28th Apr 2025 10:57
(Alliance News) - Seplat Energy PLC on Monday reported an increase in first quarter revenue and the departure of two board members to join the board of Nigeria's national oil company.
Seplat, also based in Nigeria, reported revenue of USD809 million in its first quarter, ended March 31, multiplied from USD108 million a year prior.
This rise in revenue coincided with "strong" production in the first quarter, averaging 131,561 barrels of oil equivalent per day, more than doubled from 49,258 barrels a year before. Seplat kept its 2025 production guidance at 120,000 to 140,000 barrels of oil equivalent per day.
Chief Executive Officer, Roger Brown said: "Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable."
Pretax profit was USD207.4 million in the first quarter, multiplied from USD69.3 million a year before, while earnings before interest, tax, depreciation and amortisation was USD400.6 million, up from USD123.3 million.
Seplate declared a dividend of 4.6 US cents for the first quarter, up 28% from 3.6 cent in the fourth quarter and up 53% from 3.0 cents a year ago.
Seplat also on Monday said Senior Independent Director Bello Rabiu and Independent Director Babs Omotowa have resigned immediately, having been appointed to the board of NNPC Ltd, the Nigeria national petroleum company.
Seplat said that it is on track to deliver its 2025 guidance, expecting an increase in run rate costs in the second quarter and onwards "as drilling activities increase onshore and the jack-up barge commences well restoration work offshore".
Seplat shares were up 6.9% to 199.00 pence in London on Monday morning.
By Olivia Mason-Myhill, Alliance News reporter
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