June 2014, 1st Issue 
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Welcome to the new E-edition of NDEP News 

 Prof  SJS Cookey (OFR) at 80
Prof. Cookey (OFR), has reached the grand age of 80.

On behalf of NDEP Plc and its subsidiaries, we would like to wish Prof. - as our Friend, Mentor, Director and Chairman of the Board of Trustees - NDEP Host Community & Environmental Development Trust, a very, very happy Birthday. 

Recent Milestones

2012 NDPR Ltd Announces the Commencement of Ogbele Gas Plant Commissioning 

 NDEP Plc celebrates sixth year of consecutive dividend payment to shareholders 

 NDEP Plc conferred Pioneer Tax Status by the Nigerian Investment Promotion Commission

2011 NDPR Receives LTO approval for Mini Diesel Topping Plant at Ogbele

2011 NDPR marks 10 Years of Host Community Engagement 
 Production Update 

Your company embarked on an aggressive redevelopment campaign - the results of which has led to a progressive increase in production from the Ogbele Field. A workover was carried out on Ogbele Well #3, in addition to drilling and completion of Ogbele Well #5 Sidetrack 2. This was successfully achieved with two oil bearing intervals now on production. As a result, production has improved significantly, with a daily average of about 4500 bbl/d  and 30MM scf/d of gas recorded in April 2014. Well #6 is currently almost nearing re-completion and we anticipate an increase in the daily gas and condensate production by an additional 20-30MM scf/d and 300bbls/d in the coming weeks. 

 Diesel Update

NDPR is proud to be a fully integrated oil and gas company, with upstream and downstream capacity. As at the 15th April 2014,  an impressive load out of 853 trucks and a total of 26,606,300 liters of premium grade Automotive Gas Oil (AGO) otherwise known as diesel, have been recorded from the Ogbele Mini Refinery (‘Topping Plant’). NDPR and its Marketer, General Resources Company Limited, are eagerly anticipating the milestone load out of 1000 trucks since commencement of commercial sale of the product. 

Watch out for this milestone attainment in the coming months! 

 Gas Update

Your company continues to take advantage of improving market conditions by monetizing its gas reserves, against increasing supply  demand. As at April 2014, NDPR has delivered over 12 Billion scf of gas to the NLNG at Bonny. With the completion of Well #6, this would further increase gas production by an additional 20-30 mmscf/day. Your Company is in final stages of signing a GSPA with another gas off taker. The negotiated gas purchase price is in alignment with current market realities. 

Capital Raising Summary

Since the proposed additional capital raising of $450 million was approved by shareholders at the 2012 AGM, there has been some progress. A mandate letter has been executed by the Company, with both FBN Capital and Chapel Hill Advisory Partners acting as Joint Financial Advisers. The letter contains the terms of the capital raising, by a Special Placement and/or quasi- equity capital. Currently the advisers have gathered relevant information, undertaken detailed financial analysis and drafted an Investment Teaser to be submitted to selected potential investors. While there are yet many phases to this project, you will be kept abreast of progress and we are confident that the exercise should bring some additional capital into the Company before year end.   
Changes to the Board 

NDEP Is pleased to welcome two new non executive directors to its Board, Mr. Osten Olorunsola and Mr. Ede Osayande. Mr. Osten Olorunsola, a former Director of the Department of Petroleum Resources (DPR) and Mr. Ede Osayande, Former Managing Director of Cooperative Development Bank, Equitorial Trust Bank and Devcom Merchant Bank, both joined the NDEP Board on 17th April 2014.  Dr. Layi Fatona, MD, commented, ‘We are fortunate to have such distinguished new Board members joining us. With exposure to all aspects of the petroleum industry, and in-depth financial expertise, the appointments of Mr Osayande and Mr Olorunsola will both complement and strengthen the existing Board of NDEP Plc.’

Community Relations 

The Q1 2014 Board of Trustees meeting was held on 19th March 2014. Many key activities were approved, including the payment of bursary awards to 119 students from Ogbele, the payment of a Medical Aid Grant to 252 elders from Ogbele, the payment of bursary awards to 71 students from Oshiugbokor community; and a payment of Medical Aid Grant to 389 elders from Rumuekpe Community

An overriding project undertaken  in 2013 was the electrification of 3 host communities, namely Ogbele, Oshuigbuko and Obumeze, by  connecting them to the PHCN National Grid.  The project, which started in 2012, is nearing completion and will fulfill an earlier promise made by NDPR to the communities.  The completion of electrification in all 3 communities is envisaged by Q2 2014.

These activities will improve the quality of life for host community inhabitants.

Electrification of Oshuigbuko Community
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