Seplat Energy declares US 3Cents dividend per share for Q1


Seplat Energy PLC, a leading Nigerian independent energy company has released  its unaudited financial results for the three months ended 31 March 2024, declaring US 3 Cents dividend per share for the period.

For the period under review, production averaged 49,258 barrels of oil equivalent per day (boepd), down by  4.8 per cent on prior period which stood at  51,720 boepd,, but 5.7bper cent above fourth quarter 2023 production. and towards the upper end of 2024 guidance (44,000 boepd – 52,000 boepd).

Seplat Energy also achieved more than 2.3 million hours without Lost Time Injury (LTI) at Seplat-operated assets in first quarter 2024

.The company reported revenue of $179.8 million at the end of March this year, down from $331.0 million in the preceding year(after adjusting for underlift and overlift oil volumes, and three month  2024 adjusted revenues of $236.3 million, against $255.6 million in the first quarter of 2023. 

Cash generated from operations of $16.8 million, primarily due to timing of liftings, $95 million received in April for volumes lifted in March, down from $145.0m in Q1 2023.

Commenting on the results, Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “Seplat Energy continued its trend of strong operational performance in the first quarter. Oil production on OMLs 4, 38, 40 and 41 outperformed expectations, benefitting from low pipeline losses and deferments, which were ahead of plan. Cash flow was down in the first quarter, but this is largely due to timing difference of lifting oil from the terminals. The business remains strong, production is firmly on track this year and price realisations remain supportive of cash generation.