Seplat records $746million 2018 Full-year Revenue [DETAILS]

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Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company, listed on both the Nigerian Stock Exchange and London Stock Exchange, today announces its full year 2018 financial results and provides an operational update.

Full year 2018 results highlights 2018 working interest production within guidance; license renewal secured for OMLs 4, 38 and 41

• Full year working interest production of 49,867 boepd (comprising 25,669 bopd liquids and 145 MMscfd gas) within guidance range of 48,000 – 55,000 boepd; Uptime on the Trans Forcados System during 2018 was 85% (in line with budget), while average reconciliation losses stood at 8%

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• License renewal for OMLs 4, 38 and 41 obtained with a new expiry date of 21 October 2038. US$25.9 million renewal bonus paid ensuring all conditions have been met (renewal bonus included in 2018 capex)

• 2019 production guidance set at 49,000 boepd to 55,000 boepd (liquids production range of 24,000 bopd to 27,000 bopd and gas production range of 146 MMscfd to 164 MMscfd) Strong profitability, cash flow generation and dividend reinstated

• Full year revenue US$746 million; operating profit US$310 million, profit before deferred tax US$238 million; after adjusting for deferred tax of US$91 million, net profit after tax stood at US$147 million

• Cash flow from operations US$502 million significantly ahead of capital expenditures of US$88 million • The board has recommended a final dividend of US$0.05 per share.

See details below

2018 FY Results Presentation

Seplat FY 2018 Result

Seplat Corporate Announcement on FY2018 Final Dividend for release

 


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