Seplat Energy Plc (SEPL) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everybody, and welcome to CEPLA Energy's financial results for the full year 2023. On the call today, we are joined by our CEO, Roger Brown, CFO Emeka Onwuka, and our COO, Samson Ezeghori. We'll first present our business and financial highlights, followed by the outlook, and after this, we'll move to Q&A. Before we start the presentation in detail, I encourage you to take note of the forward-looking statements on slide two. Now I'll pass over the call to Roger. Over to you Roger. Thank you James and hello everyone. Welcome to the full year 2023 CEPLA Energy results. So you can see on the slide four we have set out our 2023 highlights and underpinning that is a strong operational and fiscal performance in what was a quite a challenging year for CEPLA but I'm glad to say that our policies, procedures, and very important, our staff really rose to the challenge in 2023. So I've set out five main highlights. First one there is on our 2P reserves. We just had an upgraded CPR, and we've seen a 9% increase in our reserves, both in gas and oil. And so they've moved up to 478 million barrels of oil equivalent, which is a very good increase year on year. The next one, looking at the daily production, and we were within guidance, we just slightly short of 48,000 barrels of oil equivalent. Roughly 60% of that was oil and 40% was gas. And that production's up 8% year on year Now, it's largely we saw reduced losses and lower deferments. And importantly, in terms of operation performance, we hit mechanical completion on a very important strategic gas plant. We'll talk about that in a couple of slides time. A third one there is our 2020 through revenue. And you can see that we've gone through the billion dollars of turnover, up 12% on last year, and very monumentally through ...