Seplat shareholders to get 4 Cents as Interim Dividend

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Seplat Petroleum Development Company Plc has announced an interim dividend of $0.04 or four cent to be paid to its shareholders in November.

Shareholders whose names are found on the company register at the close of business on October 30, 2015 will be entitled to the cash benefit.

The company recently unveiled its plans to hit about 500 million standard cubic feet per day (mmscfd) processing capacity by 2017.

Besides, the indigenous oil independent firm is projecting to earn about $18.2 million yearly from the Oben new Associated Gas compression station, which is also positioned to help achieve its zero gas flare objective by 2016.

The Managing Director, Seplat, Austin Avuru, said the company impact on gas to power challenges in Lagos, said Seplat has expanded the existing 90 mmscfd gas plant at Oben to 240 mmscfd by installing two trains of 75mmscfd brand new JT Gas process plant, which is now fully operational.

According to him, the company is currently planning to expand the Oben gas plant further by addition of 3x75mmscfd to achieve a total capacity of 465 mmscfd by third quarter of 2016.

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