Seplat Petroleum Development Company Plc has released its interim management statement and consolidated interim financial results for the three months ended 31 March 2019.
The results showed positive impact of the 2018 debt refinancing and subsequent deleveraging, which resulted in a 38 per cent year-on-year reduction in finance costs to $16m (2018: $26m). Net profit stood at $33m after adjusting for a tax credit of $13m.
Commenting on the results Austin Avuru, Seplat’s Chief Executive Officer, said: “Our operations have continued to perform in line with expectation, with the phasing of our 2019 work programme such that the production uplift will be felt throughout the second half of the year as we step up drilling activities to focus on capturing the numerous high margin and short-cycle cash return opportunities within our current portfolio.
“The next phase of growth for our gas business is now gathering pace following FID for the ANOH project, with governments first tranche of equity investment received. We have continued to deleverage the balance sheet and self-fund investments into the existing portfolio from operational cash flow, while retaining the financial flexibility and available resources that will enable Seplat to capitalise on what we expect to be an increasingly busy pipeline of inorganic growth opportunities that fit our acquisition criteria.”
