Indigenous oil and gas producer SEPLAT Production Development Company has announced a 404 percent increase in profits for full year 2013.
The figures were made available in the annual reports and accounts for 2013 made public at the company’s first Annual General Meeting (AGM) as a publicly quoted company.
Speaking at the AGM which held on Monday June 30, 2014 at the Civic Centre in Lagos, Chairman of SEPLAT,ABC Orjiako announced that Seplat has continued to grow exponentially despite “the uncertainties about the passage of the Petroleum Industry Bill, persistent oil theft, huge exposure to subsidies and reduced demand for Nigerian crude oil blends, in the United States, among other things”.
According to Orjiako, “Operated crude oil production has grown significantly over a 3-year period (2011-2013), from 11.5 million barrels in 2011 to 18.8 million barrels in 2013, with an exit gross production rate at 31 December 2013 of 61.7 thousand barrels per day. Operated average daily production for 2013 was 51.4 thousand barrels per day, with total annual operated production of 18.8 million barrels.”
SEPLAT recorded total revenues of $880.2 million for the year ended 31 December 2013, representing growth of 41 percent over the 2012 figure.
Profit for the year increased by 404 percent or $441.2 million to $550.3 million, representing earnings per share of $1.38.”
ABC Orjiako declared “The future of our company is very bright.”
The company has recommended a dividend pay-out of N10 per ordinary share for the year ending 31 December 2013 and projections are that shareholders would smile home with about N16 per ordinary share in the coming year.
Austin Avuru, CEO of SEPLAT noted that shareholders will continue to smile because the company intends to keep production levels and revenue streams high.
“SEPLAT intends to continue development of its existing properties by improving operational efficiencies, investing in facilities and infrastructure to increase oil production and positioning itself to further monetise natural gas resources. New developments for recent discoveries and the completion of identified development projects will also ensure that the Company is well-positioned to grow both reserves and production by converting contingent and prospective resources into commercial reserves.
“SEPLAT Petroleum Development Company Plc, is a publicly quoted Nigerian Exploration and Production independent and the operator of the NPDC/ SEPLAT Joint Venture. The company listed simultaneously on the Nigerian and London Stock Exchanges in April 2014.
SEPLAT is leading the charge in gas commercialisation. With an average gross gas production of 99 million standard cubic feet per day in 2013, SEPLAT projects to triple its gas production by end 2016 through massive investments in processing and delivery infrastructure.
SEPLAT is also targeting gross operated oil production of 85 Mbopd from its existing assets by the end of 2016.
SEPLAT shares are up 17.2 percent year to date.
PATRICK ATUANYA
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