Seplat Energy (LSE:SEPL) the Nigerian energy company are dual listed in both Nigeria and on the London Stock Exchange, giving them access to the capital markets for Nigerian projects. They were previously called Seplat Petroleum. They have a "transformational" gas project called ANOH which comes on stream in the middle of next year and will make them one of the largest suppliers of natural gas in Nigeria. Seplat have just announced "strong half year results which included a quarterly dividend of 2.5 cents, with a target of 10 cents per annum", or a yield of 7%.
SEPL held a Capital Markets Day for investors in London yesterday (29.07.202) and the senior team came across from Nigeria to present their vision for the energy transition in Nigeria, with gas and renewable energy playing a significant role, "setting out our stall for the future" as Roger described it.
London South East interviewed Roger Brown, CEO at Seplat Energy and he explained: "We released a set of strong results yesterday, we are back into profit, we have strong revenues in both gas and oil, and since IPO we have given back over $400M in dividends to shareholders".
He told us: "The future strategy comes in three parts or pillars. Upstream oil and gas which is a profitable business - that's about focusing on cost reduction, getting IT in there etc. That business will then fund return on capital to the banks and also growth. Pillar 2 is our midstream business, started in 2012, that's gas plants, and there we want to move down the value chain to LPG and CNG.That's about avoiding deforestation in-country. That naturally leads into Pillar 3 which is renewable energy for business, looking at gas to power opportunities, which makes sense to us, and then looking at renewable energy for the future of Nigeria."