Seplat profits soar as oil and gas revenues improve

Seplat Petroleum saw profits increase significantly throughout the third quarter of its trading year on the back of improved oil and gas revenues.

Pre-tax profits soared 281% to NGN 27.96bn (£60.4m) as contract revenues shot up 54% to NGN 68.91m (£148,677).

Third-quarter revenues from crude oil sales meanwhile increased 59% to NGN 56.15bn (£120.9m), while gas sales jumped 32% throughout the period to NGN 12.76bn (£27.49m).

Chief executive Austin Avuru, said: "Seplat has continued to deliver on its production targets which, combined with an oil price tailwind, has resulted in yet another consecutive quarter of very strong financial performance and profitability," said Austin Avuru, chief executive officer.

Seplat, which also declared an interim dividend of $0.05 per share, revealed that its nine-month working interest production came to 50,834 barrels of oil equivalent per day - which was within the firm's guided range for the full year for between 48,000 to 55,000.

Looking forward, Avuru added: "We plan to build on this performance in the coming quarters as we step up organic development activities across our existing portfolio with headroom to also capitalise on inorganic growth opportunities as and when they may arise, in line with our price disciplined approach."

As of 1420 BST, Seplat shares had picked up 2.81% to 128p.