… Achieves over 4.9 million hours without Lost Time Injury
Seplat Energy PLC, a leading Nigerian independent energy company, today announced its unaudited results for the six months ended 30 June 2024, reporting a significant increase in profit before tax (PBT) to N244 billion from N43.5 billion in the same period last year. The company declared a total dividend of US$6 cents per share for the period.
Seplat Energy maintained a strong operational performance with production averaging 48,407 boepd, in line with guidance. The company achieved a significant milestone of more than 4.9 million hours without Lost Time Injury (LTI) at Seplat-operated assets. Key projects, including the ANOH gas project and the Abiala-1 workover, progressed as planned, with first gas expected by the end of the third quarter.
The company reported robust financial performance, with adjusted EBITDA rising 13.3% to $267.3 million. Cash generated from operations amounted to $226 million, and the balance sheet remained strong with a net debt to EBITDA ratio of 0.76x. A dividend of US$3.0 cents per share was declared for the second quarter.
Seplat Energy reaffirmed its full-year production guidance of 44,000 to 52,000 boepd and capital expenditure of $170 million to $200 million. The company expressed confidence in achieving a strong second half of the year, driven by the progress of its gas projects and oil production activities.
Seplat Energy CEO, Roger Brown, expressed satisfaction with the company’s performance, highlighting the operational strength and progress made on key projects. He emphasized the company’s commitment to increasing gas production in support of Nigeria’s ‘Decade of Gas’ initiative and the ongoing efforts to complete the acquisition of MPNU.
