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Seplat Energy grows Q3 PBT by 90.3% to N77.5bn

Seplat Energy Plc, has announced its unaudited results for the nine months ended 30 September 2022, recording a rise in profit before tax by 90.3 per cent to N77.5bn from N38.6bn year-on-year. The company also generated cash from its operations to the tune of N154bn from N64.9bn year-on-year, rising by 124.7 per cent.

The energy company’s also grew its revenue by 34.4 per cent to N258.7bn from N182.7bn year-on-year; as its gross profit soars to N118.5bn from N58.1bn year-on-year, rising by 93.5 per cent.

Seplat Energy is paying Q3 dividend of US2.5 cents per share, taking 9M 2022 total to US7.5 cents per share ($44.1 million paid in the period).   

In its operations, Seplat Energy demonstrated a strong safety record, which extended to 30.5 million hours without lost-time injury at Seplat Energy-operated assets; eight (8) wells completed, another seven wells to be drilled in Q4 (currently drilling four wells); and the Amukpe-Escravos Pipeline commenced commercial operations in August, with 700 kbbls lifted in October.

Financial highlights  

•            Revenues up 34.4% to $618.6 million ($678.9 million including underlift), driven by higher realised oil prices of $108.25/bbl.

•            EBITDA up 27% to $337.9 million (adjusted for non-cash items)

•            Strong cash generation of $368.1 million, capex of $110.3 million

•            Strong balance sheet with $304.8 million cash at bank, net debt of $452.2 million    

•            Production opex of $9.3/boe

•            Average realised gas pricing sustained at $2.80/Mscf despite pricing pressure on domestic gas delivery obligation

•            Received $13.4 million out of a total of $55 million in accordance with Ubima divestment agreement

•            Q3 dividend of US2.5 cents per share, taking 9M 2022 total to US7.5 cents per share ($44.1 million paid in the period)   

Operational highlights

•            Strong safety record extended to 30.5 million hours without lost-time injury at Seplat Energy-operated assets

•            Volumes of 43,337 boepd, impacted by oil theft and outages of key infrastructure 

•            Amukpe-Escravos Pipeline commenced commercial operations in August, 700 kbbls lifted in October.

•            Eight wells completed, another seven wells to be drilled in Q4 (currently drilling four wells)

•            Full-year guidance adjusted downwards to 40-44 kboepd owing to pipeline and export terminal outages, which were materially worse in Q3; capex maintained at $160 million, capex per well lower due to improved drilling performance

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