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Seplat profit ‘soars’ on rising oil prices, output

April 30
13:26 2018
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Seplat Petroleum Development Company Plc, an indigenous oil producing company said on Monday that its first quarter 2018 gross profit rose year-on-year by a “whopping 385 percent to N28.4 billion, on the back of a sharp increase in oil production supported by rising global oil prices.”

 During the period under review, the oil firm saw its gross oil production rise to 61,150 barrels of oil per day (b/d), compared to 11,816 b/d in the corresponding quarter of 2017.

Oil prices also averaged $65 per barrel during the period compared to below $40 a year ago.

“We have made a good start to 2018.  Our core production base remains strong and predictable, the gas business has once again set a new record for quarterly revenue contribution and the steps we took to refinance the balance sheet have significantly strengthened our liquidity position and will allow investments to be scaled up,” Austin Avuru, Seplat chief executive officer said.

“Looking ahead we will return to drilling in the second half of the year as we re-focus our efforts on the numerous high-margin and short-cycle cash return opportunities we have in our portfolio.”

Seplat produces oil from five oil blocks namely OMLs 4, 38, 41, 53 and 283.

The company said that following a review of its operational, liquidity and financial position post refinancing, its board has decided to reinstate the dividend for shareholders and a pay a Q1 2018 interim of $0.05 per share.

It added that it was aiming for a full year 2018 average working interest production guidance of between 48,000 b/d to 55,000 b/d, and gas production of 148 to 158 million metric standard cubic feet per day (mmscfd).

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