Business
Full Year 2019 Financial Results
Full Year 2019 Financial Results.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 1645H\n Seplat Petroleum Development Co PLC\n 23 March 2020\n \n \n \n \n Seplat Petroleum Development Company Plc\n \n \n \n \n \n Audited Full Year Results\n \n \n \n \n \n For the year ended 31 December 2019\n(Expressed in Naira and US Dollars)\n \n \n \n \n \n Please see the Full Audited Results in attached PDF\n \n \n http://www.rns-pdf.londonstockexchange.com/rns/1645H_1-2020-3-23.pdf\n \n \n \n Seplat Petroleum Development Company Plc\n \n \n Audited results for the year ended 31 December 2019\n \n \n \n Lagos and London, 23 March 2020: Seplat Petroleum Development Company Plc (\"Seplat\" or the \"Company\"), a leading Nigerian independent oil and gas company listed on both the Nigerian Stock Exchange and London Stock Exchange, today announces its audited results for the financial year ended 31 December 2019. \n \n \n \n Highlights\n \n \n \n \n \n Financial \n \n \n · \n Revenue of US$698 million down 6.5% on lower production and oil price \n \n \n · \n Profit before deferred tax of US$270 million, up 13.4% \n \n \n · \n Total capital expenditure of US$125 million, US$114 million on oil and gas assets \n \n \n · \n Cash flow from operations US$338 million\n \n \n · \n Cash at bank US$333 million\n \n \n · \n Final dividend maintained at US$0.05 per share \n \n \n \n \n \n Operational \n \n \n · \n Low unit cost of production at US$6.20/boe \n \n \n · \n Working interest production 46,498 boepd in line with 2019 revised guidance of 45,000 - 48,000 boepd \n \n \n · \n Liquids production of 23,935 bopd\n \n \n · \n Gas production of 131 MMscfd \n \n \n · \n FID taken for 300MMscfd ANOH gas processing facility; first gas now expected Q4 2021\n \n \n \n \n \n Landmark acquisition of Eland Oil & Gas PLC \n \n \n · \n Increases Seplat's WI liquids production by 9Kbopd, increases WI 2P liquids reserves by 36MMbbls \n \n \n · \n Loan due from Elcrest to Eland of US$414 million at year end; loan maturity 31 December 2024\n \n \n · \n Adds upside potential from unappraised discoveries e.g. Amobe, plus new export routes\n \n \n · \n Eland achieved a record day's WI liquids production of 17 kbopd on 17 March 2020.\n \n \n \n \n \n Outlook\n \n \n · \n Expected production of 47-57 kboepd (inc. ...