Presentation

Seplat Petroleum is an independent E&P company with several production and development oil and gas assets onshore Nigeria. The company has 509 mill boe of 2P reserves, fairly evenly split between oil and gas, and produced ~51,000 bpd (50% liquids and 50% gas) in H1 2020. Seplat Petroleum is listed on the London Stock Exchange, with a market capitalization of USD ~400m.

In December 2019, Seplat completed the cash acquisition of Eland Oil & Gas. The acquisition adds 45% working interest in OML 40 and 40% working interest in the Ubima marginal field in OML 17 to Seplat’s portfolio. The company acquired most of its production assets through an acquisition of a 45% WI and operatorship of the OML 4, 38 and 41 blocks in 2010, which constitutes the main producing hub of the company. Since then, the company has more than quadrupled its production.

Given its strategic contribution to Nigeria’s Gas-to-Power sector, the company has been able to maintain uninterrupted gas production from its fields. It now also targets to develop its ANOH project (OML 53), where phase I comprises 300 mill scfd gas processing plant, after submitting FID in Q1’19, ultimately establishing itself as the largest gas producer in the country. 2019e production is guided at 47-57 kboepd (~50% liquids).