Seplat Energy posts N308.2 bn operating income for H1, 2024
- $128 m deposit still staked on MPNU divestment deal
Sopuruchi Onwuka
Indigenous independent energy producer, Seplat Energy PLC, has declared that its operating profit for the first half of the year has risen to significant N285.2 billion, adding that profit before tax (PBT) also jumped to N244 billion
According to the company’s performance data in the past year, the new operating profit is N225 billion greater than the N60.2 billion reported in the same period last year. The profit before tax is also N200.5 billion greater than the N43.5 billion reported in the same period last year.
The company which is listed in London Stock Exchange (LSE) and the Nigerian Stock Exchange (NSE) also posted operating income of N308.2 billion, and still clings on the hope or concluding its acquisition of onshore and shallow water assets of ExxonMobil to which it has committed a hold with $128 million initial deposit.
According to a statement released by the corporate spokesman, Dr Chioma Afe, the strong financial performance which earns shareholders some 6 cents per share is premised on positive operations and market figures.
The company reported average oil and gas production of 48,407 barrels of oil equivalents per day (boepd) in the period, down from 50,805 boepd in the same period in 2023 but also in the range of target band of between 44,000 boepd and 52,000 boepd.
All the upbeat performances were achieved more than 4.9 million hours without Lost Time Injury (LTI) at Seplat-operated assets in the period.
Chief Executive Officer of Seplat Energy, Mr. Roger Brown, said: “Seplat Energy delivered a solid performance in the first half of 2024. Continued operational strength positions us well for the second half of the year, which is set to be an active one for the company. Reported cash generation was softened by the underlift in the period, but this is largely a timing effect and our cash generation and balance sheet remain strong.
“In May we were honoured to receive President Tinubu for the commissioning of the ANOH gas plant and associated pipelines, and the project remains on track for first gas in 3Q 2024. We thank our government partners for their efforts towards completion of critical pipeline infrastructure in recent weeks. In 2H 2024 we also look forward to first gas on the Sapele gas plant, which alongside debottlenecking activities at Oben should further enhance gas production. We are well on our way to increasing gas production in support of Nigeria’s ‘Decade of Gas’.
“In our oil business, early results from Sibiri have been modestly ahead of expectations, as well, having completed the first of two planned wells, production at Abiala should commence in the coming weeks, finally we look to higher production at Ohaji once stable operations on the Trans Niger Pipeline are achieved. Combined with growth in our gas business, and we are looking forward to a strong second half with momentum to carry into 2025.
“During the quarter a number of important steps were made that support completion of our proposed acquisition of MPNU. We are confident and committed to its completion and continue to work with regulators, government, and other parties to ensure its successful completion.”
