Seplat Energy Plc, an energy coy listed on both the Nigerian Exchange Limited and the London Stock Exchange has revealed an increase of 11.5 per cent revenue to $1,061.3 million, crossing the $1.0 billion mark for the first time.
This was disclosed at its 11th Annual General Meeting held virtually on Thursday, according to Daily Trust.
The shareholders approved the payment of a total dividend of US15 cents by the company as recommended by the board.
In addition to the core dividend of US 12 cents a share, there will be a special dividend in respect of the 2023 business year amounting to US3 cents.
The Chairman of the board of Seplat Energy, Mr Udoma Udo Udoma, said “We delivered a strong set of results in 2023, against a weaker oil price environment. Despite the 17.0% decline in the average price of Brent crude, we grew our oil and gas revenue by 11.5% to $1,061.3 million, crossing the $1.0 billion mark for the first time, supported by improved production and asset availability. We also made significant progress on several of our growth projects, showing a willingness to not just deliver value today but to plan for tomorrow.
“Our average daily production also increased by 8.3% in 2023, to 47,758 boepd (barrels of oil equivalent per day), from 44,104 bopd in 2022, with revenue from oil and gas sales for 2023 rising to 11.5% to $1,061.3 million from $952.0 million in 2022. This excludes the reported $98.9 million overlift. We also completed 14 new wells across our operated and non-operated assets.”
The Chief Executive Officer of Seplat Energy, Mr Roger Brown underlined the firm’s commitment to increasing its contribution to Nigeria’s energy sector through providing less polluting and renewable sources of power.
Brown said “As Nigeria’s leading indigenous energy company, we recognise our duty to minimise the impact of our operations on the environment. We aim to create increasingly sustainable energy solutions to provide access and meet increasing energy demand while addressing the critical challenge of climate change for society and our business.”
Seplat Energy’s CFO-designate, Mrs Eleanor Adaralegbe said that the payment of a specific dividend is an expression of the Board’s continued confidence in the future of the company, which was underpinned by a strong balance sheet and confirmed Seplat’s commitment to provide its shareholders with value.
