SEPLAT records $28m profit before tax

Seplat Petroleum Development Company Plc (“, a leading Nigerian independent energy company , has announced its announces its unaudited results for the three months ended 31 March 2021, recording profit before tax of $28 million.

The profit before tax (PBT) of $28 million was recorded for the period, up from a loss position of $95.7 million in the same period of 2020,while adopting a quarterly dividend policy of US2.5 cents per share in first quarter starts immediately.

The company revenue increased by 16.8 per cent to $152.4 million with increased operational efficiencies and further reduction in costs.

SEPLAT maintained a strong cash position of $236.3 million in first quarter 2021, with an EBITDA position of $77.8 million.

Commenting on the results, which were released to the NSE and LSE on Thursday, Mr. Roger Brown, the Chief Executive Officer of the Company, said: “We have made a progressive start to the year, delivering oil and gas production volumes of 48,239 boepd, within our guidance range. With the Gbetiokun field at OML40 now back in production, we are currently achieving average daily volumes of nearly 54 kboepd so far in April and we will build on this as we add additional oil and gas wells this year.

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