Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Wednesday, July 28, 2021
Home Uncategorized Seplat changes name to reflects broader energy mix-Management

Seplat changes name to reflects broader energy mix-Management

- Advertisement -

Seplat Petroleum Development Company Plc has announced that its board has decided to change the name of the company to Seplat Energy PLC.

The company in a statement said the name is more adequately reflects its 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.”, it stated

Meanwhile, has announced its announces its unaudited results for the three months ended 31 March 2021, recording a rise in revenue by 16.8 per cent to $152.4 million with increased operational efficiencies and further reduction in costs.

The Company reported a profit before tax (PBT) of $28 million whilst adopting a quarterly dividend policy of US2.5 cents 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 (3M 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Electricity generation from Egbin plant hits 883MW, loses N13.68bn to gas, grid constraints

  BY KAYODE EKUNDAYO Electricity generation from Egbin Power Plant has risen to 883MW as another 175MW unable to be utilized due to external constraints with...

Russia writes OPEC, restates commitment to cooperation

Russia has reaffirmed its commitment to the development of the constructive cooperation with the Organisation of Petroleum Exporting Countries (OPEC) both within the framework...

Oriental Energy Resources Announce Mustafa Indimi New Managing Director

Mustafa Indimi has been appointed the new Managing Director of Oriental Energy Resources Limited, a leading indigenous oil exploration and production company in Nigeria....

Shareholder protection is our priority- Lekoil Nigeria CEO

The Chief Executive Officer of Lekoil Nigeria Limited, Mr. Lekan Akinyanmi, has disclosed that the protection and growth of shareholder value remain priority in...

Recent Comments