THUR, 28 JULY, 2022-theGBJournal| Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, published its unaudited results for the six months ended 30 June 2022 today, reporting a stellar 71% growth in revenues to $527.0 million driven by higher realised oil prices of $107/bbl.
An Interim Dividend of US2.5cents per Ordinary Share of N0.50k each, (subject to appropriate withholding tax) will be paid to shareholders, taking 6M 2022 total to US$5.0 cents per share.
EBITDA grew 92% to $342.7 million (adjusted for non-cash items) while the balance sheet reads $350.0 million cash at bank, net debt of $418.6 million.
The company said it achieved lower production opex of $8.1/boe, and average realised gas pricing sustained at $2.76 despite pricing pressure on domestic gas delivery obligation.
Roger Brown, Chief Executive Officer, commenting on the earnings performance noted that Production increased strongly in the second quarter, achieving 52.4 kboepd across our operations, ‘’and we expect to maintain higher volumes for the rest of the year now that we plan to export liquids through the more secure Amukpe Escravos Pipeline.’’
He said ‘’having divested our interest in Ubima because of its high production costs and export difficulties, we recently acquired a 95% interest in the Abiala marginal field and plan to begin operations there next year using existing infrastructure in OML 40. This is consistent with the strategy for low-cost, low-risk upstream growth we announced last year.”
“We remain confident that our transformational acquisition of MPNU will be approved, adding significant reserves and production capacity that will strongly reinforce Seplat Energy’s position as Nigeria’s leading indigenous oil and gas producer.”
The company have recently launched a roadmap for decarbonisation, with a clear path to ending routine flaring by 2024.
‘’In addition, our ‘Tree for Life’ initiative will plant five million saplings to sequester carbon across five states. All of these initiatives demonstrate our strategic commitment to build a sustainable company that delivers energy transition for the benefit of all Nigerians,” Brown added.
Meanwhile, operating profit grew by 124.2% to US$245.3 million after a gross profit of US$274.3.
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