Seplat Energy: 6M24 results – Solid half, better to come
Seplat delivered a solid performance in the first half of the year with production at 48.4kboed at the mid-point of guidance, unchanged at 44-52kboed. That translated into EPS of US$0.07, flat YoY and the quarterly dividend was maintained at the current run rate of US$0.03. Adjusted EBITDA increased 13.3% YoY to US$267.3m while net cash generation bounced back from the weak performance in 1Q24. ANOH remains on track for first gas in 3Q24. Detail on progress of the transformational MPNU acquisition remains sparse despite the settlement reached with NNPCL and ExxonMobil but the language is now on securing regulatory approvals in the near term. Start-up of the ANOH project and continuation of the underlying performance in the rest of the portfolio should see a stronger operational performance in the second half while completion of the MPNU transaction looks more certain than ever. The share price has been strong in anticipation but we anticipate that completion of the MPNU acquisition could drive further upside.
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