Business
H1 2022 Results
H1 2022 Results.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \n \n Please see the Full Audited Results in attached PDF\n \n \n \n \n \n \n \n \n http://www.rns-pdf.londonstockexchange.com/rns/0028U_1-2022-7-27.pdf\n \n \n \n \n \n \n \n Seplat Energy Plc\n \n \n \n \n \n Unaudited results for the six months ended 30 June 2022\n \n \n \n \n \n \n \n \n Lagos and London, 28 July 2022: Seplat Energy PLC (\"Seplat Energy\" or \"the Company\"), a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, announces its unaudited results for the six months ended 30 June 2022.\n Financial highlights \n \n · Revenues up 71% from 6M 2021 to $527.0 million, higher realised oil prices of $107/bbl\n \n · EBITDA up 92% to $342.7 million (adjusted for non-cash items)\n \n · Strong cash generation of $330.1 million, capex of $70.7 million\n \n · Strong balance sheet with $350.0 million cash at bank, net debt of $418.6 million \n \n ·\n Lower production opex of $8.1/boe achieved\n \n \n ·\n Average realised gas pricing sustained at $2.76 despite pricing pressure on domestic gas delivery obligation\n \n \n · Q2 dividend of US$2.5 cents per share, taking 6M 2022 total to US$5.0 cents per share \n Operational highlights\n \n · Strong safety record extended to 28.4 million man-hours without lost-time injury from Seplat Energy-operated assets\n \n · Working interest production improved to 52.4 kboepd in Q2 (liquids 30.3 kbopd, gas 22.1 kboepd),\n6M average of 49.9 kboepd (excludes volumes from Ubima, which was divested in Q1)\n \n · Amukpe-Escravos Pipeline commercial agreements signed, continuous injection expected from first week of August\n \n · Exit from Ubima completed for consideration of $55 million, with initial payment of $6.4 received in July\n \n · Agreement for 95% equity farm-in to the Abiala Marginal Field carved out of OML 40\n \n · Five wells drilled\n \n · Full-year guidance narrowed to 50-54 kboepd (excludes Ubima) \n Update on proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU)\n \n · Transformational acquisition announced in February 2022 will almost triple production and boost reserves\n \n · Seplat Energy reiterates that the Sales & Purchase Agreement (SPA) signed on 25 February 2022 to acquire Exxon's shallow water operations in Nigeria, MPN...