Business
Half Year 2023 Financial Results
Half Year 2023 Financial Results.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n\nPlease see the Full Audited Results in attached PDF\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/4848H_1-2023-7-27.pdf\n \nUnaudited results for the six months ended\n30 June 2023\n28 July 2023\n \n \nLagos and London, 28 July 2023: 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 2023.\nSummary\nOur operating performance in 6M 2023 was solid, we achieved a 2% increase in production, helped by reduced losses on our Western Asset, which is benefitting from the availability of the Amukpe-Escravos Pipeline and increased output from OML40. Revenue remained strong, while operating profits in the period were impacted by lower oil prices and other items, most notably the non-cash impact of the devaluation of the Nigerian Naira.\nFinancial highlights \n· Revenues up 3.8% to $547.0 million (including overlift of $59.4m), on improved production, offset by lower oil price \n· Cash generation of $259.1 million, funding capex of $88.8 million and improved shareholder returns\n· Balance sheet remains strong, $381.0 million cash at bank, despite impact of the devaluation of the Naira on USD cash balances, net debt now at $380.0 million ($128 million MPNU cash deposit not included)\n· Further $3.3 million received as part of the Ubima disposal, total proceeds up to $21.9 million \n· Unit production opex of $9.6/boe\n· Average oil price $79.54/bbl (6M 2022: $107.35/bbl); average gas price $2.87/Mscf (6M 2022: $2.76/Mscf)\n· Q2 2023 dividend declared of US 3 cents per share, in line with higher core annual dividend of US 12 cents \nOperational highlights\n· Working interest production increased by 1.8% to 50,805 boepd, in the middle of our 45-55 kboepd guidance\n· Amukpe-Escravos Pipeline (AEP) continued to provide alternative evacuation resulting in lower downtime overall\n· Completed five new wells, boosting liquids production at OML 40\n· Island section of grouting operations on OB3 pipeline comp...