Seplat Energy Plc (SEPL) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you and good morning everyone and delighted to be coming out with our first half of 2023 results. So we just lay out on the first slide some of the metrics and you can see there that we are uplifting our quarterly dividend. This is our core dividend, so it's now up 20% to 3 cents a share. Our total production for the half was a 9.2 million barrels of oil equivalent which is slightly up on the present period. Revenue at 547, which again is slightly up. And net debt, which is slightly up again at 380 million, but at good levels. Look on the right side of that slide, just the highlights. You can see there in terms of operating uptime improving year on year, we're finding now that we're getting reduced losses and benefits from additional export routes. And certainly our COO will cover that in his slides. Progress on the new B3 pipeline with our partner. And this is quite a critical catalyst for the Anogas project. Revenue, you can see there in terms of 6.1 million barrels of oil lifted. Modestly improved production offset by lower realized oil prices. And then gas price is relatively stable through the period. And the volumes are slightly up. It shows that we are a cash-generative business, particularly at these commodity levels. MPNU, we'll talk about that in a sec, but really we announced that we extended that sale and purchase agreement in May, and we're now obviously engaging with the new administration with a view to getting that closed out this year. And the last one to say here on this slide is just in terms of a bit of a board update, In line with our good governance and flagging and notifying early of board changes, our current CFO will step down for retirement next year and the board has approved Eleanor, who's the current VP Finance, who will then be now...