Seplat obtains renewal of core OML licenses

Seplat Petroleum Development Company has obtained Presidential consent for the renewal of OMLs 4, 38 and 41 to a new expiry date of 21 October 2038.

The company disclosed this in a notice sent to the Nigerian Stock Exchange (NSE).

Seplat holds a 45% working interest in OMLs 4, 38 and 41 and in the first nine months of 2018, the OML’s accounted for 92% of Seplat’s total oil production and 100% of Seplat’s gas production

The firm also disclosed it had paid in full a renewal bonus of US$25.9 million, thus ensuring all conditions for license renewal have been met. Seplat is currently working with the  Department of Petroleum Resources to obtain the updated title deeds in connection with the renewal.

Seplat is currently trading at ₦648, down 0.72%.

Results for the nine months ended September 30, 2018 show revenue jumped from ₦85.1 billion in 2017 to ₦173 billion in 2018.

Profit before tax stood at ₦65 billion in 2018 compared to a loss before tax of ₦650 million in 2017.

Profit after tax stood at ₦27.9 billion in 2018  compared to a loss of ₦1.6 billion made in 2017.