Seplat Energy Reports Strong 2023 Performance and Positive Outlook for 2024
Financial Highlights:
- Revenue increased 12% to $1.06 billion from $951.8 million in 2022.
- Gross profit rose 14.5% to N349.3 billion from N197.2 billion.
- Production averaged 47,758 boepd, up 8% from 2022, and within guidance.
- Year-end cash at bank strengthened to $450 million.
- Net debt reduced to $306 million, with a Net Debt to EBITDA ratio of 0.7x.
Operational Highlights:
- Achieved over 8.7 million hours without Lost Time Injury (LTI) on Seplat-operated assets.
- Drilled and completed 14 wells in 2023, and ANOH gas plant achieved mechanical completion.
- 2P reserves increased 9% to 478 million barrels of oil equivalent (mmboe).
Dividend and Board Changes:
- Declared a total dividend of US 15 cents per share for 2023, including a special dividend.
- Mr. Udoma Udoma elected as Chairman and Mr. Bello Rabiu elected as Senior Independent Non-Executive Director, effective April 1, 2024.
2024 Outlook:
- Production guidance of 44-52 kboepd, assuming availability of Trans Niger Pipeline (TNP) from Q3 2024 and ANOH contribution in line with guidance.
- Initial capex guidance of $170-200 million.
- Confident about receiving approval for the acquisition of Exxon Mobil’s shareholding in Mobil Producing Nigeria Unlimited (MPNU).
CEO’s Comment:
Roger Brown, CEO of Seplat Energy, highlighted the company’s strong performance despite challenges, including production growth, a fortified balance sheet, and shareholder rewards. He also emphasized the company’s commitment to future growth through project development, the ANOH gas project, and the MPNU acquisition.
He welcomed the new Chairman and Senior Independent Non-Executive Director, and expressed confidence in Seplat Energy’s role as a leading Nigerian independent company
