Q3 2022 Financial Results

Source: RNS
RNS Number : 2586E
Seplat Energy PLC
27 October 2022

Please see the full Unaudited Results in attached PDF


Seplat Energy Plc

Unaudited results for the nine months ended 30 September 2022


Lagos and London, 27 October 2022: Seplat Energy PLC ("Seplat Energy" or "the Company"), a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, announces its unaudited results for the nine months ended 30 September 2022.

Financial highlights   

·    Revenues up 34.4% to $618.6 million ($678.9 million including underlift), driven by higher realised oil prices of $108.25/bbl.

·    EBITDA up 27% to $337.9 million (adjusted for non-cash items)

·    Strong cash generation of $368.1 million, capex of $110.3 million

·    Strong balance sheet with $304.8 million cash at bank, net debt of $452.2 million     

·    Production opex of $9.3/boe

·    Average realised gas pricing sustained at $2.80/Mscf despite pricing pressure on domestic gas delivery obligation

·    Received $13.4 million out of a total of $55 million in accordance with Ubima divestment agreement

·    Q3 dividend of US2.5 cents per share, taking 9M 2022 total to US7.5 cents per share ($44.1 million paid in the period)   

Operational highlights

·    Strong safety record extended to 30.5 million hours without lost-time injury at Seplat Energy-operated assets

·    Volumes of 43,337 boepd, impacted by oil theft and outages of key infrastructure 

·    Amukpe-Escravos Pipeline commenced commercial operations in August, 700 kbbls lifted in October.

·    Eight wells completed, another seven wells to be drilled in Q4 (currently drilling four wells)

·    Full-year guidance adjusted downwards to 40-44 kboepd owing to pipeline and export terminal outages, which were materially worse in Q3; capex maintained at $160 million, capex per well lower due to improved drilling performance

Update on proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU)

·    Seplat Energy reiterates that the Sales & Purchase Agreement (SPA) signed on 25 February 2022 to acquire Exxon's shallow water operations in Nigeria, MPNU, remains valid

·    The Company remains confident that the proposed acquisition will be brought to a successful conclusion in accordance with the law

Q3 corporate updates

·    Provisional applications to the NUPRC (Nigerian Upstream Petroleum Regulatory Commission) for the voluntary Petroleum Industry Act (PIA) conversion of operated Oil Mining Leases

·    Successfully refinanced existing $350m RCF due September 2023 with a new three-year $350 RCF due April 2026

·    Seplat West (OMLs 4, 38 &41) awarded ISO 55001 (Asset Management), a first for an African E&P company 


Roger Brown, Chief Executive Officer, said:

"Despite an unusually challenging quarter for the Nigerian oil and gas industry, with key export routes being unavailable because of force majeure, we have demonstrated that we have a resilient business. The Amukpe-Escravos Pipeline has been operational since August and we have had our first oil export this month. The Trans Forcados Pipeline has now resumed operations and we continue to increase our use of alternative export routes, giving us confidence that the final quarter of the year will show some improvement in volumes."

"We are working closely with all the relevant stakeholders on our transformational acquisition of MPNU and remain confident that the proposed acquisition will be brought to a successful conclusion in accordance with the law. The acquisition will add significant reserves and production capacity that will strongly reinforce Seplat Energy's position as Nigeria's leading indigenous oil and gas producer."    

Summary of performance

$ million


9M 2022

9M 2021

% Change

9M 2022

9M 2021







Gross profit












Operating profit (loss)






Profit (loss) before tax






Cash generated from operations






Working interest production (boepd)




Volumes lifted (MMbbls)




Average realised oil price ($/bbl.)




Average realised gas price ($/Mscf)




* Adjusted for non-cash items **includes Ubima production


Responsibility for publication

This announcement has been authorised for publication on behalf of Seplat Energy by Emeka Onwuka, Chief Financial Officer, Seplat Energy PLC.




Letter Description automatically generated with medium confidence


Emeka Onwuka

Chief Financial Officer       


Seplat Energy Plc

Emeka Onwuka, Chief Financial Officer

+234 1 277 0400

Eleanor Adaralegbe, Vice President, Finance

Carl Franklin, Head of Investor Relations

Ayeesha Aliyu, Investor Relations

Chioma Nwachuku, Director, External Affairs & Sustainability

FTI Consulting

Ben Brewerton / Christopher Laing

+44 203 727 1000


Citigroup Global Markets Limited

Tom Reid / Luke Spells

+44 207 986 4000

Investec Bank plc

Chris Sim / Charles Craven / Jarrett Silver

+44 207 597 4000


Notes to editors

Seplat Energy PLC is Nigeria's leading indigenous energy company. It is listed on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focused growth strategy through participation in asset divestments by international oil companies, farm-in opportunities, and future licensing rounds. The Company is a leading supplier of gas to the domestic power generation market. For further information please refer to the Company website, https://seplatenergy.com/


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