Half year results 2018
Lagos and London, 30 July 2018: Seplat Petroleum Development Company Plc ("Seplat" or the "Company"), a leading Nigerian indigenous oil and gas company listed on both the Nigerian Stock Exchange and London Stock Exchange, today announces its consolidated half-yearly financial results for the period ended 30 June 2018 and provides an operational update. Information contained within this release is un-audited and is subject to further review. Details of the Webcast and conference call are set out on page 7 of this release.
Commenting on the results Austin Avuru, Seplat's Chief Executive Officer, said:
"The results today continue to demonstrate our ability to generate cashflow and profitability from our assets and we are on track to deliver our 2018 production guidance in both oil and gas, with gas now contributing a significant portion to the bottom line. Post refinancing in Q1 this year, we have continued to strengthen the balance sheet with a quarter on quarter reduction in net debt to low levels at the end of H1 2018. The second half of this year will see us accelerate field development activities across the existing portfolio as we start to drill the first wells on our OML 53 asset. Due to slower than expected progress we have revised the timeline for delivery of the Amukpe to Escravos pipeline and FID at the ANOH gas condensate project to later in the year. The fundamentals of the underlying business remain very strong as we continue to focus on delivering on our promises."