Seplat cuts down losses to NGN8 billion in six months


Seplat Petroleum Development Company Plc said its net loss for the six months period to NGN8 billion compared to NGN13 billion reported last year within the same period.

Net finance charges stood at US$34 million ((₦10 billion) compared to US$16 million (₦3 billion) for the same period in 2016 principally as a result of interest accruable on NPDC and NGC receivables recognised as finance income in the prior period.

Commenting on the results Austin Avuru, Seplat’s Chief Executive Officer said:

“Since the resumption of exports via the Forcados terminal our production has recovered strongly providing us with sufficient confidence to reinstate guidance, which we expect to be in the region of 43,000 to 50,000 boepd net to Seplat in the second half of the year. After 18 difficult months, the Company is now well-placed to secure a long-term return to profitability and growth. We have continued to cut costs, strengthen the balance sheet and establish alternative export routes to insure us against future disruption at Forcados. I believe that we are now a fitter, stronger Company than at any time in our history and look to the future with renewed optimism. If the current operating environment continues, we expect to see a significant improvement in our performance.”

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