By Guardian Nigeria 30 April 2023 | 6:12 am Seplat Energy Plc has disclosed that its gross profit soared to N91.1 b in the first quarter (Q1) 2023, from N48.8 billion same period last year, rising by 69 per cent.The energy firm, in its unaudited result for the three months ended March 31, 2023.. Seplat Seplat Energy Plc has disclosed that its gross profit soared to N91.1 b in the first quarter (Q1) 2023, from N48.8 billion same period last year, rising by 69 per cent.The energy firm, in its unaudited result for the three months ended March 31, 2023, made available to The Guardian, also recorded a rise in profit before tax by 3.2 per cent to N39.5b from N34.7b year-on-year. Commenting on the results, the Independent Chairman, Basil Omiyi, said: “Seplat Energy’s management and staff have once again delivered excellent performance, with production volumes up, unit production cost down and strong cash generation enabling the board to increase our annual core dividend target from US10 cents to US12 cents per share, paid in equal quarterly dividends. As a result, we have declared a Q1 2023 dividend of US 3 cents per share. “The year has started strongly, and we are now seeing the benefits of the AEP, through which we are exporting significant amounts of oil. On the ANOH gas plant, our partners have made good progress in the quarter on delivering the OB3 and Spur pipelines, as well as the necessary gas wells, and we maintain Q4 2023 for first gas. We continue to engage with all relevant parties in the proposed acquisition of MPNU and are confident of a successful outcome.” The energy company also grew its Q1 revenue by 36.9 per cent to N152b from N100.6b year-on-year, driven by higher production volumes. It, however, recorded a strong Q1 cash generation of $139.9m and capex of $44.7m with balance sheet strengthened with $459.7m cash at bank, net debt down to $288.2m (excluding Mobil’s $130m cash deposit). In its operations, Seplat said that its working interest production increased by 8.6 per cent to 51,720 barrels of oil equivalent per day (boepd), in upper half of guidance range for the period. According to the report, the Amukpe-Escravos Pipeline (AEP) is supporting higher export volumes from key western assets, while the new OP-15 well is boosting liquids production at Oil Mining Lease (OML 40), with Oben-34 well boosting gas production. The company said that it achieved more than 3.8 million hours without Lost Time Injury (LTI) at its assets during the period. Latest 6 mins ago Tens of thousands thronged a central Budapest square on Sunday for Pope Francis’ open-air mass on his third and final day in Hungary in a visit dominated by the war in neighbouring Ukraine. 16 mins ago A gas leak killed 11 people in India, an official said Sunday, in the latest deadly industrial accident in the vast developing economy of 1.4 billion people. The gas leak happened in Giaspura, an industrial area of Ludhiana in the northern state of Punjab. The official, who asked not to be named, said they had… 31 mins ago The Federal Government has explained that the sum of 1.2 million dollars allegedly spent in hiring buses for the evacuation of Nigerian students in Sudan was due to the dire need of the war situation. This is contained in a statement signed by the spokesperson of the Ministry of Humanitarian Affairs Mrs Rhoda Iliya. It… 1 hour ago The Federal Government has advised farmers to partner with experts in the area of agricultural research and development to curtail perennial post-harvest losses of produce. Prof. Hussaini Ibrahim, the Director General of, the Raw Materials Research and Development Council (RMRDC), gave the advice in Sokoto at the inauguration of the first Indigenous Onion and Garlic… 1 hour ago Defence Headquarters says troops of Operation Whirl Stroke have raided a weapon fabrication factory at Wukari in Taraba and apprehended two suspected gunrunners.
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