Business
Unaudited Q1 Results: 31 March 2025
Unaudited Q1 Results: 31 March 2025.
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/3520G_1-2025-4-27.pdf\n \n\n \nUnaudited results for the three months ended 31 March 2025\n28 April 2025\n \nOverview\nLagos and London, 28 Apr 2025: 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 audited results for the three months ended 31 March 2025.\nSummary\nDelivered robust production and cost performance during 1Q 2025, at a new scale, and firmly on track to deliver FY 2025 guidance. Strong cash position supports early repayment of $250 million reducing the RCF to $100 million, and an increase in our quarterly dividend to US$ 4.6c/share.\nOperational highlights\n\n\n\n\n·\n\n\nProduction averaged 131,561 boepd up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 - 140 kboepd).\n\n\n\n\n\n\n\n· Onshore production contribution of 56,196 boepd, was 14% higher than 1Q 2024, and above 2025 guidance. Within this, liquids +10% and gas +21% vs 1Q 2024, following strong performance at Oben Gas Plant and first contribution from Sapele Gas Plant. \n\n\n\n\n\n\n\n· SEPNU production contribution of 75,365 boepd, within guidance, of which 88% crude and condensate, 4% NGL and 8% gas.\n\n\n\n\n·\n\n\nSEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.\n\n\n\n\n·\n\n\nSapele Integrated Gas Plant ('SIGP') was commissioned and achieved first commercial gas sales in February 2025. Plant is delivering high quality processed gas, and condensate yields of c.2 kbopd.\n\n\n\n\n·\n\n\nCarbon emissions intensity for Seplat onshore assets: 30.6 kg CO2/boe (revised 1Q 2024: 31.1 kg CO2/boe), reduction driven by lower emissions at Sapele post start-up of SIGP. End of routine flaring for onshore assets on track for H2 2025. \n\n\n\n\n·\n\n\nAchieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for SEPNU.\n\n\n\n\nFinancial highlights \n\n\n\n\n·\n\n\nRevenue $809 million up c.350% on prior year (1Q 2024: $180 milli...