TIDMSEPL
RNS Number : 2586E
Seplat Energy PLC
27 October 2022
Please see the full Unaudited Results in attached PDF
http://www.rns-pdf.londonstockexchange.com/rns/2586E_1-2022-10-26.pdf
Seplat Energy Plc
Unaudited results for the nine months ended 30 September
2022
Lagos and London, 27 October 2022: Seplat Energy PLC ("Seplat
Energy" or "the Company"), a leading Nigerian independent energy
company listed on both the Nigerian Exchange and the London Stock
Exchange, announces its unaudited results for the nine months ended
30 September 2022.
Financial highlights
-- Revenues up 34.4% to $618.6 million ($678.9 million including
underlift), driven by higher realised oil prices of
$108.25/bbl.
-- EBITDA up 27% to $337.9 million (adjusted for non-cash items)
-- Strong cash generation of $368.1 million, capex of $110.3 million
-- Strong balance sheet with $304.8 million cash at bank, net debt of $452.2 million
-- Production opex of $9.3/boe
-- Average realised gas pricing sustained at $2.80/Mscf despite
pricing pressure on domestic gas delivery obligation
-- Received $13.4 million out of a total of $55 million in
accordance with Ubima divestment agreement
-- Q3 dividend of US2.5 cents per share, taking 9M 2022 total to
US7.5 cents per share ($44.1 million paid in the period)
Operational highlights
-- Strong safety record extended to 30.5 million hours without
lost-time injury at Seplat Energy-operated assets
-- Volumes of 43,337 boepd, impacted by oil theft and outages of key infrastructure
-- Amukpe-Escravos Pipeline commenced commercial operations in
August, 700 kbbls lifted in October.
-- Eight wells completed, another seven wells to be drilled in
Q4 (currently drilling four wells)
-- Full-year guidance adjusted downwards to 40-44 kboepd owing
to pipeline and export terminal outages, which were materially
worse in Q3; capex maintained at $160 million, capex per well lower
due to improved drilling performance
Update on proposed acquisition of Mobil Producing Nigeria
Unlimited (MPNU)
-- Seplat Energy reiterates that the Sales & Purchase
Agreement (SPA) signed on 25 February 2022 to acquire Exxon's
shallow water operations in Nigeria, MPNU, remains valid
-- The Company remains confident that the proposed acquisition
will be brought to a successful conclusion in accordance with the
law
Q3 corporate updates
-- Provisional applications to the NUPRC (Nigerian Upstream
Petroleum Regulatory Commission) for the voluntary Petroleum
Industry Act (PIA) conversion of operated Oil Mining Leases
-- Successfully refinanced existing $350m RCF due September 2023
with a new three-year $350 RCF due April 2026
-- Seplat West (OMLs 4, 38 &41) awarded ISO 55001 (Asset
Management), a first for an African E&P company
Roger Brown, Chief Executive Officer, said:
"Despite an unusually challenging quarter for the Nigerian oil
and gas industry, with key export routes being unavailable because
of force majeure, we have demonstrated that we have a resilient
business. The Amukpe-Escravos Pipeline has been operational since
August and we have had our first oil export this month. The Trans
Forcados Pipeline has now resumed operations and we continue to
increase our use of alternative export routes, giving us confidence
that the final quarter of the year will show some improvement in
volumes."
"We are working closely with all the relevant stakeholders on
our transformational acquisition of MPNU and remain confident that
the proposed acquisition will be brought to a successful conclusion
in accordance with the law. The acquisition will add significant
reserves and production capacity that will strongly reinforce
Seplat Energy's position as Nigeria's leading indigenous oil and
gas producer."
Summary of performance
$ million billion
9M 2022 9M 2021 % Change 9M 2022 9M 2021
Revenue 6 18.6 460.4 34.4% 258.7 182.7
Gross profit 2 83.4 146.5 93.5% 118.5 58.1
EBITDA * 337.9 266.4 32.2% 141.3 105.7
Operating profit (loss) 2 35.9 157.8 49.5% 98.6 62.6
Profit (loss) before tax 1 85.2 97.4 90.3% 77.5 38.6
Cash generated from operations 36 8.1 163.8 124.7% 154.0 64.9
Working interest production (boepd) 43,337 47,280** -8.3%
Volumes lifted (MMbbls) 4.9 5.5 -10.9%
Average realised oil price ($/bbl.) $108.25 $67.43 60.5%
Average realised gas price ($/Mscf) $2.80 $2.86 -2.1%
===================================== ======== ========= ========= ======== ========
* Adjusted for non-cash items **includes Ubima production
Responsibility for publication
This announcement has been authorised for publication on behalf
of Seplat Energy by Emeka Onwuka, Chief Financial Officer, Seplat
Energy PLC.
Signed:
Emeka Onwuka
Chief Financial Officer
Enquiries:
Seplat Energy Plc
Emeka Onwuka, Chief Financial Officer +234 1 277 0400
Eleanor Adaralegbe, Vice President, Finance
Carl Franklin, Head of Investor Relations
Ayeesha Aliyu, Investor Relations
Chioma Nwachuku, Director, External Affairs & Sustainability
============================================================== ================================
FTI Consulting
Ben Brewerton / Christopher Laing +44 203 727 1000
seplatenergy@fticonsulting.com
============================================================== ================================
Citigroup Global Markets Limited
Tom Reid / Luke Spells +44 207 986 4000
============================================================== ================================
Investec Bank plc
Chris Sim / Charles Craven / Jarrett Silver +44 207 597 4000
============================================================== ================================
Notes to editors
Seplat Energy PLC is Nigeria's leading indigenous energy
company. It is listed on the Nigerian Exchange Limited (NGX:
SEPLAT) and the Main Market of the London Stock Exchange (LSE:
SEPL).
Seplat Energy is pursuing a Nigeria-focused growth strategy
through participation in asset divestments by international oil
companies, farm-in opportunities, and future licensing rounds. The
Company is a leading supplier of gas to the domestic power
generation market. For further information please refer to the
Company website, https://seplatenergy.com/
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