Seplat Petroleum Development Co PLC Media Publications (5871Q)
26 Febrero 2021 - 11:42AM
UK Regulatory
TIDMSEPL
RNS Number : 5871Q
Seplat Petroleum Development Co PLC
26 February 2021
Seplat Petroleum Development Company Plc ("Seplat" or the
"Company")
Media Publications
Lagos and London - 26(th) February 2021: Seplat notes some media
coverage alleging improper conduct by the Company. Whilst it is
Seplat's policy not to comment on press articles, on this occasion
it is deemed necessary to clarify Seplat's position on the contents
of the inaccurate media coverage.
PAYMENTS TO THE FEDERAL GOVERNMENT OF NIGERIA
Seplat is current on its royalties to the Federal Government of
Nigeria, with a record of increased royalties over a decade of
successful production. Reference in the media coverage was made to
the assets that are held by Seplat in joint venture partnership
with the Nigerian Petroleum Development Company Limited (NPDC).
These assets are OMLs 4, 38 and 41. In 2018, the President and
Honourable Minister of Petroleum Resources approved the 20-year
renewal of OMLs 4, 38 and 41 and Seplat satisfied all conditions
for the license renewal, including our full payment of US$25.9
Million Renewal Bonus. Please refer to our Corporate Announcement
dated 15 November 2018 for more details.
OMLs 4, 38 and 41 are amongst our various assets that continue
to yield significant revenues for the Federal Government of
Nigeria.
GRANT OF PIONEER TAX STATUS INCENTIVE
Seplat followed the prescribed process for applying for pioneer
tax incentive through the Nigerian Investment Promotion Council
("NIPC"), as the government body responsible for investment
promotion. At the time of the application, Seplat was aware that,
in line with the objective of the NIPC Act, the Government intended
to promote indigenous participation and investment in the oil and
gas industry. Consequently, Seplat was one of 15 oil and gas
companies that were granted the pioneer tax incentive.
The Federal Government and the Federal Inland Revenue Service
have long since recognised the pioneer tax incentive that was
granted to Seplat. Indeed, after receiving the pioneer tax
incentive, Seplat's royalty payments to the Government have
increased from an average of US$40 Million in 2010 to US$101
Million in 2020 for all assets.
Please refer to our Corporate Announcement dated 15 May 2015,
which addresses in detail the grant of pioneer status to
Seplat.
CARDINAL DRILLING
Seplat is not a shareholder of Cardinal Drilling Services
Limited; neither is Seplat a party to (or a guarantor of) the loan
facility that was granted to Cardinal Drilling. The circumstances
around the loan facility between Access Bank and Cardinal Drilling
are presently before the courts for adjudication.
CORPORATE GOVERNANCE
As a dual listed Company with a strong record of compliance and
fundraising, Seplat observes the highest standards of corporate
governance to which its Directors, officers and employees adhere.
The details of our corporate governance practices are available on
our website and our annual reports.
- ENDS -
For: Seplat Petroleum Development Company Plc
MRS. EDITH ONWUCHEKWA
Company Secretary and General Counsel
Enquiries:
Seplat Petroleum Development Company Plc
Emeka Onwuka, CFO +234 (01) 277 0400
Chioma Nwachuku, GM External Affairs and Communications
Edith Onwuchekwa, Company Secretary and General
Counsel
FTI Consulting
Ben Brewerton / Sara Powell +44 (0) 203 727 1000
seplat@fticonsulting.com
Notes to editors
Seplat Petroleum Development Company Plc is a leading indigenous
Nigerian energy company with a strategic focus on Nigeria, listed
on the Main Market of the London Stock Exchange ("LSE") (LSE:SEPL)
and Nigerian Stock Exchange ("NSE") (NSE:SEPLAT). Seplat is
pursuing a Nigeria focused growth strategy and is well-positioned
to participate in future divestment programmes by the international
oil companies, farm-in opportunities and future licensing rounds.
For further information please refer to the company website,
http://seplatpetroleum.com/
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