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Post AGM Newsletter

Welcome to NDEP's September update.  While the industry experiences uncertainty, NDEP continues to forge ahead to deliver long term shareholder value...

Diesel Update

In a low oil price environment, your company’s investment in diesel refining continues to generate valuable income.  In 2015, total diesel production from the Ogbele Mini Refinery was 20,191,507.99ltrs. (127,001bbls). From January to July 2016, production of 10,386,052.34ltrs (65,330.00bbls) was attained. 

Due to the success of the existing 1,000bpd diesel refinery, NDPR Ltd has initiated a project to expand its capacity by 500%. When completed and operating at full capacity, the expanded Refinery will process 6,000bpd of crude oil with an increased diversity of productions. In addition to the extra diesel, the refinery will produce Marine Diesel, Aviation Jet Fuel, High Pour Fuel Oil and LPG and PMS, all with no residual returns into our Export Crude volume. This will further increase diversification and revenue from the Ogbele Field.

Initial discussions on this project commenced in 2015 and an Engineering Service Agreement with a vendor for the design of the Refinery has been executed.


 

Oil Update

Oil price decline persisted in 2015 and has continued into 2016. Like many in our industry, your company reviewed its operations and suspended intensive capital projects. Many of the 2015 work program projects were at advanced stages of completion, which resulted in a marked and sustained production increase in 2015. 

During the period, the following attainments were achieved. NDPR successfully drilled and completed Ogbele Well #9, as a dual string oil producer and Well #7ST2 also as a dual string oil and gas producer.  

NDPR total crude oil production was 1,423,444bbls, with a monthly average of 118,620bbls. From January to July 2016, production was 956,303 bls (crude and condensate). 

Gas Update

In 2015, total gas production was 12.877BScf. This was made up from 1.187Bscf of Associated Gas (AG) and 11.689Bscf of Non Associated Gas (NAG), while from January to July 2016, total gas production was 6.322BScf, made up of 5.908BScf NAG and 0.414BScf AG. 

ND Western News 

NDPR's associate company, ND Western Limited (“ND Western”)  now leads the OML 34 joint operations with the Nigerian Petroleum Development Company Limited (NPDC). This is within the framework of an Asset Management Team (‘AMT’). 

To learn more about this key development, click here
 

NDPR Scoops World Bank Award 

NDPR received a 2015 Global Gas Flare Reduction Excellence Award, from the  World Bank Global Gas Flaring Reduction Partnership (GGFR), in recognition of its efforts in reducing routine gas flaring and for successfully demonstrating this achievement in the Ogbele Field.  
To read more about this milestone award, click here 

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Community Affairs 

The Women's Empowerment Program received another boost with the approval and disbursement of N6m to 60 women drawn from the 6 host communities.
Each woman received N100,000 to acquire income generating skills and training. The money was disbursed in December 2015

By the end of the Q2 2016, 60 more women will benefit from the Skills Acquisition Scheme.

Also in the second half of 2015, the BOT approved the renovation of the Obumeze Community Civic Center at a cost of N30,007,687.50. To date, about 30% of the cost has been disbursed.


Mr. Bola Ajomale, NASD with NDEP Management

NASD Analyst Call

NDEP Plc Management presented an Analyst Call with the NASD OTC Securities Exchange. It was an interactive session and attendees were given a full update on Company developments. An interview from the Call with Dr. Fatona was featured on Channels Tv, which can be viewed here

AGM Update
The Company's 21st Annual General Meeting (AGM) was held this year on 28 July 2016, at the AGIP Hall, Muson Centre, Lagos. Thanks to all who came. At the AGM, the Board of Directors proposed and Shareholders approved the payment of N2 per share, NDEP's 9th year of consecutive dividend payment.

To read an Announcement on the Completion of NDEP's Funding Exercise click here


New NDEP Plc Chairman, Mr Ladi Jadesimi


Mr Deji West, NDEP Plc CFO

 

Changes to the Board

NDEP Plc announced that Mr. Ladi Jadesimi has been appointed Chairman of the Board on 21 June 2016, after Mr. Goodie Ibru (OON) stepped down from the Board on the same day.

In addition, NDEP has also appointed Mr. Cyril Odu and Mr. Afolabi Oladele as Non-Executive Directors on the Board, with immediate effect. This comes after Prpf. SJS Cookey (OFR) retired from the NDEP Board. To read more about NDEP Plc Board Changes, click here

As part of our commitment to succession planning, Mr Deji West joined the Board as Executive Director, Finance and CFO in January 2016.  

To read more about his appointment, chick here 

5th Board Meeting of NileDelta Held in Lagos                           

Nile Delta Petroleum Company Limited (NileDelta) held its 5th Board Meeting in June 2016, at the NDEP plc head office in Lagos.

For more information on the Lagos visit,  click here 

 

NDPR's 2nd Nape Outing   

In November 2015, NDPR exhibited at NAPE’s 33rd Annual International Conference and Exhibitions (ICE) 2015, under the theme, Global Energy Dynamics and Implications for Nigeria's Energy and Economic Security. 

Dr Fatona, MD, gave the key note address during the opening ceremony, on the topic, ‘New Space of Play for Emerging Nigerian Independents’, while celebrating NDPR’s 10th Year of continuous production. NDPR’s exhibition space featured a compelling series of career and industry talks, and won 3rd place position for Best Exhibitor.

 

New Company Tagline 

To reflect the growth and potential of the company, a new tagline has been created, the result of an in-house, company wide staff competition. 

NDEP is no longer just ‘pioneering the development of Nigeria’s small oilfields’ but is a mid-sized, independent, fully integrated indigenous energy company, with a pan African presence. 

Fittingly, the new tagline is …..An Independent Integrated Pan-African Energy Company. This tagline captures NDEP Plc today, as well as its potential for tomorrow. Your company is poised for the future.

LAGOS OFFICE

15 BABATUNDE JOSE ROAD,
VICTORIA ISLAND,
LAGOS STATE



 


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Niger Delta Exploration and Production · 15 Babatunde Jose Road · Victoria Island 2341 · Nigeria

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