{"id":74370,"date":"2023-07-28T19:12:52","date_gmt":"2023-07-28T18:12:52","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=74370"},"modified":"2023-07-29T03:07:00","modified_gmt":"2023-07-29T02:07:00","slug":"seplat-energy-records-n140-6bn-gross-profit-in-2023-h1","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/seplat-energy-records-n140-6bn-gross-profit-in-2023-h1\/","title":{"rendered":"Seplat Energy Records N140.6bn Gross Profit In 2023 H1\u00a0"},"content":{"rendered":"
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\u2026 Declares US 3 cents Q2 dividend per share<\/p>\n

Seplat\u00a0Energy\u00a0Plc, a leading Nigerian independent\u00a0energy\u00a0company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited\u00a0results\u00a0for the six months ended 30 June 2023, recording a rise in revenue by 3.8 per cent to N278.3bn from N219.2bn year-on-year. <\/span><\/p>\n

The company also declared a\u00a0<\/span>Q2 2023 dividend of US 3 cents per share, in line with higher core annual dividend of US 12 cents.<\/p>\n

The\u00a0energy\u00a0Company\u2019s also grew its\u00a02023 H1 gross profit to N140.6bn from N114.1bn year-on-year.\u00a0<\/span>The Company, in its announcement, described the operating performance for the period as solid, given a 2 per cent increase in production, helped by reduced losses on its Western Asset, which is benefitting from the availability of the Amukpe-Escravos Pipeline and increased output from OML40.<\/p>\n

Seplat Energy extended the Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU) to preserve the transaction, pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals; and will continue to work with all parties to achieve a successful outcome.<\/p>\n

The full-year production guidance was retained at 45-55 kboepd whilst Capex guidance range at $160 – $190 million (previously $160 m) to support the Group\u2019s objectives for the year.<\/p>\n

Following the Company\u2019s previously announced Board succession plan (25 April 2023), it announced that Eleanor Adaralegbe, currently Vice-President Finance, has been appointed CFO-designate and will succeed Emeka Onwuka as CFO in 2024.<\/p>\n

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\u00a0Financial highlights<\/b><\/p>\n

\u2022 Revenues up 3.8% to $547.0 million (including overlift of $59.4m), on improved production, offset by lower oil price<\/p>\n

\u2022 Cash generation of $259.1 million, funding capex of $88.8 million and improved shareholder returns<\/p>\n

\u2022 Balance sheet remains strong, $381.0 million cash at bank, despite impact of the devaluation of the Naira on USD cash balances, net debt now at $380.0 million ($128 million MPNU cash deposit not included)<\/p>\n

\u2022 Further $3.3 million received as part of the Ubima disposal, total proceeds up to $21.9 million<\/p>\n

\u2022 Unit production opex of $9.6\/boe<\/p>\n

\u2022 Average oil price $79.54\/bbl (6M 2022: $107.35\/bbl); average gas price $2.87\/Mscf (6M 2022: $2.76\/Mscf)<\/p>\n

\u2022 Q2 2023 dividend declared of US 3 cents per share, in line with higher core annual dividend of US 12 cents<\/p>\n

Operational highlights<\/b><\/p>

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\u2022 Working interest production increased by 1.8% to 50,805 boepd, in the middle of our 45-55 kboepd guidance<\/p>\n

\u00a0\u2022 Amukpe-Escravos Pipeline (AEP) continued to provide alternative evacuation resulting in lower downtime overall<\/p>\n

\u00a0\u2022 Completed five new wells, boosting liquids production at OML 40<\/p>\n

\u2022 Island section of grouting operations on OB3 pipeline complete. ANOH gas plant mechanical completion and partner operated key project milestones expected by end 2023<\/p>\n

\u2022 Achieved more than 4.2 million hours without Lost Time Injury (LTI) at Seplat-operated assets<\/p>\n

\u2022 Carbon intensity figure of 26.3 kg\/boe. Sapele Power gas offtake expected to commence in 2H23, this is expected to reduce emissions by approximately 40%<\/p>\n

Corporate updates<\/b><\/p>\n

\u2022 Extended the Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU) to preserve the transaction, pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals; we continue to work with all parties to achieve a successful outcome<\/p>\n

\u2022 Full-year production guidance retained at 45-55 kboepd<\/p>\n

\u2022 Capex guidance range at $160 – $190 million (previously $160 m) to support the Group\u2019s objectives for the year<\/p>\n

\u2022 Following our previously announced Board succession plan (25 April 2023), we are pleased to announce that Eleanor Adaralegbe, currently VP Finance, has been appointed CFO-designate and will succeed Emeka Onwuka as CFO in 2024<\/p>\n

Commenting on the impressive\u00a0results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy said:\u00a0\u201cSeplat Energy\u2019s continuing strong performance puts us on track for an excellent year that will support the increased quarterly dividends we announced in April, and our balance sheet remains strong despite the impact of the recent Naira devaluation. We are benefiting greatly from use of the new Amukpe-Escravos Pipeline, which has supported our robust cash generation this year, and remain focused on improving operations, reducing costs where possible and further derisking the business. We continue to strengthen our Company in the knowledge that our efforts to improve governance and sustainability are widely supported by Nigerian and international investors.<\/i><\/p>\n

\u201cThe distraction of frivolous legal actions is receding, and we are focused on developing our assets and launching our joint venture ANOH Gas Processing Plant, which will significantly boost our cash generation in the coming years. We expect that this will enable us to fund additional investment in Nigeria\u2019s energy infrastructure and return higher dividends to shareholders.<\/i><\/p>\n

\u201cWe remain confident that our proposed and transformational acquisition of MPNU will be approved, enabling us to scale into a significant energy supplier with diverse and productive assets that have potential to generate substantial benefits for Nigeria. We wholly align and support the recent government efforts to make Nigeria a more attractive place to invest and continue to focus on delivering affordable and reliable energy for Nigeria\u2019s young, entrepreneurial and rapidly growing population.\u201d<\/i><\/p>\n

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Seplat\u00a0Energy\u00a0Plc, a leading Nigerian independent\u00a0energy\u00a0company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited\u00a0results\u00a0for the six months ended 30 June 2023, recording a rise in revenue by 3.8 per cent to N278.3bn from N219.2bn year-on-year.<\/p>\n","protected":false},"author":6,"featured_media":59697,"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":[],"coauthors":[2391],"class_list":["post-74370","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news"],"yoast_head":"\nSeplat Energy Records N140.6bn Gross Profit In 2023 H1\u00a0 - National Wire<\/title>\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-energy-records-n140-6bn-gross-profit-in-2023-h1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seplat Energy Records N140.6bn Gross Profit In 2023 H1\u00a0 - 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