Seplat Energy Plc Shareholders Approve US15 Cents in Good Faith

Seplat Energy Plc board members recommended a payment of US15 cents for the financial year ending December 31, 2023, which the firm's shareholders also approved.

The company announced that for the 2023 fiscal year, in addition to the main US12 cents per share, there will be a special US3 cents per share.

Yesterday in Lagos, during the Company's 11th Annual General Meeting (AGM), the shareholders approved.

During the shareholder meeting, the chairman of the board of Seplat Energy, Udoma Udoma, highlighted Seplat Energy’s robust financial results, including an 11.5% increase in total revenue to $1,061.3 million, crossing the $1.0 billion mark for the first time.

Udoma said, “We delivered strong results in 2023 against a weaker oil price environment. Despite the 17.0% decline in the average price of Brent crude, we grew our oil and gas revenue by 11.5% to $1,061.3 million, crossing the $1.0 billion mark for the first time, supported by improved production and asset availability. We also made significant progress on several growth projects, showing a willingness to deliver value today and plan for tomorrow.”

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The CEO of Seplat Energy, Roger Brown, reiterated the Company’s commitment to sustainability and energy transition, outlining Seplat Energy’s initiatives to increase its contribution to Nigeria’s power sector by providing lower carbon and renewable energy solutions.

He added, “as Nigeria’s leading indigenous energy company, we recognise our duty to minimise the impact of our operations on the environment. We aim to create increasingly sustainable energy solutions to provide access and meet increasing energy demand while addressing the critical challenge of climate change for society and our business. We are positioned for decarbonisation through several strategic initiatives and continue in our role in leading Nigeria’s domestic gas supply, which accounts for about 25% of the country’s gas-to-power supply.”

The Board recommended a total dividend of US15 cents per share to be paid to shareholders for the 2023 business year, with a special dividend of US3 cents per share in addition to the core dividend of US12 cents per share, up 20% in 2022, according to Mrs. Eleanor Adaralegbe, CFO-designate at Seplat Energy.

She claims that the special dividend payment, supported by a solid balance sheet and symbolising the Board's ongoing faith in the company's prospects, embodies Seplat's dedication to providing value to its investors.

Also, the COO of Seplat Energy, Mr. Samson Ezugworie, stated, "To date, the company has achieved a cumulative 10.6 million man-hours since the last LTI recorded on October 13th, 2022. Safety remains our top priority.

“In addition to these, the company is on a path to achieving ISO 45001 and 14001 standards certifications, demonstrating its commitment to top-tier safety and environmental performance. These certifications are globally acknowledged benchmarks for occupational health and safety and environmental management systems.”

In the meantime, despite difficult market conditions, shareholders expressed gratitude for Seplat Energy's performance and dividend payment.

About Seplat (African Financials)
Seplat Energy Plc formerly (Seplat Petroleum Development Company Plc) is an oil and gas exploration company in Nigeria operating a portfolio of assets in the Niger Delta Region. This includes a 45% stake in OML 4 which covers an area of 267 square kilometres; a 45% stake in OML 38 which covers an area of 2 094 square kilometres; and a 45% stake in OML 41 that covers an area of 291 square kilometres. Seplat Petroleum Development Company Plc also holds a 40% non-operated working interest in OPL 283 marginal field which is located in the northern onshore deposit-belt of the Niger Delta; a 40% non-operated interest in OML 53 that covers an area of 1 585 square kilometres located onshore in north-eastern Niger Delta; and interest in OML 55 that covers an area of 840 square kilometres located in south-eastern Niger Delta. The company’s head office is in Lagos, Nigeria.

What Is Seplat Energy Plc Stock Price Today?

Seplat Energy Plc's Stock Price today is N157