Seplat Energy - MPNU Completion: Management call feedback
Seplat completed its transformational acquisition of MPNU last week more than doubling production to 120kboed and nearly doubling 2P reserves to 0.9bnboe. The payment on completion of US$672m was funded from existing and new facilities without any new equity. Management highlighted the multiple improved operational and financial metrics resulting from completion and addressed concerns in the market, most notably the reinvestment potential into what has been a well run but cash starved business, thereby substantially reducing the rate of cash taxes. The conference call questions focused on cash taxes and the Competent Persons Report (CPR); management view the CPR as technical document which does not reflect their view of post-tax value after anticipated investment.
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