Seplat Energy reaffirms commitment to transparency, Long term value creation

Shareholders of Seplat Energy Plc have approved total dividend payment of US 15 cents for the financial year ended December 31, 2023.

The dividend comprises of a interim dividend of US 3 cent per share paid within the year and final dividend of US 12 cent per share.

Shareholders expressed their appreciation over Seplat Energy performance and dividend payout amidst challenging market conditions.

Mr. Patrick Ajudua who spoke on behalf other shareholders said “I want to commend the dividend declaration by Seplat.

They have earlier given us a special dividend of US 3 cents and this is a reassurance that investors needed to continue to invest in the company.

He commended the board and management for financial performance which saw the gross earnings grow up significantly and the ANOH project.

Another shareholder Mr. Faruk Umar, another shareholder, in his comments, said
Seplat’s dual listing is accompanied by the highest level of corporate governance adherence and this is good.

As Seplat Energy continues its journey towards sustainable growth and value creation, the AGM reaffirmed the company’s commitment to transparency, accountability, and delivering long-term value to its stakeholders.

Addressing shareholders and other stakeholders during the Annual General Meeting held virtually on Thursday, Chairman of the Board, Seplat Energy, Mr Udoma Udo Udoma provided insights into the company’s financial performance for 2023, saying that total revenue increased by 11.5 per cent to $1,061.3 million, crossing the $1.0 billion mark for the first time.

He said: “We delivered a strong set of results in 2023, against a weaker oil price environment. Despite the 17.0 per cent decline in average price of Brent crude, we grew our oil and gas revenue by 11.5 per cent to $1. 061 billion, crossing the $1.0 billion mark for the first time, supported by improved production and asset availability.

“We also made significant progress on several of our growth projects, showing a willingness to not just deliver value today but to plan for tomorrow.”

“Our average daily production also increased by 8.3 per cent in 2023, to 47,758 barrels of oil equivalent per day( boepd) from 44,104 bopd in 2022, with revenue from oil and gas sales for 2023 rising by 11.5 per cent to $1. 061 billion from $952.0 million in 2022.

“This excludes the reported $98.9 million overlift. We also completed 14 new wells across our operated and non-operated assets.”

While speaking on the Seplat Energy’s strong financial position, Seplat Energy’s Chief Finance Officer-designate, Mrs. Eleanor Adaralegbe stated that the Board recommended a total dividend of US 15 cents per share to be paid to shareholders for the 2023 financial year, with a special dividend of US 3 cents per share, aside from the core dividend of US 12 cents per share, representing 20 per cent growth against the amount paid in 2022 financial year.

According to her, this payment of the special dividend reflects the Board’s continued confidence in the future of the business and is underpinned by a strong balance sheet, crystalizing Seplat’s commitment to delivering value to its investors.