SEPLAT Board Propose Change Corporate Name To “Seplat Energy PLC” During AGM May 20

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… Which more adequately reflects our ambitions of providing a broader energy mix.

 

Mr. Roger Brown, the Chief Executive Officer of the Seplat Petroleum Development Company Plc while commenting on the results, which were released to the NSE and LSE on Thursday disclosed that: “This is the backbone of Seplat’s strategy and we will be communicating how we plan to achieve this over the coming months. To that end, the Board took the decision to change our name to Seplat Energy PLC, which more adequately reflects our ambitions of providing a broader energy mix. We will present the name change to our shareholders for approval at the AGM on 20 May 2021.”

According to mr Brown: “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.

 

“Our flagship ANOH gas project is proceeding as planned and was fully funded in February when our joint venture company, AGPC successfully raised $260 million of debt financing. In addition, the success of our $650 million Eurobond issuance in March demonstrates investor confidence in our prudent financial management and the exciting future ahead for the Company and its stakeholders.”

READ ALSO THIS: SEPLAT Board Propose Change Corporate Name To “Seplat Energy PLC” During AGM May 20

The SEPLAT CEO further explained: “As we drive forward our strategy of being a low-cost energy provider delivering reliable, affordable and sustainable energy to the young, fast-growing population of Nigeria, energy transition – which delivers on Nigeria’s social development goals in tandem with the climate agenda – is essential.”

 

For 2021, he said “we expect to produce an average of 48,000 – 55,000 boepd, taking into account the impact of OPEC+ quotas. We continue to hedge against oil price volatility and expect a higher proportion of revenues to come from long-term gas contracts at stable prices.

We have significant cash resources and will continue to manage our finances prudently in 2021, expecting to invest $150 million of capital expenditure across the full year, with nearly $33 million already invested. We remain confident that our ongoing cost-cutting initiatives and prudent management of cash will enable further reductions in debt, whilst supporting dividend payments and investment for growth, he added.

 

“Following its successful funding, the completion of the ANOH project remains a major priority. According to him, although we expect some COVID-19 related delays to push completion into early 2022, following a cost optimisation programme we now expect the project to cost no more than $650 million, substantially below the $700 million budget previously stated at Final Investment Decision.

 

The Captioned Photo: The Seplat Petroleum Development Company Plc, The Chief Executive Officer, Mr. Roger Brown


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