RNS Number : 8371G
Seplat Energy PLC
29 July 2021



29 JULY 2021

Unaudited results for the six months ended 30 June 2021

Lagos and London, 29 July 2021: Seplat Energy Plc ("Seplat Energy" or the "Company"), a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, announces its unaudited results for the six months ended 30 June 2021. 



Working-interest oil and gas production within guidance at 50,786 boepd

Liquids production of 30,028 bopd in H1 2021

Gas production up 21% to 120 MMscfd .

Oben-50 and 51 gas wells completed in the period and producing

Safety record extended to more than 20.5 million man hours without LTI on Seplat-operated western assets

First liftings from Amukpe-Escravos Pipeline expected Q4 2021


Revenue up 32% to $308.8 million

EBITDA of $178.9 million

Cash generated from operations $125.8 million

Cash at bank $298.8 million, net debt of $456.4 million

Successful issue of $650 million 7.75% senior notes to redeem existing $350 million 9.25% senior notes and repay $250 million drawn on $350 million RCF

Refinanced $100 million Westport RBL facility; raised a $50 million offtake linked to the RBL in July

Total capital expenditure of $57.5 million 

Corporate Actions

Interim dividend of US2.5 cents per share in line with Seplat's quarterly dividend distribution timetable

Mr. Damian Dodo, SAN, and Lord Mark Malloch-Brown, both Independent Non-Executive Directors retired from the Board; replaced by Prof. Fabian Ajogwu and Mr. Bello Rabiu effective July 9, 2021.

Corporate updates

Name changed to Seplat Energy Plc to reflect evolving strategy

ANOH project now fully funded following successful $260 million debt issue


Expected production unchanged at 48-55 kboepd for full year, subject to market conditions

Capex now expected to be $180 million for the full year

ANOH project remains on track for H1 2022 first gas

4.0 MMbbls hedged at $35-$50/bbl for H2 2021


Roger Brown, Chief Executive Officer, said:

"Seplat continues to deliver a robust performance despite the ongoing pandemic. Our second-quarter volumes were significantly higher that the first three months and we remain confident of a good outcome to the year as we drive improvements across our operations.

The strength of our balance sheet was demonstrated in March when we were able to refinance at considerably lower cost through the issue of $650 million senior notes. We have since committed to quarterly dividend payments providing more frequent returns to shareholders. For the second quarter, we have declared a dividend of US2.5 cents per share.

In May we announced a change of name to Seplat Energy, reflecting our belief that we must diversify our business so we can offer the optimal mix of energy for Nigeria's future needs. Having established ourselves as one of Nigeria's most successful indigenous independent oil and gas companies, we will now build on that strong base and accelerate our domestic gas business, expanding along the gas value chain into LPG and CNG. As part of Nigeria's energy transition, we will selectively target opportunities in gas to power and solar energy, critical to providing an alternate to expensive diesel generated electricity".   

Summary of performance


$ million




6M 2021

6M 2020

% change

6M 2021

6M 2020







Gross profit






Impairment of assets *






Operating profit (loss)






Profit (loss) before deferred tax






Operating cash flow






Working interest production (boepd)






Average realised oil price ($/bbl)






Average realised gas price ($/Mscf)






*Includes $146.0 million IAS36 impairment on revaluation of assets and $14.8 million impairment of financial asset in 2020

Outlook for 2021

For 2021 we expect to produce an average of 48,000 - 55,000 boepd, taking into account the impact of OPEC+ quotas. We continue to hedge against oil price volatility and expect a higher proportion of revenues to come from long-term gas contracts at stable prices.   

We have significant cash resources and will continue to manage our finances prudently in 2021, expecting to invest more than $180 million of capital expenditure across the full year, with $57 million already invested. We remain confident that our ongoing cost-cutting initiatives and prudent management of cash will enable further reductions in debt, whilst supporting dividend payments and investment for growth.  

Following its successful funding, the completion of the ANOH project remains a major priority and we expect this to be achieved in H1 2022, at lower cost than originally estimated at FID.

Name change to Seplat Energy PLC

The proposed change of name to Seplat Energy Plc was approved by the Shareholders at the Annual General Meeting held on 20 May 2021 and all the necessary legal requirements to effect the name change have been completed at the Nigerian Corporate Affairs Commission. The Company's ticker, Legal Entity Identifier and other identification codes remain unchanged.

The change of name reflects Seplat Energy's desire to lead Nigeria's transition to lower-carbon and renewable energy. It will be accompanied by a rebranding exercise expected to be completed in time for the Seplat Energy Summit scheduled for September 2021.

Q2 2021 interim dividend

Following a review of Seplat's dividend policy, the Board has approved a Q2 2021 interim dividend of US2.5 cents per share (subject to appropriate WHT) to be paid to shareholders whose names appear in the Register of Members as at the close of business on 12th August 2021.





Seplat Energy Plc                                                                                  

Emeka Onwuka, Chief Financial Officer                                                  

Eleanor Adaralegbe, VP, Finance

Chioma Nwachuku, Director, External Affairs & Sustainability

Carl Franklin, Head of Investor Relations


+234 1 277 0400

FTI Consulting

Ben Brewerton / Sara Powell / Chris Laing

+44 203 727 1000

Citigroup Global Markets Limited

Tom Reid / Luke Spells

+44 207 986 4000

Investec Bank Plc

Chris Sim / Rahul Sharma

+44 207 597 4000


Capital Markets Day Presentation

The Executive Management team will host a capital markets event for analysts and investors at the London Stock Exchange at 15:00 on Thursday 29 July.

Representatives of Seplat Energy's executive team will provide an update on corporate strategy and opportunities to drive Nigeria's energy transition. 

To view the event online please pre-register using the SparkLive webcast sign-up link here:   

A copy of the presentation will be made available on the day of results on the Company's website at


Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed on the Nigerian Exchange (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).

Seplat is pursuing a Nigeria-focused growth strategy and is well positioned to participate in future asset divestments by international oil companies, farm-in opportunities, and future licensing rounds. The Company is a leading supplier of gas to the domestic power generation market. For further information please refer to the Company website,


Important notice

The information contained within this announcement is unaudited and deemed by the Company to constitute inside information as stipulated under Market Abuse Regulations. Upon the publication of this announcement via Regulatory Information Services, this inside information is now considered to be in the public domain.

Certain statements included in these results contain forward-looking information concerning Seplat Energy's strategy, operations, financial performance or condition, outlook, growth opportunities or circumstances in the countries, sectors, or markets in which Seplat Energy operates. By their nature, forward-looking statements involve uncertainty because they depend on future circumstances and relate to events of which not all are within Seplat Energy's control or can be predicted by Seplat Energy. Although Seplat Energy believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. Actual results and market conditions could differ materially from those set out in the forward-looking statements. No part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in Seplat Energy or any other entity, and must not be relied upon in any way in connection with any investment decision. Seplat Energy undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

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