By InvestAdvocate
Click here to read Seplat’s trading statement and operations update to the NSE
Lagos (INVESTADVOCATE)-
First dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc said on Monday its projecting a revenue of between $550 million and $600 million in its 2015 audited year end, according to the company in a trading statement and operations update to the Nigerian Stock Exchange (NSE).
“The information within this announcement has not been audited and is subject to further review and amendment,” Seplat said.
“In what was a very challenging year for the industry, Seplat still delivered best-in-class production growth in 2015 with liquids output up 20% and gas output up 119% year-on-year, corresponding to a 41% increase overall. With a growing consensus that low oil prices are set to remain for at least the near term, we remain focused on what is in our control and steps we can take to maximise profitability.
Production strength, with past investment strategies translating into the up-tick in output, provides some cushion to lower oil pricing and our gas business takes on additional importance by providing a revenue stream that is de-linked to the oil price together with revenue continuity in the event of disruptions to third party oil export infrastructure,” said Austin Avuru, Seplat’s CEO .
“Furthermore, our strong focus remains on protecting the business and managing for value through driving further cost reductions, optimising operations, deleveraging and strengthening the balance sheet in preparation for opportunities that will inevitably follow this current downturn,” he added.
