Seplat Energy Shareholders Approve 15cents Per Share Dividend

Shareholders of Seplat Energy Plc, has approved the dividend of 15 cents per share for the year ended December 31, 2022.

They gave their approval at the Company’s 10th Annual General Meeting (AGM) held virtually with shareholders, regulators, company directors, and the media.

Speaking, the chairman of Seplat Energy, Mr. Basil Omiyi, said for the 2022 full year, the Company’s total revenue rose by 29.8 per cent to $951.8 million while profit before tax rose by 15.3 per cent to $204.4 million.

He stated that “with the healthy financial performance and solid cash position, the Seplat Energy Board recommended a special dividend of US 5 cents per share to be paid to shareholders, in addition to the final quarterly dividend of US 2.5 cents per share. This brings total dividend for the year to US 15 cents per share.

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Omiyi said the Company’s oil business started the year on a strong footing, with working interest production of 29,078 barrels of oil per day (bopd) and 30,338bopd in Q1, 2022 and Q2, 2022 respectively, adding that, “however, in the third quarter, production was impacted negatively by evacuation problems at the Forcados Oil Terminal (FOT), not being available for a period.”

According to the Seplat Energy chairman, the Company’s gas business remained strong through the year, as good progress was made with the construction of the ANOH Gas Processing Plant, which now awaits the completion of third-party infrastructure before it can commence operations, projected for the final quarter of 2023.

Over the past 12 months, Omiyi said the Company had taken significant steps towards fulfilling its new purpose and vision with regards to energy transition, and was scaling up its Midstream Gas business to increase the amount of natural gas supplied towards powering Nigeria’s electricity grid thereby displacing diesel use in power generation, while the Company’s New Energy business has been tasked with developing power and renewable energy.

He explained, “At the same time, we have strengthened our approach to understanding and evaluating climate risk, which we have re-designated as a key risk to our business.

Also, the chief operating officer, Seplat Energy, Mr. Samson Ezugworie, said, “As part of Seplat Energy’s drive to become a leading supplier of lower carbon and renewable energy, we are exploring ways to expand into these new and exciting markets. The first and most obvious option is to provide more gas for Nigeria’s power sector, to reduce the country’s reliance on imported diesel fuel, which is highly carbon intensive and a drain on the nation’s wealth.”

The shareholders commended the Company for the impressive performance declared during the year under review. A shareholder, Mr. Patrick Ajudua, said, “we are, indeed, very grateful and we appreciate the Board for being consistent in dividend payment and ensuring a generous reward to the shareholders at a very difficult time, when most companies are even finding it difficult to maintain profitability.”