Chairman′s statement

“As we are a publicly listed company, the Board is accountable to shareholders for the creation and delivery of strong and sustainable financial performance and long-term shareholder value.”

Dr. Ambrosie Bryant Chukwueloka Orjiako Chairman

2014 highlights

2P reserves

MMboe 281

2p Reserves chart (MMboe), 2014:281, 2013:226, 2012:163

Working interest production

boepd 30,823

Working interest production chart (boepd), 2014:30,823, 2013:28,311, 2012:20,020


US$ 775m

Revenue ($US), 2014:775, 2013:880, 2012:625

Gross profit

US$ 459m

Gross profit ($US), 2014:459, 2013:549, 2012:374

Chief Executive Officer′s statement

“Seplat seeks to maximise the impact of every dollar spent for the benefit of its local communities – from capacity and skills building to ensure we can hire locally, to a highly inclusive local content policy which stimulates the growth of our local supply chain.”

Mr. Austin Ojunekwu AvuruChief Executive Officer

Strategy in action

Since inception we have been guided by a clear and consistent strategy that is supportive of our long-term strategic vision to be the leading indigenous African independent oil and gas company.

Maximise production and cash flows from operated assets

  • Target year-on-year production growth and improvements in operational efficiency
  • Adhere to strict cost control to maximise profitability

76,000 bopd

New production record at OMLs 4, 38 and 41.

Move up 2C resources into 2P reserves category

  • Grow the reserves base through technical maturation and commercialisation of discovered but undeveloped resources
  • Focused exploration campaign – targeting quick to monetise opportunities

281 MMboe

Seplat′s working interest contingent resource base.

Commercialise and produce gas reserves

  • Prioritise gas developments to supply the rapidly growing domestic market
  • Continue to grow gas sales capacity to support power projects and other commercial ventures

182 Tscf

Estimated amount of proven 182 natural gas reserves in Nigeria.

Pursue a focused acquisition and farm-in strategy

  • Pursue value accretive acquisitions and exercise price discipline
  • Target onshore and shallow water offshore opportunities that offer production, cash flow and reserve replacement potential

6 blocks

Seplat′s footprint in the Niger Delta following the acquisition of interests 6 in OML 53 and OML 55.

Be a highly responsible corporate citizen

  • Integrate and maintain excellent relations with communities based on trust and integrity
  • Conducting our business to the highest HSSE & CSR standards


Secondary schools in Delta and Edo States involved in PEARLS Quiz Programme.


Corporate social responsibility

Seplat′s commitment to being a best practice operator as well as a responsible and accountable corporate citizen is reflected in our above-ground approach to our operations. This is illustrated by the strong relationships we have built with our local stakeholders to create both a stable operating environment and positive social and economic outcomes for our host communities.