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Seplat Energy PLC - Lagos-based energy company focused on Nigeria - Reports a pretax profit of $83.4 million in the first quarter of 2022, nearly triple the previous year's figure of $28.0 million. Crude oil revenue was 74% higher at $216.2 million, up from $124.1 million. This reflected higher average realised oil prices in the quarter, Seplat explains. Gas revenue fell by 9.7% to $25.6 million from $28.4 million due to lower gas volumes and lower customer offtake. Production stoppages in February and March also contributed to lower gas revenue.
Working interest production averages 47,603 barrels of oil equivalent per day, down 1.3% from 48,239boepd the previous year. Company says its full-year production guidance of between 50,000 to 60,000 boepd remains unchanged. Expects the Amukpe-Escravos pipeline to be fully operational by the end of the second quarter of 2022.
Chief Executive Roger Brown says: ‘Seplat Energy delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline. However, the alternative Amukpe-Escravos Pipeline is mechanically complete and once we have signed the commercial agreements, we expect Chevron Corp to be lifting our oil through the Escravos Terminal in the third quarter.’
Current stock price: 128.49 pence, up 2.4% in London
12-month change: up 57%
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