With a declared dividend of 2.5 cents per share, Seplat Energy Plc has reported a half-year revenue of $527 million, up from $308.8 million year over year.
According to the company’s unaudited figures for the six months ending 30 June 2022, revenue increased by 71% during that time.
In a financial report made public to The Guardian, the corporation said that its 2022 half-year profit before tax (PBT) increased by 238% from $62.1 million to $209.9 million. Additionally, the business kept a healthy financial sheet with $350 million in cash on hand.
Along with reporting a 208.5% increase in total profit from $88.9 million to $274.3 million year over year, the indigenous energy firm also pledged to halt routine flaring by the end of 2024.
Seplat Energy Plc’s Chief Executive Officer, Roger Brown, commented on the results, saying: “Production increased significantly in the second quarter, achieving 52.4 kept across our operations. We expect to maintain higher volumes for the remainder of the year now that we intend to export liquids through the safer Amukpe-Escravos Pipeline.
“We just bought a 95% interest in the Abiola marginal field and aim to start operations there next year using existing infrastructure in OML 40. We surrendered our interest in Ubima due to its high production costs and export challenges. This is in line with our last year’s announcement of a low-cost, low-risk upstream expansion strategy.
“We are still hopeful that Mobil Producing Nigeria Unlimited (MPNU) will be authorized for our transformational acquisition, adding significant reserves and production capacity that will firmly establish Seplat Energy as Nigeria’s top indigenous oil and gas producer.
“We recently unveiled a decarbonization roadmap that outlines a clear route to stop routine flaring by 2024. In addition, five states will get five million seedlings planted as part of our “Tree for Life” effort to capture carbon. All of these measures show our strategic dedication to creating a viable business that facilitates the energy transformation for the good of all Nigerians, he said.
The business, according to him, anticipates drilling four more oil wells in the upcoming quarter to stop the decline and sustain production growth throughout the asset base, finish ongoing projects, invest in maintenance expenditure to safeguard the existing assets, and keep up investments in gas.