Seplat Energy - 1H23 results – solid operating performance
Seplat delivered a solid operating performance in 1H23 with production up 2% to 50.8kboed and FY23 production guidance of 45-55kboed was reiterated. Net profit for the period was US$82.6m, down 1% YoY, on lower oil prices and net of overlift, FX loss on Naira devaluation, and higher G&A but benefitting from a low tax rate, with EPS halved to US$0.07. The dividend was maintained at the current USc3 quarterly run rate, up 20% YoY. Net cash generated from operations was US$209.4m (1H22 US$284.3m) with net debt ending the period at US$380.3m (US$288.2m at 31 March). All works on the ANOH gas project are expected to be completed this year. Seplat remains confident that the MPNU acquisition will be approved. Seplat noted that its results put it on track for an excellent year that will support the 20% increase in dividend announced for FY23.
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