• Declares 15 cents dividends
Seplat Energy Plc has restated its commitment to sustainability and growing shareholders wealth, even as it declared US15 cents per share dividends earlier proposed by the Board of Directors for the financial year ended December 31, 2023.
The declared dividends comprised a special dividend of US 3 cent per share and US 12 cent per share final dividend for the year.
In his address to shareholders at the 11th Annual General Meeting (AGM), which held virtually, Mr. Udoma Udo Udoma, Chairman of Seplat Energy, highlighted Seplat Energy’s robust financial results, including an 11.5 percent increase in total revenue to $1.06 billion.
Udoma said: “We delivered a strong set of results in 2023 against a weaker oil price environment. Despite the 17 percent decline in average price of Brent crude, we grew our oil and gas revenue by 11.5 percent to $1.06 billion, crossing the $1.0 billion mark for the first time, supported by improved production and asset availability. We also made significant progress on several of our growth projects, showing a willingness to not just deliver value today but to plan for tomorrow.
“Our average daily production also increased by 8.3 percent in 2023, to 47,758 boepd (barrels of oil equivalent per day), from 44,104 bopd in 2022, with revenue from oil and gas sales for 2023 rising to 11.5 percent to $1.06 billion from $952.0 million in 2022. This excludes the reported $98.9 million overlift. We also completed 14 new wells across our operated and non-operated assets.”
Also speaking, CEO of Seplat Energy, Mr. Roger Brown, reiterated the company’s commitment to sustainability and energy transition, outlining Seplat Energy’s initiatives to increase its contribution to Nigeria’s power sector by providing lower carbon and renewable energy solutions.
He said: “As Nigeria’s leading indigenous energy company, we recognise our duty to minimise the impact of our operations on the environment.
We aim to create increasingly sustainable energy solutions to provide access and meet increasing energy demand, while addressing the critical challenge of climate change for society and our business.
‘’We are positioned for decarbonisation through several strategic initiatives and continue in our role in leading Nigeria’s domestic gas supply, which accounts for about 25% of the country’s gas-to-power supply.’’
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