Shareholders of Seplat Energy PLC, Nigeria’s leading indigenous energy company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE), at the 11th Annual General Meeting (AGM) have applauded the performance and dividend payout amidst challenging market conditions.
While commending the Board and Management for their effective leadership and prudent management of the company’s resources, a shareholder, Mr. Patrick Ajudua remarked: “I want to commend the dividend declaration by Seplat. They have earlier given us a special dividend of US 3 cents also, and this is a reassurance that investors needed to continue to invest in the company. I want to commend also the financial performance which saw the gross earnings grow up significantly. I want to state that the company has been doing well. I also commend Seplat on the ANOH project. We pray that the company continues to thrive despite the challenges in the industry.”
Mr Faruk Umar, another shareholder, in his comments, said: “I am happy to say that Seplat has been helping the nation in the sense that the tax that we are paying the government is very significant, not to talk of the dividend that we have been getting in dollars, which has never gone down. Also, this is one of the three companies that I have seen in the capital market having many independent directors and this is good for corporate governance. Seplat’s dual listing is accompanied by the highest level of corporate governance adherence and this is good.”
While commending Seplat Energy on its smooth leadership succession since its inception, a shareholder, Mrs Oludewa Thorpe said: “I want to commend the board and management for the smooth transition in leadership that has taken place from 2009 to 2024. This is very good for the company and for corporate governance.”
At the AGM, the shareholders approved the payment of a total dividend of US 15 cents by the Company as recommended by the Board. This comprises a special dividend of US 3 cent per share for the 2023 business year aside from the core dividend of US 12 cent per share.
In his address to shareholders and other stakeholders during the AGM, Mr Udoma Udo Udoma, Chairman of the Board, Seplat Energy, provided insights into the company’s financial performance for 2023, highlighting Seplat Energy’s robust financial results, including an 11.5 percent increase in total revenue to $1,061.3 million, crossing the $1.0 billion mark for the first time.
Mr. Udoma said: “We delivered a strong set of results in 2023, against a weaker oil price environment. Despite the 17.0 percent decline in average price of Brent crude, we grew our oil and gas revenue by 11.5 percent to $1,061.3 million, crossing the $1.0 billion mark for the first time, supported by improved production and asset availability. We also made significant progress on several of our growth projects, showing a willingness to not just deliver value today but to plan for tomorrow.
“Our average daily production also increased by 8.3 percent in 2023, to 47,758 boepd (barrels of oil equivalent per day), from 44,104 bopd in 2022, with revenue from oil and gas sales for 2023 rising to 11.5 percent to $1,061.3 million from $952.0 million in 2022. This excludes the reported $98.9 million overlift. We also completed 14 new wells across our operated and non-operated assets.”
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