Business
Full Year 2017 Financial Results
Full Year 2017 Financial Results.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1903G SEPLAT Petroleum Development Co PLC 28 February 2018 \n\nSeplat Petroleum Development Company Plc\n \nFull Year Results\n \nFor the year ended 31 December 2017\n(Expressed in Naira and US Dollars)\n \nAnnouncement\nLagos and London, 28 February 2018: 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 2017 financial results and provides an operational update. \nCommenting on the results Austin Avuru, Seplat's Chief Executive Officer, said \n\"I am pleased to report that Seplat made a return to full-year profitability in 2017, registered strong cash flow performance and significantly strengthened the balance sheet. In a year of contrast we were plagued throughout most of the first half by force majeure at the Forcados terminal. However, following the lifting of force majeure on 6 June we rapidly restored full production operations and our subsequent operational and financial performance is a clear indicator of our strong fundamentals and what we can achieve when we have unhindered access to market. We will retain the flexibility and financial discipline that has seen us emerge from a difficult chapter in our history a fitter and stronger business. With line of sight on the availability of multiple export routes, we aim to significantly de-risk distribution of oil production to market. Notably, our gas business made another record contribution in 2017 and continues to demonstrate the robustness of its revenues providing a key source of growth and diversification, as well as delivering a much-needed reliable supply of gas to the Nigerian power sector. Seplat is now better positioned to return to sustainable growth.\"\nFull year 2017 results highlights\n2017 working interest production within guidance\n\n\n\n\n●\n\n\nFull year working interest production of 36,923 boepd (comprising 17,853 bopd liquids and 114 MMscfd gas) within guidance range of 35,000 - 38,000 boepd\n\n\n\n\n●\n\n\nWorking interest production post lifting of force majeure on 6 June 2017 to year end was 47,522 boepd (comprising 26,527 bopd liquids and 126 MMscfd gas)\n\n\n\n\n●\n\n\nAmukpe to Escravos alternate export pipeli...