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Seplat grows half-year profit before deferred tax by 142.7%  

Seplat Energy Plc recorded an impressive half-year (H1) 2021 scorecard with profit before deferred tax (PBT) of $62.1million, representing an increase of 142.7percent as against H1’20. Highlights of the company’s financial further show that revenue went up 32percent to $308.8 million in H1’21, from $233.5million in H1’20; earnings before interest, taxes, depreciation, and amortization (EBITDA) of $178.9 million; cash generated from operations ($125.8 million); cash at bank ($298.8 million) and net debt of $456.4 million. 

In the half-year (H1) period, Seplat pronounced an interim dividend at a rate of US2.5 cents (the United States Two and a Half Cents) per Ordinary Share, subject to withholding tax (WHT), to be paid to Seplat Energy’s shareholders whose names appear in the Register of Members as at the close of business on August 12, 2021. 

Both the Nigerian Exchange (NGX) Limited and London Stock Exchange hosted Seplat Energy Plc on Thursday, July 29 to commemorate Seplat’s first dual Capital Markets Day. The event marked an important milestone for Seplat marking its name change from Seplat Petroleum Development Company Plc to Seplat Energy Plc. 

While the company’s total rebranding is underway, the leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange announced its unaudited results for the half-year (H1) ended June 30, 2021.   

The operational highlights show working-interest oil and gas production within guidance at 50,786 barrels of oil equivalent per day (boepd); liquids production of 30,028 barrels of oil per day (bopd) in H1 2021, gas production up 21percent to 120 million standard cubic feet per day (MMscfd); Oben-50 and 51 gas wells completed in the period and producing; safety record extended to over 20.5 million man-hours without LTI on Seplat-operated western assets; while first lifting from Amukpe-Escravos Pipeline expected fourth-quarter (Q4) 2021. 

Seplat 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 Revolving Credit Facility (RCF); Refinanced $100 million Westport RBL facility; raised a $50 million offtake linked to the RBL in July; and total capital expenditure of $57.5 million.  

The Register of Shareholders will be closed on August 13, 2021, to enable Seplat’s Registrar, Datamax Registrars Limited to prepare for the payment of interim dividend. The Qualification Date is at the Close of Business on August 12, 2021. Note that on the London Stock Exchange: The Associated Record Date will be August 12, 2021, and the Ex-Dividend date will be August 11, 2021. 

 Seplat said in the corporate action announcement that the exchange rate for the Naira or Pounds Sterling amounts payable to shareholders will be determined by reference to the relevant exchange rates applicable to the Company will communicate the US dollar on August August 12. 

On or around September 13, 2021, the interim dividend will be paid electronically to shareholders whose names appear on the Register of Members as of August 12, 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their interim dividend directly into their bank accounts. 

Shareholders holding their shares on the Nigerian Exchange Limited without a valid Nigerian Certificate for Capital Importation (CCI) will be paid their dividend in Naira as the default currency. Shareholders holding their shares on the Nigerian Exchange Limited with a valid CCI will be paid their dividend in US dollars as the default currency. 

 “However, those shareholders may instead elect to receive their entire dividend payment in Naira (partial elections are not permissible). 

“Evidence of the CCI must be provided to Datamax Registrars Limited, and shareholders holding their shares through depository interests on the London Stock Exchange will be paid their dividend in US dollars as the default currency. 

“However, those shareholders may instead elect to receive their entire dividend payment in pounds sterling. Partial elections are not permissible,” Seplat said in a July 29 notice signed by Emeka Onwuka Chief Financial Officer. 

“Shareholders who have a dividend currency option must make the election to the Company’s Registrars by August 27, 2021, otherwise the dividend will be paid in the default currency. The election form will be sent out to the relevant shareholders and can also be found on the Company website. Those shareholders holding their shares on the Nigerian Exchange Limited who hold a valid CCI should notify SEPLAT’s Nigerian Registrars, DataMax Registrars Limited (DataMax), of that fact,” the company further said. 

 

About Gladys Johnson

Gladys Johnson The Publisher/Editor-In-Chief Global Business Drive Phone: +13465619347, +19796619107 Email: gladysjohnsonmedia@gmail.com, globalbusinessdrive@gmail.com

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