Seplat’s first-half profit falls to $156 million

Oil and gas firm, Seplat, said its half-year pretax profit fell to $156 million, down 26 percent from $210 million a year earlier.

In its first interim report following a debut $500 million IPO in April, the Nigerian firm reported that its gross revenue also fell 7 percent to $388 million during the period to June 30.

Seplat achieved first-half average oil production of 27,375 barrels per day, against 27,183 barrels per day in 2013 and plans to invest around $250 million in 2014.