30th Jul 2018 13:06
LONDON (Alliance News) - SEPLAT Petroleum Development Co PLC on Monday said it swung to profit in the first half of its current financial year, helped by improved production and higher oil prices.
The oil & gas company swung to a pretax profit of USD121.0 million in the six months to the end of June, having reported a USD26.0 million pretax loss the year prior, as revenue more than doubled to USD343.0 million from USD132.0 million.
Meanwhile, working interest production nearly doubled to 51,099 barrels of oil equivalent per day from 26,383 barrels equivalent daily a year earlier. Average released oil price also jumped to USD69.1 per barrel from USD45.0 per barrel in the first half of 2017.
During the period, the company said it produced 155.0 million standard cubic feet of gas per day with an average realised gas price totalling USD3.04 per 1,000 standard cubic feet.
"The results today continue to demonstrate our ability to generate cashflow and profitability from our assets and we are on track to deliver our 2018 production guidance in both oil and gas, with gas now contributing a significant portion to the bottom line," said Chief Executive Austin Avuru.
The stock was trading 1.4% lower on Monday at 144.00 pence per share.
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