The half-yearly unaudited financial
results for the first six months ended June
30, 2015 also shows a 66.5 per
cent drop in profit before tax from N24 billion to N8 billion
Revenue stood at N48.76 billion in June 30,
2015 from N60.3 billion reported in June 30,2014 while Finance cost that stood
at N7.9 billion H1 2015 from N3.36 billion recorded in prior H1 2014.
The indigenous oil and gas company
listed on both the Nigerian Stock Exchange and London Stock Exchange said yesterday
that despite setting a new levels of peak daily liquids and gas production, “substantially
lower apprehended global oil prices, and consequently lower sales in the period
have offset the overall increase in peak.”
During the first six months, the
Group reported an average oil price of $53.3/barrel in H1 2015 as against
$112.4/barrel in H1 2014.
The Chief Executive Officer of
Seplat, Mr. Austin Avuru, in a statement said, “We are very proud of completing
the Phase I Oben gas processing plant expansion, solidifying our position as a
leading supplier of gas to the domestic market in Nigeria and doubling our
current processing capacity to 300 Million standard cubic feet per day
(MMscfd).
“Performance at our producing fields is
strong, with new daily oil and gas production records being set on OMLs 4, 38
and 41, although third party infrastructure downtime has continued to weigh on
overall performance.
“We have continued to take steps positive to ensure the business remains on a sound financial footing, and progressed measures to address the outstanding receivables balance,” he added.
From the balance sheet position, the oil and gas company reported a growth of 21 per cent in total assets from N444 billion as at December 31, 2014 to N535.7 billion as at June 30, 2015.
The company also reported 7.7 per
cent decline in total equity from N259.7 billion to N239.6 billion in half year
results.
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