Business
Full year 2015 financial results
Full year 2015 financial results.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1262T SEPLAT Petroleum Development Co PLC 24 March 2016 \n\nSeplat Petroleum Development Company Plc\nLagos, Nigeria\nFull Year Results\n \nFor the year ended 31 December 2015\n(Expressed in US Dollars and Naira)\n \n\n\n \n\n\n \n \nAnnouncement\nLagos and London, 24 March 2016: Seplat Petroleum Development Company Plc (\"Seplat\" or the \"Company\"), a leading Nigerian indigenous oil and gas company, listed on both the Nigerian Stock Exchange and London Stock Exchange, today announces its full year 2015 financial results and provides and operational update. \nCommenting on the results Austin Avuru, Seplat's Chief Executive Officer, said \"In 2015 we delivered on what was in our control, posting best-in-class reserves and production growth and taking our gas business across a transformational threshold with further expansion still to come. We acted quickly and decisively in response to the weak oil price environment, adjusting our work programme and cost structures, and against a bleak industry backdrop remained firmly profitable with a strong balance sheet underpinning us. Having started the year strongly, our 2016 full year production expectation has been impacted by the current shut-in of the Forcados terminal. However, we are much better positioned to withstand such interruptions than in prior years. Our gas business takes on additional importance by providing a continuous revenue stream that is de-linked to the oil price and our enlarged portfolio offers us scope for greater diversification. Finally, I would like to re-emphasise our strong focus remains on protecting the business and managing for value through driving further cost reductions, optimising operations, deleveraging and strengthening the balance sheet in preparation for opportunities that will inevitably follow this current downturn.\"\nFull year results highlights\n· Working interest 2P reserves at end 2015 independently estimated to be 209 MMbbls and 1,572 Bscf, equivalent to 480 MMboe (+71% year-on-year; organic reserve replacement ratio of production in the year 2x and 14x taking into account inorganic volumes). Working interest 2C resources stand at 57 MMbbls and 238 Bscf, equivalent to 98 MMboe\n- OMLs 4, 38 and 41 reserves up +6% and reserves booked at OML 53 ...