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.