title deeds in connection with the renewal.”
On his part, Austin Avuru, Seplat’s Chief Executive Officer, assured that after the renewal, the company would now invest in the Nigerian oil and gas industry with confidence.
“We are delighted to have concluded the early renewal of our core producing licenses, OMLs 4, 38 and 41,” he was quoted to have said.
“With the extension of the license to 2038 secured, we can now invest with confidence long into the future as we seek to further realise the full oil and gas potential of the licenses and continue to deliver value to all of our stakeholders.”
INVESTIGATION2 days ago
Investigation: Delta govt house perm. sec. Ogidi-Gbegbaje buys N11m golden spoons for ‘godfathers’
INVESTIGATION21 hours ago
Delta govt house perm sec, Ogidi-Gbegbaje, uses N33m to buy furniture for Gov. Okowa wife’s office
THE NATION1 day ago
BREAKING: Delta Gov. Okowa, wife test positive for COVID-19
THE NEWS2 days ago
BREAKING: INEC releases list of candidates for Edo governorship election
Uncategorized21 hours ago
BREAKING: FG increases petrol pump price to N143.8 per litre
THE NEWS2 days ago
BREAKING: Ondo gov, Rotimi Akeredolu tests positive for COVID-19
ENTERTAINMENT20 hours ago
Our Daily Manna’s Bishop Kwakpovwe, wife celebrate 22nd wedding anniversary
THE NEWS1 day ago
Bello: NCDC lied, Kogi chief judge did not die of COVID-19