Seplat posts 143% profit rise, declares 2.5 cents dividend

Seplat Energy Plc announced in its 2021 half-year financial results that its profit before deferred tax rose by 142.74 per cent to $62.10m (N42.70bn), while it declares an interim dividend of 2.5 cents per ordinary share.

The company said its revenue in H1 2021 rose by 32.25 per cent to $308.80m from the $233.50m recorded in H1 2020.

It said its cash in the bank stood at $298.80m while net debt was $456.40m.

Seplat also disclosed some operational highlights, saying, “Working-interest oil and gas production within guidance at 50,786 barrels of oil equivalent per day; liquids production of 30,028 barrels of oil per day in H1 2021, gas production up 21percent to 120 million standard cubic feet per day.

“Oben-50 and 51 gas wells completed in the period and producing; safety record extended to more than 20.5 million man-hours without LTI on Seplat-operated western assets; while first liftings from Amukpe-Escravos Pipeline expected fourth-quarter of 2021.

“Seplat’s successful issue of a $650m 7.75 per cent senior notes to redeem existing $350m 9.25 per cent senior notes and repay $250m drawn on $350m Revolving Credit Facility; refinanced $100m Westport RBL facility; raised a $50m offtake linked to the RBL in July, and total capital expenditure of $57.5m.”

The company said its dividend would be paid in US dollars to shareholders without a Nigerian Certificate for Capital Importation while holders of the CCI with shares listed on the NGX would get it in naira.

The Chief Financial Officer, Seplat, Emeka Onwuka, said, “Evidence of the CCI must be provided to Datamax Registrars Limited; and shareholders holding their shares through depository interests on the London Stock Exchange will be paid their dividend in US dollars as the default currency.

“However, those shareholders may instead elect to receive their entire dividend payment in pounds sterling. Partial elections are not permissible.

“Shareholders who have a dividend currency option must make the election to the company’s registrars by August 27, 2021, otherwise, the dividend will be paid in the default currency. The election form will be sent out to the relevant shareholders and can also be found on the company website.”

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