NDEP Plc Holds 17th Annual General Meeting (AGM)

Niger Delta Exploration & Production Plc (NDEP) recently held its 17th AGM in Lagos and set a new Company record for uninterrupted dividend payment, with its sixth year of consecutive dividend payment to shareholders.

Mr Goodie Ibru (OON), the incoming Chairman of NDEP Plc, presided over the meeting, and many shareholders attended and obtained an update on key projects undertaken by NDEP and its subsidiaries.

Shareholders were briefed on the status of the successful acquisition of OML 34 as NDEP Plc’s fully owned subsidiary NDPR, through ND Western Ltd (a Special Purpose Vehicle (SPV) incorporated for the purpose of bidding and managing the asset), successfully bided for the acquisition of the 45% interests of Shell Total and Agip in the NNPC/SPDC JV OML 34 asset. The sale of this interest is part of the ongoing Shell Divestment Programme.

Also, Shareholders were informed of the completion of the Gas Processing Plant at Ogbele as part of NDEP’s diversification programme and the Commissioning of the facility, which will start soon. By the end of 2012, gas production from the Company’s Gas Processing Plant will commence, in addition to the crude oil and diesel produced as of year end 2011. The transition to a fully integrated independent oil and gas company ensures that maximum potential will be obtained from the Ogbele Field.

Shareholders also approved a number of key resolutions:

Record Dividend Payment

A recommendation to pay a dividend of N6.00 per ordinary share for the financial year ended 2011 was approved by shareholders, which makes 2011 NDEP’s sixth year of consecutive dividend payment, a Company record that demonstrates the solid foundation of the Company. This was acclaimed by Shareholders as yet another impressive record for a growing Company such as NDEP Plc.

Audit Committee

In line with Section 359 (5) of the Companies & Allied Matters Act Cap C20 Laws of the Federation of Nigeria, two members of the Audit Committee, Chief Victor Oyolu (Chairman) and Engineer Alex Ogedegbe were re-appointed. A 3rd but new member – Chief Gbola Akinola was also appointed, to ensure shareholder representation on the Committee.

Dr. Layi Fatona, MD NDEP Plc, said, ‘Reporting on the 2011 financial year at the AGM, it is clear that it has been another eventful and productive year in the history of NDEP and its subsidiaries. NDEP is a growing indigenous Company, not only in the scope of its operations, assets and exposure, but also by the number of shareholders, who take an active interest in the Company’s affairs. We embrace more progress in 2012 and we look forward to consolidating our gains.’

‘I am also particularly pleased that NDEP Plc has been able to maintain its impressive dividend record with six years of uninterrupted dividend payment. Not only does it reflect the approach of careful planning at NDEP Plc, it also rewards shareholders for their loyalty. As a Company, we are proud of this record and we hope to continue this trend!’

The Board and Management of NDEP Plc, as well as the Company Secretary, Chairman (Audit Committee) and a representative of the Company’s Auditors responded to Shareholder queries and concerns, while some shareholders also put forward their own suggestions, which resulted in a truly interactive AGM.

– Ends –

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