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(Alliance News) - Seplat Petroleum Development Co PLC on Tuesday held annual production guidance, with second half output set to rise.
Production in the six months to June was 48,004 barrels of oil equivalent per day, Nigeria-focused oil and gas firm Seplat said, and for 2019 as a whole, this is set to be 49,000 barrels to 55,000 barrels. However, the exit rate for 2019 is guided at 62,000 barrels.
In other guidance, Seplat has cut its 2019 capital expenditure forecast to USD150 million from 200 million. The firm has three exploration and appraisal wells planned which have been deferred into 2020, as the company looks to maximise existing producing assets.
Seplat's revenue for the interim period rose 4% year-on-year to USD355 million, with pretax profit flat at USD120 million.
"Today's results further emphasise the strong cash generation potential of our low-cost production base and the good progress we are making at the large scale ANOH gas and condensate development project," said Chief Executive Austin Avuru.
"Our first half work programme has been impacted owing to unforeseen delays from rig contractors as well as the need to undertake higher levels of maintenance and asset integrity work for longer-term benefit of the assets."
"Both have affected production during the first half but we have now secured the necessary rig capacity for the second half to implement the revised work programme which will drive us towards an 2019 exit working interest production rate of 62,000 barrels of oil equivalent per day and bring annualised production within the unchanged guidance range of 49,000 barrels to 55,000 barrels," Avuru continued.
"Meanwhile, we remain on an extremely solid financial footing and concentrated on furthering our growth strategy as we target both organic and inorganic opportunities to grow shareholder returns."
Seplat shares were 1.0% lower on Tuesday morning in London at a price of 115.15 pence each.