Seplat Makes $121 million in H1

The emerged Nigerian indigenous oil and gas company Seplat Petroleum Development Company Plc, listed on both the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE), has upgraded by 15 per cent to N37 billion, equivalent to $121 million in its half-year profit before deferred tax.

According to the report by the firm, it states that revenue for the period of six-month declared at the Nigerian Stock Exchange (NSE) showed that, the turnover grew by four per cent to N109 billion in 2019 as against N105 billion recorded. It was also higher than the 2018 half-year figure of $343m (N105bn)

Remarking on the company’s financial performance for the period, the Chief Executive Officer, Seplat Petroleum Development Company, Mr. Austin Avuru, said: “Today’s results further emphasize the strong cash generation potential of our low-cost production base and the good progress we are making at the large scale Assa North/Ohaji South (ANOH) gas and condensate development project.

“Our H1 work programme has been impacted owing to unforeseen delays from rig contractors as well as the need to undertake higher levels of maintenance and asset integrity work for longer-term benefit of the assets. Both have affected production during the H1 but we have now secured the necessary rig capacity for the second half to implement the revised work programme which will drive us towards an 2019 exit working interest production rate of 62,000 barrels of oil equivalent per day and bring annualized production within the unchanged guidance range of 49,000 to 55,000.

Avuru added that, we remain on an extremely solid financial footing and concentrated on furthering our growth strategy as we target both organic and inorganic opportunities to grow shareholder returns.