Seplat Energy, one of Nigeria’s prominent energy companies, has set its sights on an ambitious drilling program for 2024, with plans to deliver 13 new oil and gas wells across its operated and non-operated assets.

This announcement comes as part of the company’s unaudited results for the first quarter ending March 31, 2024.

The breakdown of the new wells reveals a strategic focus, with 11 dedicated to oil production and 2 aimed at gas production.

Seplat Energy highlights the successful commencement of its drilling program by delivering one well, Ovhor21, in the first quarter of 2024.

Also, two wells, Okporhuru-9 and Sapele-37, which were initiated towards the end of 2023, have been completed.

Both Okporhuru-9 and Sapele-37 have yielded promising results. Okporhuru-9 has discovered multiple hydrocarbon-bearing intervals in deeper formations, while Sapele-37 encountered hydrocarbons in deeper reservoirs, along with proving up a northern extension to the Sapele field.

Seplat Energy is now conducting further technical analysis to assess the commercial potential of these discoveries and the wider implications for OML 41.

Looking ahead, Seplat Energy is committed to delivering the remaining 12 wells on the 2024 drilling plan.

Three wells, namely Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be completed during the second quarter, with the aim of supporting production volumes later in the year.

Roger Brown, the Chief Executive Officer of Seplat Energy, expressed optimism about the discoveries, emphasizing the promising initial results and highlighting the quality of Nigeria’s geological resources.

He also acknowledged the progressive actions taken by President Tinubu and industry regulators to support the energy sector.

Furthermore, Seplat Energy has made strides in enhancing its operational efficiency and shareholder value.

The company has released the applicable exchange rate for determining its final and special dividend payout to shareholders who opt to receive their dividends in naira.

With an exchange rate of N1,309.88 per $1, shareholders can expect clarity and transparency in dividend payments.

Seplat Energy’s ambitious drilling program underscores its commitment to driving growth and innovation in Nigeria’s energy landscape while maintaining a strong focus on operational excellence and value creation for stakeholders.

DLM Trust, a subsidiary of DLM Capital Group is thrilled to announce the launch of DLM Single Asset Trust.

The model is a variant of the Living Trust construct that allows for a groundbreaking solution for individuals or Corporations seeking to settle assets into a trust, for the benefit of themselves and their chosen beneficiaries.

The DLM Single Asset Trust guarantees that peoples’ assets are protected and managed in accordance with their intentions by operating under the tenets of trust, security, and careful management. The DLM SAT offers a novel approach to trust services by fusing state-of-the-art technology with knowledgeable advice to enable people and families effortlessly manage their assets.

DLM SAT enables individuals, often referred to as Settlors, to create a single asset trust that will serve both their own and their designated beneficiaries’ purposes. The Trust Fund may be started using the Settlor’s assets/funds and then expanded with future contributions in accordance with the Settlor’s goals. Only authorised individuals, including the settlor, can access the trust because of its strong independent and confidentiality level. DLM Trust Company holds the Fund in trust and manages it for the benefit of the Settlor and designated Beneficiaries.

In a statement, MD of DLM Trust, Lola Razaaq commented on the introduction of the DLM Single Asset Trust, stating that it is a means of establishing a timeline for legacy preservation. “The DLM SAT is our newest offering, and we are thrilled to announce this important milestone for DLM Trust.” The aim of our organisation is to equip people and families with the necessary resources and assistance to safeguard and maintain their heritage for future generations. “Furthermore, we are transforming the concept of future planning with DLM Single Asset Trust.” she said.

DLM Trust Company Limited is registered with Securities and Exchange Commission (SEC) and incorporated under the Companies and Allied Matters Act to provide trust services to individuals, corporations, sub-sovereign entities. As always, strategic thinking and innovation will be combined by DLM Trust Company to offer its clients best-in-class services. Since its founding, DLM Trust has worked on a variety of creative and unique transactions, including securitizations, private and public bonds.

The proposed $2.4 billion asset sale by energy giant Shell to Renaissance Africa Energy has become the focal point of intense scrutiny as the Federal Government of Nigeria aims to ensure transparency and regulatory compliance in the transaction.

The deal has sparked widespread interest and raised questions about its implications for the country’s energy landscape.

Shell, a prominent British energy major with a century-long history of operations in the Niger Delta, announced in January its intention to divest its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, to Renaissance Africa Energy.

This landmark agreement, if finalized, would represent a pivotal moment in Nigeria’s energy sector dynamics.

Renaissance Africa Energy, a consortium comprising five companies, including four Nigerian-based exploration and production firms and an international energy group, has confirmed its participation in the deal.

The consortium’s involvement underscores its strategic positioning to capitalize on Nigeria’s vast energy resources and contribute to the country’s economic development.

The proposed transaction, however, is contingent upon approvals from the Federal Government of Nigeria and other relevant regulatory bodies.

To ensure adherence to regulatory protocols and safeguard national interests, the government has initiated a comprehensive due diligence process, commencing with a high-level meeting held on Monday.

Parties involved in the deal, alongside officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), convened in Abuja for a thorough examination of the transaction details.

Gbenga Komolafe, the Chief Executive of NUPRC, outlined the government’s objective to conclude the divestment exercise by June, underscoring the importance of timely and meticulous evaluation.

Komolafe revealed that the government has enlisted the expertise of two globally renowned consulting firms, S&P Global and the BCG Group, to facilitate the due diligence process.

These consultants, recognized for their proficiency in financial analysis and regulatory compliance, will collaborate with NUPRC to ensure that the transaction aligns with industry best practices and regulatory standards.

The due diligence meeting served as a forum to discuss the proposed divestment of Shell’s participating interests in the SPDC JV assets, which are currently operated by the Shell Petroleum Development Company of Nigerian Limited.

These assets, awarded as Oil Exploration Licence-1 in 1949, have played a pivotal role in Nigeria’s hydrocarbon industry, contributing significantly to the nation’s crude oil and gas output.

With an estimated total reserve of nearly 5 billion barrels of oil and extensive gas resources, the SPDC JV assets hold immense strategic importance for Nigeria’s energy security and economic prosperity.

However, as Nigeria seeks to optimize its energy sector operations, the selection of a responsible and capable successor to manage these assets remains paramount.

As discussions continue and the due diligence process unfolds, stakeholders remain optimistic about the prospects of the deal.

Representatives from Shell, Renaissance Africa Energy, and regulatory authorities expressed their commitment to ensuring a transparent and seamless transition, with the overarching goal of advancing Nigeria’s energy sector agenda.

The outcome of the scrutiny surrounding Shell’s $2.4 billion asset sale will not only shape the future of Nigeria’s energy landscape but also demonstrate the country’s commitment to fostering a conducive investment environment and promoting sustainable development in the oil and gas sector.