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    Wednesday, July 31, 2019

    Seplat Grows Profit by 15.6% to N37b in H1

    Seplat Petroleum Development Company Plc sustained its growth trajectory in the first half as pre-tax profit rose by 15 per cent to N37 billion, equivalent to $121 million.
    Key extracts of the interim report and accounts of Seplat for the six-month period ended June 30, 2019 released yesterday at the Nigerian Stock Exchange (NSE) showed that turnover grew by four per cent to N109 billion in 2019 as against N105 billion recorded in comparable period of 2018. Gross profit increased by 19 per cent to N64 billion in 2019 as against N53 billion in 2018. Profit before deferred tax increased by 15.6 per cent from N32 billion to N37 billion.
    In Dollars terms, Seplat, which is also quoted on the London Stock Exchange (LSE), recorded a turnover of $355 million in half year 2019 as against $343 million in corresponding period of 2018. Operating cash flow hit $255 million in half year 2019 as against $245 million in comparable period of 2018. Gross profit rose by 19 per cent to $207 million as against $174 million while profit before deferred tax increased to $121 million in first half 2019 compared with $105 million in first half of 2018.
    Chief Executive Officer, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said the half-year performance emphasised the strong cash generation potential of the company’s low-cost production base and the good progress it is making at the large-scale Assa North/Ohaji South (ANOH) gas and condensate development project.
    He explained that the first-half work programme was impacted by unforeseen delays from rig contractors as well as the need to undertake higher levels of maintenance and asset integrity work for longer-term benefit of the assets, which affected production during the period.
    He said the company has now secured the necessary rig capacity for the second half to implement the revised work programme which will drive it towards a 2019 exit working interest production rate of 62,000 barrels of oil equivalent per day (boepd) and bring annualised production within the unchanged guidance range of 49,000 to 55,000 boepd.
    est green field gas and condensate developments onshore the Niger Delta to date. Seplat is well positioned to leverage the experience gained at the Oben gas processing hub to incorporate operational and cost efficiencies. The board of Seplat had in March 2019 took the Final Investment Decision (FID) to proceed with the ANOH project where first gas is targeted for first quarter 2021.
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