Seplat Energy grows PBT by 15.3% to N86.7bn

Seplat Energy Plc, has reported profit before tax of to N86.7 billion from N71 billion recorded a year-ago, a 15.3 per cent increase over the period.

The company also generated cash from its operations to the tune of N242.4 billion from N150.9 billion year-on-year, rising by 51.6 per cent.

The energy Company’s also grew its revenue by 29.8 per cent to N403.9 billion from N293.6 billion year-on-year; as its gross profit soars to N197.2 billion from N114.2 billion achieved in the comparative period of 2021, rising by 63 per cent.

Seplat Energy is paying a US7.5 cent final dividend, despite the significantly disrupted production experienced in the second half of the year. This amounts to a full-year dividend of US15 cents, representing a dividend yield of around 11 per cent at the current LSE share price.

In its operations, Seplat Energy’s working interest production averaged 44 kboepd, impacted by outages of key infrastructure predominantly in the third quarter of 2022.

The company said the use of Amukpe-Escravos Pipeline (AEP) enables high uptime in December, exit rate of 53 kboepd. The Company completed 13 wells including two wells for the ANOH gas processing plant. ANOH Gas Processing Plant is 95 per cent mechanically complete, awaiting third-party infrastructure completion.

The company also said that it will continue to pursue approvals for acquisition of entire share capital of MPNU, finalised New Energy investment plan, identified near term opportunities for consideration and FID late 2023, commenced implementation of roadmap to achieving net zero by 2050 and have provisional applications for voluntary conversion of operated Oil Mining Leases under Petroleum Industry Act.

The management said the Work on-going to spin out Midstream Gas business in line with PIA provisions while first Climate Risk and Resilience Report to be published at end of March 2023 under TCFD guidelines.

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