Seplat Energy - 9M23 Results - Good performance, ANOH update
Seplat delivered a strong operating performance in 9M23, despite third-party infrastructure issues in 3Q23 with production up 11% YoY to 48.2kboed. Cash generated from operations was flat YoY while net debt was cut to US$347.6m and is expected to fall further by YE23. Guidance for FY23 was narrowed to 46-50kboed for production and US$160m-US$180m for capex. The quarterly dividend was maintained at the current run rate of USc3.0 with Seplat hinting at another potential special dividend. Seplat is increasingly confident that the MPNU acquisition will be approved. As a result of continued delays to the completion of the third-party infrastructure required for the ANOH project, Seplat has pushed back first-gas guidance to 3Q24 but disclosed its share of expected dividend receipts from the AGPC plant at cUS$30m based on US$60/bbl oil with conservative deferment assumptions. In addition, Seplat's share of wet gas supply to the plant should nearly double its current gas production.
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