Seplat Posts 208.5% Rise in Q2 Gross Profit to $274.3m

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Energy Plc, has reported a rise of 238% in its half year 2022 profit before tax (PBT) to $209.9million from $62.1million year-on-year. The company also maintained a strong balance sheet with $350million cash at bank.

The company’s unaudited results for the six ended 30 June 2022, revenue for the period under review also appreciated by 71% to $527million from $308.8milion year-on-year, with a dividend of US$2.5 cents per share declared.

The indigenous energy company also reported a 208.5% rise in gross profit to $274.3million from $88.9million year-on-year, and has committed to stopping routine flaring by the end of 2024.

Commenting on the results, which were released to the and LSE on Thursday, Roger Brown, chief executive officer, Energy Plc said: “Production increased strongly in the second quarter, achieving 52.4 kboepd across our operations, and we expect to maintain higher volumes for the rest of the year now that we plan to export liquids through the more secure Amukpe-Escravos Pipeline.

“Having divested our interest in Ubima because of its high production costs and export difficulties, we recently acquired a 95% interest in the Abiala marginal field and plan to begin operations there next year using existing infrastructure in OML 40.

“This is consistent with the strategy for low-cost, low-risk growth we announced last year. We remain confident that our transformational acquisition of MPNU will be approved, adding significant reserves and production capacity that will strongly reinforce Energy’s position as Nigeria’s leading indigenous oil and gas producer.

“We have recently launched a roadmap for decarbonisation, with a clear path to ending routine flaring by 2024. In addition, our ‘Tree for Life’ initiative will plant five million saplings to sequester carbon across five states. All of these initiatives demonstrate our strategic commitment to build a sustainable company that delivers energy transition for the benefit of all Nigerians.”

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 and the Company remains confident that the proposed acquisition will be brought to a successful conclusion in accordance with the law.

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