SEPLAT Energy Plc has released its audited financial results for the year ended December 31, 2021, reporting a 128.9% increase in gross profit to N114.2 billion.
It also announced a 38.2 percent increase in full-year revenue to N293.6 billion in 2021, as well as a 321.1 percent increase in profit before tax to N71 billion.
Commenting on the oil firm’s 2021 financial results, its Chief Executive Officer, Roger Brown, said, “Seplat Energy announced a major acquisition last week and despite a challenging year for Nigerian oil and gas, the robust results delivered today clearly show how our increasing financial strength has made such an acquisition possible.
“This is without the need to dilute shareholders, by giving international financial partners the confidence to invest in our vision.”
On a pro forma 2020 basis, the inclusion of Mobil Producing Nigeria Unlimited roughly tripled output and nearly doubled reserves, according to the company.
“Our 2021 performance was affected by outages at Forcados Terminal that will no longer have such an impact when we switch to the new Amukpe-Escravos Pipeline, which we expect to inaugurate in March,” Brown stated in a statement issued by Seplat.
He added, “This is part of our strategy to diversify and derisk routes to market, assuring higher revenues from significantly better uptime and lower reconciliation losses.
“Furthermore, once we have completed our acquisition of MPNU, we will add significant production from offshore assets with dedicated export terminals that also have higher availability and lower reconciliation losses.”
Seplat’s prognosis and objectives for 2022 have been set at 50,000 to 60,000 barrels of oil per day on a working interest basis for the full year.
This included liquid oil output of 30,000 to 35,000 barrels per day and gas production of 116 to 150 million standard cubic feet per day (20,000 to 25,000 bpd), according to the company.
He pointed out that MPNU and the ANOH Gas Plant were not included in this instruction.
“Capital expenditure for 2022 is expected to be around $160m. We expect to drill a minimum of 10 wells, including the Sibiri exploration well and one appraisal well, complete ongoing projects, invest in maintenance capex to secure the existing assets and continue investments in gas,” the firm stated.
