Home Oil & Gas SEPLAT Oil rallies in 2021 Q1 with 16.8% revenue growth to $152.4m

SEPLAT Oil rallies in 2021 Q1 with 16.8% revenue growth to $152.4m

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Seplat Petroleum Development Company a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has announced its unaudited results for the first three months of 2021 ended on March 31.

The company recorded a rise in revenue by 16.8 per cent to $152.4 million with increased operational efficiencies and further reduction in costs.

It also reported a profit before tax (PBT) of $28 million whilst adopting a quarterly dividend policy of US2.5 per share in Q1 starting immediately.

A profit before tax (PBT) of $28 million was recorded for the period, up from a loss position of $95.7 million in the same period of 2020.

SEPLAT maintained a strong cash position of $236.3 million in Q1 2021, with an EBITDA position of $77.8 million.

Commenting on the results, which were released to the NSE and LSE on Thursday, Mr. Roger Brown, the Chief Executive Officer of the Company, said: “We have made a progressive start to the year, delivering oil and gas production volumes of 48,239 boepd, within our guidance range. With the Gbetiokun field at OML40 now back in production, we are currently achieving average daily volumes of nearly 54 kboepd so far in April and we will build on this as we add additional oil and gas wells this year.

“Our flagship ANOH gas project is proceeding as planned and was fully funded in February when our joint venture company, AGPC successfully raised $260 million of debt financing. In addition, the success of our $650 million Eurobond issuance in March demonstrates investor confidence in our prudent financial management and the exciting future ahead for the Company and its stakeholders.”

The SEPLAT CEO further explained: “As we drive forward our strategy of being a low-cost energy provider delivering reliable, affordable and sustainable energy to the young, fast-growing population of Nigeria, energy transition – which delivers on Nigeria’s social development goals in tandem with the climate agenda – is essential.”

According to him: “This is the backbone of Seplat’s strategy and we will be communicating how we plan to achieve this over the coming months. To that end, the Board took the decision to change our name to Seplat Energy PLC, which more adequately reflects our ambitions of providing a broader energy mix. We will present the name change to our shareholders for approval at the AGM on 20 May 2021.”

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