Business
Unaudited Results for Six Months to 30 June 2024
Unaudited Results for Six Months to 30 June 2024.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n\nPlease see the Full Audited Results in attached PDF\nhttp://www.rns-pdf.londonstockexchange.com/rns/3114Y_1-2024-7-29.pdf\n\n \nUnaudited results for the six months ended\n30 June 2024\n30 July 2024\n \nLagos and London, 30 July 2024: 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 2024.\nOperational highlights\n\n\n\n\n· \n\n\nProduction averaged 48,407 boepd (6M 2023: 50,805 boepd), at midpoint of guidance (44,000 boepd - 52,000 boepd).\n\n\n\n\n· \n\n\nPipeline losses of 3.1% in 6M 2024, highlights an improving environment for stable operations on the Niger Delta. Average deferments also improved to 24% (6M 2023: 26%).\n\n\n\n\n· \n\n\nANOH gas project on track to reach first gas by end 3Q 2024. Critical infrastructure progressed well in 2Q 2024; spur line achieved mechanical completion and progress on OB3 pipeline tunnelling means both infrastructure projects are on track for completion during 3Q 2024.\n\n\n\n\n· \n\n\nAbiala-1 workover activity complete, second well commenced, first oil on track for 3Q 2024.\n\n\n\n\n· \n\n\nSibiri-1 and Sibiri-2 onstream and producing at a combined rate of c.3,000 bopd (gross).\n\n\n\n\n· \n\n\nCarbon emissions intensity: 28.6 kg CO2/boe (6M 2023: 26.3 kg CO2/boe).\n\n\n\n\n· \n\n\nAchieved more than 4.9 million hours without Lost Time Injury (\"LTI\") at Seplat-operated assets in 6M 2024.\n\n\n\n\nFinancial highlights \n\n\n\n\n· \n\n\nRevenue $421.6 million from $547.0 million in 6M 2023 (6M 2024 reported underlift of $55.8 million, 6M 2023 reported overlift of $59.4 million).\n\n\n\n\n· \n\n\nAverage realised oil price $85.55/bbl (6M 2023: $79.54/bbl); average realised gas price $2.95/Mscf (6M 2023: $2.87/Mscf).\n\n\n\n\n· \n\n\nUnit production opex stable at $9.7/boe, (6M 2023: $9.6/boe).\n\n\n\n\n· \n\n\nAdjusted EBITDA rose 13.3% to $267.3 million in 6M 2024 (6M 2023: $235.8 million), benefitting from lower costs.\n\n\n\n\n· \n\n\nCash generated from operations of $226.0 million ...