Seplat Petroleum Development Co PLC - oil producer in Nigeria -Posts pretax profit of USD28.0 million for the quarter, swinging from a USD95.7 million loss in prior year. Revenue rose 17% year-on-year to USD152.4 million, from USD130.5 million. Production saw similar improvements, with Seplat producing daily volumes of nearly 54,000 barrels of oil equivalent per day in the first 21 days of April, compared to 48,239 in the first quarter.
After encouraging results, Seplat declares a 2.5 US cents quarterly dividend. The firm also sets out plans to rebrand as Seplat Energy PLC, which it stated was intended to tie in with changing strategy in Nigeria.
Chief Executive Roger Brown says: "As we drive forward our strategy of being a low-cost energy provider delivering reliable, affordable and sustainable energy to the young, fast-growing population of Nigeria, energy transition - which delivers on Nigeria's social development goals in tandem with the climate agenda - is essential. This is the backbone of Seplat's strategy and we will be communicating how we plan to achieve this over the coming months."
Current stock price: 83.00 pence, up 1.2% on Thursday
Year-to-date change: up 28%
By Will Paige; willpaige@alliancenews.com
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Seplat Energy (SEPL)