Seplat Energy’s operating profit rises to N62.6bn

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Seplat Energy Plc has announced that its operating profit in the nine months ended September 2021 rose by 299 per cent year on year to N62.6bn from a N27.7bn loss in the corresponding period of 2020.

The company, listed on both Nigerian Exchange Limited and the London Stock Exchange, said in its unaudited financial statements for the period that its revenue rose by 18.7 per cent to N182.7bn from N135.6bn in Q3 2020.

Its earnings before interest, taxes, depreciation and amortisation also rose to N105.7bn from the N71.9bn recorded in the same period of 2020, depicting a 29.6 per cent growth.

Seplat Energy’s Chief Executive Officer, Roger Brown, said in a statement on Sunday, “Production has recovered strongly since the outage at Forcados Oil Terminal and we have been averaging nearly 33 thousand barrels oil equivalent per day liquids throughout October.

“Now that production has normalised, we expect production to be in the range 48-50 thousand barrels oil equivalent per day for the year, provided uptime on the Forcados Pipeline and FOT remains above the budgeted 80 per cent. I am pleased to report that our new wells at Gbetiokun are performing strongly, and we will soon commence drilling the exciting Sibiri prospect on OML40.

“We have taken the difficult, but practical decision to bring an end to the uncertainty of the Access Bank legal dispute regarding Cardinal Drilling Services, which completes the Board-mandated removal of Related Party Transactions.

“Although we maintain our previously stated position that legal action against the Company was whole without merit, the risk of significant disruption to our operations and other opportunities from a long, drawn-out legal case brought us to a negotiated settlement with Access Bank. We have therefore acquired the four Cardinal rigs and we are now focusing on fast-tracking their deployment in future drilling campaigns.”

Brown said the company would be focusing on increasing operational efficiency.

SOURCE: PUNCH

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