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LONDON (Alliance News) - Seplat Petroleum Development Co PLC on Tuesday reported a significantly increased third-quarter profit on higher oil revenue as its working-interest production remains within guided range.
The Lagos, Nigeria-based oil company also declared an interim payout.
For the three months ended September, Seplat's pretax profit multiplied to NGN27.96 billion, about GBP60.4 million, from NGN7.33 billion, about GBP15.8 million, from the year before.
The company's revenue from contracts increased 54% to NGN69.0 million from NGN44.9 million the year before.
"Seplat has continued to deliver on its production targets which, combined with an oil price tailwind, has resulted in yet another consecutive quarter of very strong financial performance and profitability," said Austin Avuru, chief executive officer.
Seplat's third-quarter revenue from crude oil sales increased to NGN56.15 billion from NGN35.24 billion a year before.
Seplat's gas sales increased in the period to NGN12.76 billion from NGN9.64 billion.
Seplat declared an interim dividend of USD0.05 per share, the company did not declare a dividend in the third quarter a year prior.
The company's nine month working interest production at September 30 was 50,834 barrels of oil equivalent per day, within Seplat's guided range for the full year of 48,000 to 55,000 barrels of oil equivalent per day.
Avuru added: "With the current business generating significant free cash flow and combined with our robust balance sheet which we are in the process of deleveraging further, we plan to build on this performance in the coming quarters as we step up organic development activities across our existing portfolio with headroom to also capitalise on inorganic growth opportunities as and when they may arise, in line with our price disciplined approach."
Shares in Seplat were up 4.4% Tuesday at 130.00 pence each.
