Seplat earns $880.2m revenue, offers N16.50 bonus per share

From Ngozi Onyeakusi, Lagos

Seplat Petroleum Development Company yesterday announced a total revenue to the tune of US$880.2 million for the financial year ended 31st December, 2013, even as it is rewarding its shareholders with N16.50 kobo per share. Upon the revenue increase at rate of 41 per cent over 2012 figure, the firm assured it is consolidating plans for further sustainable growth come next year and beyond. The firm operated crude as well showed tremendous improvement in the last three years, from 11.5 million barrels in 2011 to 18.8 million barrels in 2013.

Briefing the journalists immediately after the firms 1st annual general meeting in Lagos, the Chairman of the company, Dr ABC Orjiako stated that inspite of the challenges in the operating environment,

Seplat achieved a maximum growth in all its operations. “Despite a harsh operating environment underlined by uncertainties about passage of the petroluem industry bill, persisted theft, huge exposure to subsidies and reduced demand for Nigerian crude oil blends in the United States, among others Seplat had continued to grow  exceptionally.

Seplat had continue to deliver growth holistically since inception in line with our strategy . Operated crude oil has grown significantly over a three year period, from 11.5 million barrels to in 2011 to 18.8

million barrels in 2013. With an exist gross production rate at 31st December, 2013 of 61.7 thousand barrels per day, Operated average daily production for 2013 of 51.4 thousand barrels per day and total annual operated production of 18.8 million barrels, Seplat recorded total revenue of US$880.2 million, a 41 per cent growth over 2012 figure”, he acclaimed . Orjiako further stated that in line with the company’s commitment to its dividend policy to its esteem shareholders, the company has already rewarded them with N16.50 per share held by investors.