Use this area to offer a short preview of your email's content.
View this email in your browser

NDEP Plc Newsletter

Welcome to January 2015.  While there’s much to be gloomy about within the industry, NDEP has weathered many storms and has grown to become Nigeria's Foremost Independent Integrated Petroleum Company.  We are confident that 2015 will be a vintage year for the Company! Happy New Year!  
 NDPR at NAPE, September 2014 in pictures  
The NDPR Exhibition Booth 
The NDPR Exhibition Booth 
Mr Molokwu and Femi Olaniyan, welcoming NAPE officials  
NDPR Registration Stand 
Students during an NDPR Careers Talk Programme 
Dr Fatona Addressing Guests 
Mr Ilesami addressing delegates at the NDPR stand
Dr Fatona, with Mr Tele Dokun and Mr Jide Agbabiaka 
NDEP Plc Website
The new NDEP Plc site is now live!! It's fresh, visually appealing and features clear, accessible content. Visit 

Recent Milestones

2014 NDPR Ltd Executes Omerelu Farm Out Agreement

2014 NDPR Ltd attains 1000th Truck Load Out of Diesel from Ogbele Mini Refinery 

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 
Pictures from NDEP's 19th AGM, held in Lagos

The Chairman, Acting Company Secretary, Mr. Omo Omorodion and the Managing Director at the 2013 AGM

Shareholders participating in the interactive session during the AGM
 NDPR at NAPE   

NDPR Ltd had its first outing at the 39th NAPE 2014 Annual International Conference and Exhibition (NAICE), under the general theme, The Future of Hydrocarbon Exploration: Drilling Deeper, Searching Wide. Thanks to meticulous planning, NDPR's booth and  exhibition programme made a strong impression at the Conference. The booth was manned by NDEP Management and Staff, and visitors included students, senior NAPE delegates, industry CEOs and friends of the Company. Each day featured planned career talks, with Company participation through a (paper) presentation at the Pre-Conference Workshop. 
With 2015 marking NDPR's 10th year anniversary since First Oil, we plan that our participation and exhibition booth will even be better in 2015. 

 Pruduction Update 

With last year over, the impact of the 2014 drilling campaign has been significant. From January 1, 2014, to November 28, total cumulative production was 1,038 227 bbls, with an average daily production of 3244 bbls/d. Ogbele Well #9 was spudded on the 28th October, and at year end was still drilling. We are optimistic that the outcome of Well #9 will further improve oil production in 2015.  

Since finalising the Farm Out Agreement for Omerelu Field, the process of formal transfer is in progress. Currently, the Field Development Plan is being revised, before a formal presentation to the DPR for approval. Wet and Dry Seasons sampling work, as part of the EIA, was completed before year end. 

 Gas Development update: Ogbele Field Throws up Another Surprise! 

NDPR’s gas utilization scheme has gone from strength to strength. Since January 1 2014, to 28 November 2014,  total culmulative gas production stood at 7.091 bscf, with an average daily production of 27.14mm scf/d. 2015 looks set to see an increase in gas production for the Company. In September, Well Ogbele #8 was successfully drilled to a total depth of 13,605 ft AH, with substantial additional proven gas reserves. The well logged a total of 387ft NGS (Net Gas Sands) in 7 reservoirs. For the first time, the well proved new hydrocarbon occurrences in two reservoirs (The D7.0 and E8.0) as well as finding substantial gas columns in a hitherto untested fault block.

From the results now available, Ogbele Marginal Field continues to emerge bigger than initially thought, with substantial gas reserves now booked into the proven category. Together with a fully operating Ogbele gas processing plant, the completion of  Wells Ogbele #6 and #8, NDPR's Ogbele facilities are expected to operate to near installed capacity as  both wells are brought simultaneously into production.

Acknowledging this milestone, Dr Fatona commented, ‘As NDPR Ltd becomes a modest gas player, I congratulate the Development, Drilling and Completions teams for this additional success.’

 NDEP Holds 19th AGM 
Thank you to all and everyone who attended the Company’s 2013 AGM. It was a lively day, with many questions and comments posed to the Board and Management of the Company.  A full overview of the Company’s activities was given, including a detailed report presented by the Managing Director. While NDEP Plc could not declare a dividend for the 2013 financial year, improved performance since the start of the 2014 operating year, with an operating profit of NGN1.34 billion for the half year audited statements, meant that an interim dividend of N4.00/share was approved by the Board of Directors for the year 2014. 

The appointments of the two new directors, Mr. Osten Olorunsola and Mr. Ede Osayande were approved by shareholders, while Chief Gbola Akinola, Engineer Alex Ogedegbe and Chief Victor Oyolu were each  re-appointed as representatives of the shareholders on the Company Audit Committee, after receiving the highest number of votes from shareholders. 

 Capital Raising  

In June 2014, the Capital Raising Investment Teaser was finalized and sent to potential Investors and brokers, both locally and internationally. By the middle of September 2014, the Independent Competent Person’s Report (CPR), on NDEP assets was also concluded and delivered to Management. This was a key component of the IM (Information Memorandum) and enabled the Joint Financial Advisers (JFAs) to deliver the IM before the end of September 2014.

The IM was presented by Management to the NDEP Board of Directors in October and approved for adoption and use. The JFAs have since circulated the IM to interested parties with subsequent further engagements and interactions with potential investors seeking to understand our business with a view to investing and being part of the ongoing capital raise.

The deadline for the submission of the Non Binding Offers (NBOs) from interested parties was extended to December 5, 2014. Management will be engaging potential investors soon, with the possibility of a roadshow in early 2015. 

The Chairman, Mr. G.M. Ibru congratulating the Chairman of the Company Audit Committee, Chief Victor Oyolu after the successful AGM

Copyright © 2014 NDEP PLC, All rights reserved.