Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange has announced revenues of N1.071tn for the first nine months of 2024 up from N478.1bn Year-on-Year with cash generated from its operations rising to N633.8bn from N213.8bn (Year-on-Year).
The company also said it had received Ministerial Consent for acquisition of entire issued share capital of Mobil Producing Nigeria Unlimited which will consolidate its position as a major player the Nigeria’s oil and gas upstream.
Working interest production averaged 47,525 barrels of oil equivalent per day compared with 48,152 boepd in the year ago period around the midpoint of guidance.
The company’s operating profit also rose to N411.3bn from N91.3bn Year-on-Year, as the company achieved 8.2 million-man hours without Lost Time Injury (LTI).
The strong underlying business performance supported an increase of core dividend by 20 percent to US3.6 cents per share in 3Q 2024 alone. Total core dividend declared to date in 2024 is US9.6 cents per share.
The company’s operations were also boosted with the completion of the Oben gas plant turnaround maintenance the higher gas production expected in 4Q 2024.
Abiala field also achieved first oil in September with exports set to commence during Q4 2024 targetting gross production level of about 5,000 bopd in Q1 2025.
The Trans Niger Pipeline (‘TNP’) availability improved to support higher OML 53 production, 3Q 2024 production of 2,097 bopd and 85 percent increase compared to 3Q 2023, and enabling a resumption of OML 53 crude lifting at Bonny Terminal in September.
Seplat also reported an increase in drilling activity with nine wells completed year to date including seven from the 2024 program, which is on track.
Gas activity also saw ANOH Gas project s 23km spur line project completed, but the OB3 pipeline experienced further delays due to the technical challenges associated with the project. NGIC completion date has now moved to end of 2024. Factoring in a further contingency, first gas is now expected during 2Q 2025.
