Seplat Energy Plc · LSE:SEPL
Seplat Energy — H1 2017 Earnings Presentation
15 slides from Seplat Energy's earnings presentation, Jul 27, 2017
Slide 1: 2017 Half-Yearly Results
27 JULY 2017 2017 HALF-YEARLY RESULTS 1 2017 HALF YEARLY RESULTS
Slide 2: Important Notice
IMPORTANT NOTICE DISCLAIMER FORWARD-LOOKING STATEMENTS This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control and all o
Slide 3: Introduction & activity update
Introduction & activity update Austin Avuru – CEO 3 2017 HALF YEARLY RESULTS
Slide 4: Highlights and Outlook
HIGHLIGHTS AND OUTLOOK PROACTIVE MANAGEMENT IN DIFFICULT CONDITIONS HAS STABILISED THE PLATFORM FOR LONG TERM GROWTH PROTECTED THE CORE …NOW TRANSITIONING …WITH FUTURE GROWTH BUSINESS IN DIFFICULT BACK INTO “BUILD AND OPPORTUNITIES TO CONDITIONS… GROW” MODE… TRANSFORM Upgraded Warri refinery alterna
Slide 5: Working Interest Production – Guidance Resumed
WORKING INTEREST PRODUCTION – GUIDANCE RESUMED UNDERPINNED BY A STRONG PLATFORM OF PRODUCING FIELDS boped • Average working interest production in H1 2017 +3% year-on-year at 26,383 boepd (H1 2016: 50,000 25,695 boepd) H2 guidance range - Liquids production of 9,507 bopd driven by force majeure 43-
Slide 6: Activity Update
ACTIVITY UPDATE PRIORITISING THE DIVERSIFICATION OF CRUDE EXPORT ROUTES TO MITIGATE CONCENTRATION RISK IN THE FUTURE OML’s 4, 38, 41 Amukpe to Escravos OPL 283 • Commenced workover of the Orogho-7 production well export pipeline • Planning the Anagba-1 • Upgrades to liquid treatment facility will al
Slide 7: Scaling Up Our Gas Business
SCALING UP OUR GAS BUSINESS TOTAL OPERATED PROCESSING CAPACITY AT ANOH COMPLETION WILL BE CAPABLE OF SUPPORTING ~3,000MW POWER GENERATION OMLs 4, 38, 41 855 Bscf net 2P+2C 525 MMscfd processing capacity Oben Hub (comprising 465 MMscfd at Oben • Strategically positioned and 60 MMscfd at Sapele) to ac
Slide 8: Finance update
Finance update Roger Brown - CFO 8 2017 HALF YEARLY RESULTS
Slide 9: Financial Summary
FINANCIAL SUMMARY H1 2017 PERFORMANCE REFLECTS FORCE MAJEURE CONDITIONS AND CONTINUED LOW OIL PRICE ENVIRONMENT US$ million H1 2017 H1 2016 Y-o-Y • Oil revenues US$77 million after stock adjustments (H1 2016: US$106 Revenue 132 153 -14% million) and gas revenues US$54 million (H1 2016: 47 million) C
Slide 10: Cash Reconciliation
CASH RECONCILIATION DILIGENT PRESERVATION OF A LIQUIDITY BUFFER 350 300 12 23 41 250 106 34 US$ million 200 202 150 160 100 50 0 Cash 31 Dec 2016 Cash flow from Receipts from OML PP&E Loan repayments Net interest Cash 30 June 2017 operations 55 10 2017 HALF YEARLY RESULTS
Slide 11: Capital Expenditures Incurred
CAPITAL EXPENDITURES INCURRED DISCRETION MAINTAINED OVER SPEND – H1 2017 CAPEX LIMITED AND HAVE MINIMAL COMMITMENTS IN H2 2017 350 US$321 million H2 2017 CAPEX PLANS • Committed capex in H2 2017 is minimal at US$20 million 300 39 • Seplat will continue to exercise discretion over spend • Following t
Slide 12: Capital Structure and Hedging
CAPITAL STRUCTURE AND HEDGING SUCCESSFUL DEBT REPROFILING UNDERSCORES THE QUALITY OF SEPLAT’S ASSET BASE Facility Refinanced As at (US$ million) in 2015 Repayment 30 June 2017 • Completed negotiations in September 2016 with Term Lenders 7-year secured term facility to approve the deferment of H2 201
Slide 13: Conclusions
CONCLUSIONS PROACTIVE MANAGEMENT IN DIFFICULT CONDITIONS HAS STABILISED THE PLATFORM FOR LONG TERM GROWTH PROTECTED THE CORE …NOW TRANSITIONING …WITH FUTURE GROWTH BUSINESS IN DIFFICULT BACK INTO “BUILD AND OPPORTUNITIES TO CONDITIONS… GROW” MODE… TRANSFORM Upgraded Warri refinery alternative Design
Slide 14: Q&A 2017 Half-Yearly Results
Q&A 2017 Half-Yearly Results 14 2017 HALF YEARLY RESULTS
Slide 15: Head Office / London Office
Head Office Seplat Petroleum Development Company Plc Address: 25A, Lugard Avenue, Ikoyi, Lagos, Nigeria. Phone: +234 1277 0400 Email: info@seplatpetroleum.com ir@seplatpetroleum.com Web: www.seplatpetroleum.com London Office Seplat Petroleum Development Company Plc Address: 4th Floor, 50 Pall Mall,