The Chairman of Seplat Petroleum Development Company PLC, Dr ABC Orjiako said the company’s cash position has remained strong in the full-year of 2020 and the $318 million of cash it generated from operations was significantly more than the $150 million invested for future growth.
Orjiako who made this statement while addressing shareholders at the company’s hybrid 8th Annual General Meeting (AGM) said the company’s capital expenditure in the 2020 business year was higher than the $125 million spent in 2019, which demonstrates the company’s commitment to growth; as it voluntarily repaid $100 million of its Revolving Credit Facility and ended the year with $225 million in cash and net debt of $440 million.
The company’s average working interest production was 51,183boepd, including 33,714bopd of liquids and 101MMscfd gas (17,469boepd).
In his explanation, he said “Of this, our Eland assets contributed 8,855bopd, or 26 per cent of total liquid volumes. Our financial performance enabled us to maintain our commitment to paying dividends. While other companies were cutting back or cancelling payments for the 2019 financial year, because of prevailing uncertainties, we honoured our commitment and paid a final dividend of US$0.05, for a total dividend of US$0.10 for 2019.
“In October 2020, we announced an interim dividend of US$0.05 and the Board has since approved an additional top-up of US$0.05, maintaining our US$0.10 dividend for the 2020 financial year. Since we raised $535 million at our initial public offering in May 2014, we have returned $344 million to shareholders in the form of dividends.
