Seplat Energy Records N140.6bn Gross Profit In H1, 2023

Seplat Energy, CEO, Roger Brown.

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the six months ended 30 June 2023, recording a rise in revenue by 3.8 percent to N278.3bn from N219.2bn year-on-year.

The company also declared a Q2 2023 dividend of US 3 cents per share, in line with a higher core annual dividend of US 12 cents.

The energy Company’s also grew its 2023 H1 gross profit to N140.6bn from N114.1bn year-on-year. The Company, in its announcement, described the operating performance for the period as solid, given a 2 percent increase in production, helped by reduced losses on its Western Asset, which is benefitting from the availability of the Amukpe-Escravos Pipeline and increased output from OML40.

Seplat Energy extended the Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU) to preserve the transaction, pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals; and will continue to work with all parties to achieve a successful outcome.

The full-year production guidance was retained at 45-55 kboepd whilst Capex guidance range at $160 – $190 million (previously $160 m) to support the Group’s objectives for the year.

Following the Company’s previously announced Board succession plan (25 April 2023), it announced that Eleanor Adaralegbe, currently Vice-President Finance, has been appointed CFO-designate and will succeed Emeka Onwuka as CFO in 2024.


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