The Company’s 20th Annual General Meeting (AGM) will hold this year at the Federal Palace Hotel, Lagos on Tuesday the 25th August, 2015 at 11am.  You may view the 2014 Annual Report for Niger Delta Exploration & Production Plc here

 Pruduction Update 
 

In order to continue and surpass the momentum of oil and gas produced in 2014, your Company continued its drilling campaign in 2015. This is in line with its 2015 work programme. Well #7 ST2, a planned dual string (oil and gas) completion was successfully drilled in June and is in the final stages of well completion prior to hook-up to the Flow Station. Preliminary findings show exceptionally promising reservoirs of both oil and gas.  

Upon completion of this new well, and after obtaining the necessary regulatory approval,  a re-entry and workover operations of Well #1 is planned, to boost gas production. Well #9 was completed as an oil producer earlier in the year and has since come on stream; adding to the daily crude production figures. 

Between January and 27th July 2015, total oil (+ condensate) produced stands at 813,852bbls, whilst the total gas (AG + NAG) produced was 8,212,419Mscf. Within the stated production period, a total of 7,879,195Mscf was exported to Bonny NLNG in line with the Gas Sales and Purchase Agreement with SPDC, while about 0.98% of the total produced gas was used for Company operations (facility electricity power generation and fuel gas for compressors). About 1% or 82,644Mscf of the total produced gas was flared; here classified as technical flaring.  

 Ogbele Diesel Powers NDEP Plc HQ

Against recent fuel and diesel scarcity in Lagos, NDEP Plc transported diesel produced from the Ogbele Mini Refinery to its Lagos HQ.  The Mini Refinery has been a tremendous asset in promoting self sufficiency throughout the Company's operations, while also providing high quality diesel to the local economy.  

A plant upgrade of the Mini Refinery from the initial 1,000bpd to 5,000bpd is contemplated and it is expected that upon completion your company would have further diversified and further enhanced its downstream operations from a single product (diesel) into various other viable products.  

Total diesel production from January to June 2015 was 71,645.00 bbls (equivalent to 11,390,645 liters). 

 Capital Raising  

Since NDEP Plc commenced the capital raising exercise, global oil prices have dropped considerably, which have negatively affected investor appetite for oil and gas investments. 

A number of Interested Investors have requested to hold back and watch the Global Oil market. These crop of Investors want to wait for some level of stability in the Global Oil industry.

However, Management have advanced discussions with an Investor group. The group have put forward an offer which is being reviewed by Management. If the offer is acceptable we expect that NDEP and the group will execute a Term Sheet and proceed into the Due Diligence process, without further delay.

 Community Affairs 

In all of the host communities, Phase 1 of the Electrification Project has  now been completed. So far, all host communities are now connected to the PHCN National Grid. We have now entered Phase 2, to broaden electrification access.

Maiden meeting with Omaraka Community

A new host community has been added to the NDPR Host Community  Development Trust. As Well #9 was drilled on land owned by the Omaraka community, The Board of Trustees (BOT) of the Host Community Development Trust,  invited and met  recently with the newly constituted Omaraka Community Advisory Committee for the first time. 

The Committee thanked the BOT for inviting them to the meeting and stated their willingness to work with the BOT and the Company for the mutual benefit of both entities. Omaraka presented a list of requests for consideration and execution.The BOT assured the Committee that their requests would be considered once funds were appropriated for their community.