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May 06, 2015 1:21 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Seplat Petroleum Development Company Plc

Company Overview

Seplat Petroleum Development Company Plc, an independent oil and gas company, explores, develops, and produces oil and gas related projects in Nigeria. Its portfolio comprises six blocks in the Niger Delta area. The company was founded in 2009 and is headquartered in Lagos, Nigeria.

25A, Lugard Avenue

Ikoyi

Lagos,  

Nigeria

Founded in 2009

Phone:

234 1277 0400

Key Executives for Seplat Petroleum Development Company Plc

Chief Executive Officer and Executive Director
Age: 55
Total Annual Compensation: $1.1M
Chief Financial Officer and Executive Director
Age: 44
Total Annual Compensation: $399.2K
Chief Operating Officer and Executive Director
Age: 57
Total Annual Compensation: $750.7K
Compensation as of Fiscal Year 2013.

Seplat Petroleum Development Company Plc Key Developments

Seplat Petroleum Seeks Oil & Gas Acquisitions

Seplat Petroleum Development Company Plc (LSE:SEPL) secured a$1.4 billion loan facility. The loan, $700 million seven year term facility, includes an option to increase the loan amount by additional $700 million for qualifying acquisition opportunities. Seplat also procured a $300 million three year secured revolving credit facility recently. These loans strategically positions Seplat for future oil and gas acquisition opportunities in oil & gas sector.

Seplat Petroleum Development Company plc Reports Unaudited Consolidated Production and Earnings Results for the First Quarter Ended March 31, 2015

Seplat Petroleum Development Company Plc reported unaudited consolidated production and earnings results for the first quarter ended March 31, 2015. For the period, the company reported revenue of NGN 25,562 million compared to NGN 22,722 million for the same period a year ago. Operating profit was NGN 8,174 million compared to NGN 8,725 million for the same period a year ago. Profit before taxation was NGN 4,826 million compared to NGN 7,252 million for the same period a year ago. Profit after taxation was NGN 4,870 million or NGN 8.80 per share compared to NGN 7,252 million or NGN 18.80 per share for the same period a year ago. Net cash inflows from operating activities was negative of NGN 12,138 million compared to NGN 261 million for the same period a year ago. Investment in Oil and gas properties was of NGN 74,343 million compared to NGN 6,966 million for the same period a year ago. Investment in other property, plant and equipment was of NGN 38 million compared to NGN 181 million for the same period a year ago. Profit attributable to parent was NGN 20,520 million compared to NGN 5,473 million for the same period a year ago. The company announced average working interest production for the first three months of 35,811 boepd, up 63% from the same period last year, and maintains average working interest guidance of 32,000 to 36,000 boepd for the full year. Working interest 2P reserves are up 24% year-on-year at 281 MMboe following an independent assessment completed in the period.

Seplat Petroleum Development Company plc Recommends Final Dividend; Announces Audited Group and Company Earnings Results for the Year Ended December 31, 2014; Provides Production and Financial Guidance for 2015

The board of Seplat Petroleum Development Company Plc is recommending a final dividend of USD 0.09 per share, bringing the total payment for the year to USD 0.15 per share. Subject to approval of shareholders, the dividend will be paid on or shortly after the AGM which will be held on 2 June 2015 in Lagos, Nigeria. The company reported group and company earnings results for the year ended December 31, 2014. For the period, on group basis, reported revenues of USD 775,019,000 compared to USD 880,227,000 for the same period a year ago. Operating profit was USD 289,576,000 compared to USD 478,670,000 for the same period a year ago. Profit before taxation was USD 252,253,000 compared to USD 457,523,000 for the same period a year ago. Profit for the year was USD 252,253,000 or USD 0.50 per share compared to USD 550,268,000 or USD 1.37 per share for the same period a year ago. Net cash flows from operating activities were USD 225,297,000 compared to USD 291,209,000 for the same period a year ago. Investment in Oil and gas properties was of USD 303,214,000 compared to USD 216,200,000 for the same period a year ago. Investment in other property, plant and equipment was of USD 9,870,000 compared to USD 4,503,000 for the same period a year ago. Normalized profit for the year, USD 322 million against USD 375 million. Net debt was USD 304 million against USD 141 million. For the period, on company basis, reported revenues of USD 755,508,000 compared to USD 869,982,000 for the same period a year ago. Operating profit was USD 305,770,000 compared to USD 475,907,000 for the same period a year ago. Profit before taxation was USD 271,236,000 compared to USD 457,477,000 for the same period a year ago. Profit for the year was USD 271,236,000 or USD 0.53 per share compared to USD 550,222,000 or USD 1.37 per share for the same period a year ago. Net cash flows from operating activities were USD 225,496,000 compared to USD 213,112,000 for the same period a year ago. Investment in Oil and gas properties was of USD 294,875,000 compared to USD 100,732,000 for the same period a year ago. Investment in other property, plant and equipment was of USD 8,510,000 compared to USD 3,529,000 for the same period a year ago. Production guidance for 2015 will be between 32,000 and 36,000 barrels of oil equivalent. Average working interest guidance for 2015 at between 32,000 and 36,000 barrels of oil equivalent. With respect to the increasing gas production during 2015, following the startup of the new gas facilities at Oben, incremental production from new acquisitions and oil production. The company is guiding around USD 250 million capex.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
February 5, 2015
Belemaoil Producing Ltd
 

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