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Seplat FY22 Financial Results
Seplat FY22 Financial Results.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n Please see the Full Audited Results in attached PDF\n \n \n \n \n \n http://www.rns-pdf.londonstockexchange.com/rns/2227R_1-2023-2-28.pdf\n \n \n \n \n \n \n \n Audited results\nfor the year ended\n31 December 2022\n \n \n 28 February 2023\n \n \n \n \n \n \n \n \n Lagos and London, 28 February 2023:\n \n Seplat Energy Plc (\"Seplat Energy\" or \"the Company\"), a leading Nigerian independent energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, announces its audited results for the full year ended 31 December 2022.\n \n \n Special Dividend\n \n \n §\n Board recommends special dividend of US5.0 cents per share in addition to final dividend of US2.5 cents per share\n \n \n Operational highlights \n \n \n §\n Working interest production averaged 44 kboepd, impacted by outages of key infrastructure predominantly in Q3\n \n \n §\n Use of Amukpe-Escravos Pipeline (AEP) enables high uptime in December, exit rate of 53 kboepd\n \n \n §\n Completed 13 wells including two wells for the ANOH gas processing plant\n \n \n §\n ANOH Gas Processing Plant 95% mechanically complete, awaiting third-party infrastructure completion \n \n \n §\n Safety culture maintained, one LTI recorded in October, LTIF for the full year is 0.12\n \n \n Financial highlights\n \n \n \n §\n Revenues of $951.8 million, up 29.8%\n \n \n §\n Adjusted EBITDA $416.9 million, up 12.1%\n \n \n §\n Strong full year cash generation of $571.2million against capex of $163.3million and $140.3million transaction deposits\n \n \n §\n Strong balance sheet with $404.3 million cash at bank, net debt of $365.9 million\n \n \n §\n Full year production cost of $10.3/boe\n \n \n §\n 2022 Ubima divestment receipts were $18.6 million out of $55.0 million (additional $0.9million received in Jan 2023)\n \n \n Corporate updates\n \n \n §\n Continue to pursue approvals for acquisition of entire share capital of MPNU \n \n \n §\n Finalised New Energy investment plan, identified near term opportunities for consideration and FID late 2023\n \n \n §\n Commenced implementation of roadmap to achieving net zero by 2050\n \n \n §\n Provisional applications for voluntary conversion of operated Oil Mining Leases under Petroleum Industry Act\n \n \n §\n Work on-going to spin out Midstream Gas business i...