Business
Q3 2022 Financial Results
Q3 2022 Financial Results.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \nPlease see the full Unaudited Results in attached PDFhttp://www.rns-pdf.londonstockexchange.com/rns/2586E_1-2022-10-26.pdfSeplat Energy PlcUnaudited results for the nine months ended 30 September 2022 Lagos and London, 27 October 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 nine months ended 30 September 2022.Financial highlights ·Revenues up 34.4% to $618.6 million ($678.9 million including underlift), driven by higher realised oil prices of $108.25/bbl.·EBITDA up 27% to $337.9 million (adjusted for non-cash items)·Strong cash generation of $368.1 million, capex of $110.3 million·Strong balance sheet with $304.8 million cash at bank, net debt of $452.2 million ·Production opex of $9.3/boe·Average realised gas pricing sustained at $2.80/Mscf despite pricing pressure on domestic gas delivery obligation·Received $13.4 million out of a total of $55 million in accordance with Ubima divestment agreement·Q3 dividend of US2.5 cents per share, taking 9M 2022 total to US7.5 cents per share ($44.1 million paid in the period) Operational highlights·Strong safety record extended to 30.5 million hours without lost-time injury at Seplat Energy-operated assets·Volumes of 43,337 boepd, impacted by oil theft and outages of key infrastructure ·Amukpe-Escravos Pipeline commenced commercial operations in August, 700 kbbls lifted in October.·Eight wells completed, another seven wells to be drilled in Q4 (currently drilling four wells)·Full-year guidance adjusted downwards to 40-44 kboepd owing to pipeline and export terminal outages, which were materially worse in Q3; capex maintained at $160 million, capex per well lower due to improved drilling performanceUpdate on proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU)·Seplat Energy reiterates that the Sales & Purchase Agreement (SPA) signed on 25 February 2022 to acquire Exxon's shallow water operations in Nigeria, MPNU, remains valid·The Company remains confident that the proposed acquisition will be brought to a successful conclusion in accordance with the lawQ3 corporate updates·Provisional applications to the NUPRC (Nigerian Upstream Petroleum Regulatory Commiss...