Lagos and London, 30 July 2019: Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company listed on both the Nigerian Stock Exchange and London Stock Exchange, today announces its consolidated half-yearly financial results for the period ended 30 June 2019 and provides an operational update. Information contained within this release is un-audited and is subject to further review. Details of the Webcast and conference call are set out on page seven of this release.
Commenting on the results Austin Avuru, Seplat’s Chief Executive Officer, said:
“Today’s results further emphasise the strong cash generation potential of our low-cost production base and the good progress we are making at the large scale ANOH gas and condensate development project. Our H1 work programme has been impacted owing to unforeseen delays from rig contractors as well as the need to undertake higer levels of maintenance and asset integrity work for longer-term benefit of the assets. Both have affected production during the H1 but we have now secured the necessary rig capacity for the second half to implement the revised work programme which will drive us towards an 2019 exit working interest production rate of 62,000 boped and bring annualised production within the unchanged guidance range of 49,000 to 55,000 boepd. Meanwhile, we remain on an extremely solid financial footing and concentrated on furthering our growth strategy as we target both organic and inorganic opportunities to grow shareholder returns.”