Seplat declares N5.9 billion Loss in Q1’17

Seplat Petroleum Development Company Plc has released Unaudited Interim Financial Statements for the three months ended 31 March 2017.

The company reported a loss after tax of N5.9 billion. The loss is a 31percent increase from loss after tax of N4.5 billion declared for the first quarter of 2016.

Seplat also reported a revenue decline of 13 percent. Revenue for the first three month of the year stood at N14.5 billion as againstN16.6 billion reported as revenue in Q1 2016

The unaudited results which is subject to further review reflects lower oil exports via the Warri refinery route whilst jetty upgrades and repairs were undertaken.

Commenting on the results Austin Avuru, Seplat’s Chief Executive Officer, said:

“The first quarter of 2017 is a transitionary period for Seplat in which our oil sales have been constrained whilst we electively undertook the necessary upgrade and repair work on two jetties at the Warri refinery to give us the future benefit of doubling barging volumes and stabilising exports via that route at a gross rate of 30,000 bopd.

Alongside this we are collaborating with and supporting government on completion of the

Amukpe to Escravos pipeline that will offer a third export route to Seplat and help to significantly de-risk the distribution of our oil production to market.

These proactive management actions, combined with the consistently strong performance of our gas business and continued strict financial discipline to preserve a liquidity buffer, should lead to a much improved performance outlook over the remainder of 2017 and beyond, with a much greater level of in-built resilience to such external shocks”.