Business
Interim Management Statement and Q3 2021 Results
Interim Management Statement and Q3 2021 Results.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4995Q\n Seplat Energy PLC\n 28 October 2021\n \n \n \n \n Unaudited results for the nine months ended 30 September 2021 \n \n 28 October 2021\n \n \n \n Lagos and London, 28 October 2021: Seplat Energy Plc (\"Seplat Energy\" or \"the Company\"), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the nine months ended 30 September 2021.\n Operational highlights\n \n § YTD working-interest production of 47,280 boepd down 6.7% year on year largely as a result of the shut-in\nof the Forcados Oil Terminal (FOT) in August (Q3: 40,381 boepd)\n \n § Liquids production down 16.6% year on year at 27,804 bopd, recovering to 33kbopd liquids in October\n \n § Gas production up 13% to 113 MMscfd, despite FOT impact on associated gas \n \n § Completed two gas wells and three oil wells in the period, new Gbetiokun wells performing strongly\n Financial highlights (9M 2021)\n \n § Revenue after adjusting for an underlift was $535 million\n \n § EBITDA of $266.4 million\n \n § Cash generated from operations $163.8 million\n \n § Cash at bank $273.9 million, net debt of $479.8 million\n \n § Total capital expenditure of $83.9 million\n \n § Interim dividend of 2.5 cents ($0.025) \n Corporate updates\n \n § Name changed to Seplat Energy Plc to reflect new strategic vision outlined in July; new branding launched in October\n \n § Acquisition of Cardinal Drilling rigs for $36 million and cessation of legal proceedings by Access Bank\n Outlook for 2021\n \n § Expected production narrowed to 48-50 kboepd for full year, subject to market conditions\n \n § Amukpe-Escravos Pipeline (AEP) commissioning has commenced, oil flow expected in December 2021\n \n § Capex now expected to be $167 million for the full year\n \n § ANOH project remains on track for first gas in H1 2022\n Roger Brown, Chief Executive Officer, said:\n \"Production has recovered strongly since the outage at Forcados Oil Terminal (FOT) and we have been averaging nearly 33kbopd liquids throughout October. Now that production has normalised, we expect production to be in the range 48-50 kboepd for the year, provided uptime on the Forcados Pipeline and FOT remains above the budgeted 80%. I'm pleased to report that our new wells at Gb...