Seplat Energy Plc · LSE:SEPL
Seplat Energy — H1 2022 Earnings Presentation
16 slides from Seplat Energy's earnings presentation, Jul 28, 2022
Slide 1: 6M 2022 Results
6M 2022 RESULTS 28 July 2022 reliable reliable energy, energy, limitless limitless potential potential
Slide 2: Important Notice – Disclaimer
IMPORTANT NOTICE Disclaimer FORWARD-LOOKING STATEMENTS This presentation 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 – Roger Brown, Chief Executive
INTRODUCTION ROGER BROWN CHIEF EXECUTIVE reliable energy, limitless potential 3 SEPLAT ENERGY 6M 2022 RESULTS
Slide 4: Corporate Highlights
CORPORATE HIGHLIGHTS Strong half buoyed by higher oil price 6M 2022 achievements § Strong safety record extended to 28.4 million man-hours with no § Strategic decision to divest Ubima for $55 million to focus on other LTI on Seplat Energy operated assets parts of the business that generate higher re
Slide 5: Operational Performance
OPERATIONAL PERFORMANCE Production affected by outage at Forcados Oil Terminal GROUP PRODUCTION 2012 – 6M 2022 2022 OPENING RESERVES AND 6M 2022 PRODUCTION BY ASSET 60,000 Liquids Gas W.I. 2P reserves * W.I. production 52,385 6M 2022 51,183 49,867 49,924 Oil Gas Total Oil Gas Total 50,000 22,055 17,
Slide 6: Oil Business
OIL BUSINESS Average working interest liquids production increased in Q2 2022 DRILLING PRODUCTION § Minimum of 10 wells planned for 2022 § Average working interest oil production up 1.3% to - Completed Amukpe-05, Opuama-12 29,629 bopd (6M 2021: 29,263 bopd) excludes Ubima - Concluded the Sibiri expl
Slide 7: AEP Launch Will Boost Exports
AEP LAUNCH WILL BOOST EXPORTS More secure and reliable route to market from major assets § Pipeline is mechanically complete, commercial contracts signed, continuous injection of liquids begins in August 1 Amukpe to Escravos Terminal § We expect Chevron to be lifting our oil this quarter, Benin Rive
Slide 8: Gas Business
GAS BUSINESS Focus on gas well development and completion of ANOH OPERATIONAL ANOH GAS PLANT, OML 53 § Average working interest production of 117.7 MMscfd § All equipment fabricated for the project now in Nigeria (6M 2021: 120 MMscfd) with over 90% delivered to the project site - Impacted by lower o
Slide 9: ESG Developments
ESG DEVELOPMENTS Focus on safety and environmental protection underpins operations Health Environment § Effectively managed COVID-19 pandemic without disruption to business § Continued environmental compliance monitoring to ensure environmentally safe continuity and resumed 100% in Lagos and base of
Slide 10: Financial Review – Emeka Onwuka, CFO
FINANCIAL REVIEW EMEKA ONWUKA CHIEF FINANCIAL OFFICER reliable energy, limitless potential 10 SEPLAT ENERGY 6M 2022 RESULTS
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS Six months to 30 June 2022 16.5% TOTAL REVENUES 70.7% REALISED PRICE 65.9% UNIT OPERATING COSTS $527.0 million $107.35 / bbl. $8.1 / boe $569.7m adjusted for $42.7m underlift Oil price recovered strongly Lower maintenance costs 6M 2021: $308.8 million 6M 2021: $64.69/bbl. 6M 202
Slide 12: 6M 2022 Financial Results
6M 2022 FINANCIAL RESULTS Strong increase in revenues and cash flow $ million 6M 2022 6M 2021 Change Oil revenue 469.2 244.8 91.7% § Oil revenues up on higher realised price Gas revenue 57.8 64.0 (9.7%) of $107.35/bbl. (6M 2021: $64.69/bbl.) Total revenue 527.0 308.8 70.7% § Adjusted for underlift o
Slide 13: Strong Cash Generation
STRONG CASH GENERATION Cash position improved in H1 2022 even after deposits for investments Increase Decrease Total $700.0 Millions $330.1 $600.0 $500.0 -$140.3 $10.8 -$71.3 $5.9 $400.0 -$63.9 $350.0 $324.5 -$45.8 $300.0 $200.0 $100.0 $0.0 Cash from operation Capex Interest & finance Hedge premium
Slide 14: Robust Liquidity Position
ROBUST LIQUIDITY POSITION More than $700m liquidity available Liquidity ($m) $600 $400 $350.0 Net debt / LTM EBITDA $200 0.78X $0 $11m drawn -$200 -$110 of $50m UNDRAWN -$400 -$350 Net debt $418.6m* -$600 -$650 -$800 Cash 7.75% senior notes RBL (Westport) Offtake-linked RBL (Westport) RCF *Adjusted
Slide 15: Outlook for 2022
OUTLOOK FOR 2022 § Transformational impact of MPNU Capital expenditure planned in 2022 - Significantly increases production and reserves - Diversifies business from onshore to more secure offshore production with dedicated export routes 30 § Production guidance of 50 – 54 kboepd for 2022* - Liquids:
Slide 16: Contact Us
CONTACT US Lagos London reliable energy, limitless potential 16 SEPLAT ENERGY 6M 2022 RESULTS