Long Term Shareholder Value Highlighted at NDEP Plc 2010 AGM

At the 16th Annual General Meeting (AGM) of Niger Delta Exploration & Production Plc (NDEP), shareholders received a detailed report of the Company’s progress and received a dividend payment.

In the NDEP Plc Annual Report for the year ended 31st December 2010, shareholders were given a detailed financial report and learnt that the Company’s level of investment had increased by 24% with the Shareholders Fund also up by an impressive 29%. These results reflect increased expenditure on project infrastructure at the Ogbele Oil and Gas Field within the Company’s cash flow.

The 2010 AGM, held at the Muson Centre in Lagos, provided shareholders with an opportunity to engage with the NDEP Plc Board of Directors and Management team as well as providing an auspicious opportunity to receive updates on new and current investments and project strategies. Shareholders were also able to vote on key Company resolutions.

5 years of Consecutive Dividends

Testament to the Company’s progress and financial performance of 2010, NDEP Plc offered shareholders a dividend of N10 (ten naira) per share and a bonus of one (1) share for every three (3) shares held. Shareholders approved this, thus marking NDEP’s 5th year of consecutive dividend payment to its shareholders.

Stock Split

Shareholders also approved a resolution to implement a stock split, whereby the authorised share capital of the company will be altered by subdividing each share of N10 into units of N0.50k. This will result in the creation of Five Billion, Two Hundred and Twenty-Five Million additional shares, which have equal ranking of the existing shares. This measure will give a nominal value of N0.50k to NDEP Plc shares, which will prepare the way for an eventual listing of NDEP Plc shares on the Nigerian Stock Exchange (NSE) or any such additional International exchange that will serve the growth of the Company.

Other events at the AGM include Mr. Sammy Olagbaju, a pioneer member of the Board, standing down from the NDEP Plc Board of Directors. Also members of the Audit Committee were approved, with Chief Victor Oyolu retaining his re-election into the Committee, as Chairman.

Dr ‘Layi Fatona, MD, NDEP Plc said, ‘2010 was a milestone year for the development of our Company, as many projects advanced and came to completion. Not only did we complete and commence diesel production from the mini refinery, the Ogbele ‘Topping Plant’, we also made significant progress with the forward completion of the gas processing plant and attained a worthy milestone – the production of 5 million barrels of oil from Ogbele as well as 5 years of uninterrupted production.’

‘Given our solid financial performance, we are pleased to issue a dividend, which demonstrates the long term value of our Company and also acknowledges our appreciation to NDEP Plc shareholders’, continued Dr Fatona. ‘After such a fruitful year, it is fitting that the 2010 AGM allowed a new milestone to be attained, 5 years of consecutive dividend payment.’

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