{"id":58649,"date":"2022-04-28T15:36:38","date_gmt":"2022-04-28T14:36:38","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=58649"},"modified":"2022-04-28T15:36:38","modified_gmt":"2022-04-28T14:36:38","slug":"seplat-energys-revenue-grows-by-58-6-to-n100-6bn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/seplat-energys-revenue-grows-by-58-6-to-n100-6bn\/","title":{"rendered":"Seplat Energy\u2019s Revenue Grows By 58.6% To N100.6bn"},"content":{"rendered":"

\u2026 Gross profit hits N48.8bn, rising by 122.3%<\/p>\n

\nSeplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the three months ended 31 March 2022, recording a rise in profit before tax by 197.8 per cent to N34.7bn from N10.6bn year-on-year. The company also generated cash from its operations to the tune of N74.4bn from N1.7bn year-on-year, rising by 197.8 per cent.<\/p>\n

The energy Company\u2019s also grew its revenue by 58.6 per cent to N100.6bn from N57.9bn year-on-year; as its gross profit soars to N48.8bn from N20.1bn year-on-year, rising by 122.3 per cent.<\/p>\n

In its operations, Seplat Energy demonstrated a strong safety record, which extended to 26.1 million hours without LTI from operated assets (2.0 million hours in Q1 2022).<\/p>\n

Operational highlights<\/p>\n

.\u00a0 Strong safety record extended to 26.1 million hours without LTI from Seplat Energy operated assets
\n(2.0m hours in Q1 2022)<\/p>\n

.\u00a0 Working interest production averaged 47,603 boepd (liquids 29,079 bopd, gas 18,524 boepd)<\/p>\n

.\u00a0 Full-year guidance remains unchanged at 50-60 kboepd<\/p>\n

.\u00a0 Amukpe-Escravos Pipeline mechanically completed, all commercial terms have been agreed and are moving through counterparty approval processes for signature. Expected to be fully operational by end of Q2 2022.<\/p>\n

.\u00a0 Sibiri exploration well drilled and successful, data analysis underway, working with partner to secure regulatory approval for Extended Well Test<\/p>\n

.\u00a0 Decision to exit Ubima to focus on more profitable assets; agreement reached to sell Seplat Energy\u2019s share to its JV partner for $55 million.\u00a0 2P reserves reduce by 2 MMboe from 457mmboe to 455 MMboe.<\/p>\n

Financial highlights<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

.\u00a0 Revenues up 58.6% to $241.8 million<\/p>\n

.\u00a0 EBITDA up 81.6% to $147.4 million (adjusted for non-cash items)<\/p>\n

.\u00a0 Strong cash generation of $178.7 million, capex of $25.7 million<\/p>\n

.\u00a0 Strong balance sheet with $312.2 million cash at bank, net debt of $442.6 million
\n.\u00a0 Q1 interim dividend of US2.5 cents per share<\/p>\n

Update on proposed acquisition of Mobil Producing Nigeria Unlimited<\/p>\n

.\u00a0 Sales & Purchase Agreement signed on 25 February to acquire Exxon\u2019s shallow water operations in Nigeria, Mobil Producing Unlimited, Nigeria (MPNU)<\/p>\n

.\u00a0 Acquisition remains on track and awaiting necessary approvals, expected to complete in H2 2022<\/p>\n

Commenting on the results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: \u201cSeplat Energy delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline. However, the alternative Amukpe-Escravos Pipeline is mechanically complete and once we have signed the commercial agreements,
\nwe expect Chevron to be lifting our oil through the Escravos Terminal in the third quarter.<\/p>\n

\u201cOur proposed acquisition of MPNU remains on course. We are awaiting the necessary approvals from government and regulators and expect the transaction to complete in the second half of this year. The effective date of 1 January 2021 means we will benefit from higher recent oil prices and as we have previously reported, the addition of MPNU will nearly treble our production and double our reserves on a pro forma 2020 basis. The acquisition will reinforce our leadership of Nigeria\u2019s indigenous energy sector and enabling us to generate strong future cash flows that will underpin our investment in Nigeria\u2019s energy transition and improve our overall stakeholder returns. It will also bring a significant undeveloped gas resource base which, alongside our ANOH gas project development, will underpin Nigeria\u2019s energy transition and drive domestic and export revenues when developed.<\/p>\n

\u201cWe announce the decision to divest the Group\u2019s interest in the Ubima marginal field for a consideration of $55million, which marginally reduces the company\u2019s 2P reserves by 2 MMboe to 455 MMboe.<\/p>\n

\u201cWe have proven we have the financial strength and credibility to attract international finance into Nigeria\u2019s energy sector and this will help us in our aim to deliver energy transition and provide cleaner, more reliable and more affordable energy for Nigeria\u2019s young and growing population.\u201d\u00a0\u00a0\u00a0\u00a0<\/i><\/p>\n

\n<\/p>","protected":false},"excerpt":{"rendered":"

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the three months ended 31 March 2022, recording a rise in profit before tax by 197.8 per cent to N34.7bn from N10.6bn year-on-year. The company also generated cash from its operations to the tune of N74.4bn from N1.7bn year-on-year, rising by 197.8 per cent.<\/p>\n","protected":false},"author":6,"featured_media":58308,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8958],"coauthors":[2391],"class_list":["post-58649","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-seplat-energy-plc"],"yoast_head":"\nSeplat Energy\u2019s Revenue Grows By 58.6% To N100.6bn - National Wire<\/title>\n<meta name=\"description\" content=\"Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/seplat-energys-revenue-grows-by-58-6-to-n100-6bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seplat Energy\u2019s Revenue Grows By 58.6% To N100.6bn - 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