Seplat Energy: 9M24 results – Quarterly dividend hiked 20%
Seplat continued to deliver a strong operating performance in FY24 with 9M24 underlying revenue up 6% on roughly flat production. That was reflected in cash generation, with a further significant reduction in net debt to US$270m. ANOH start-up has been delayed to 1H25 but this is far outweighed by Ministerial consent for the transformational MPNU transaction which is now progressing towards completion. Production guidance was narrowed to 46kboed-50kboed with an unchanged mid-point of 48kboed and capex is now expected to be at the top end of the US$170m-US$200m guidance range. Based on the strong underlying performance, the quarterly dividend has been hiked by 20% to USc3.6 which does not reflect the impact of the start-up of ANOH or completion of the MPNU transaction.
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