Seplat Lauds Former Director for Contributing to Company’s Journey, Transformation

Seplat Energy Plc (SEPLAT) has commended Mr. Xavier Rolet, KBE, a former Independent Non-Executive Director and Chairman of its remunerations committee (REMCO) for his contributions to the energy company’s journey and transformational vision.

Dr. ABC Orjiako, Chairman of SEPLAT who lauded Rolet after he stepped down from the Board of Seplat Energy Plc effective Thursday November 11 on personal reasons said, ‘We would like to thank Mr. Rolet for his contributions and the wealth of experience he brought to the Board.”

Rolet joined SEPLAT board on October 1, 2020 as independent non-executive directors of the company.

In his decade at the helm of the London Stock Exchange (LSE), he grew its fortunes as the market valuation rose from £800 million to more than £15 billion.

“He showed great commitment and passion toward Seplat Energy’s journey and our transformational vision. We wish him well in his future endeavours,” Seplat Chairman added.

Seplat Energy’s focus is clear: “Reliable energy, limitless potential”. The leading Nigerian independent energy company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange reported a nine month (Q3) 2021 revenue of N182.7billion, representing a rise of 18.7 percent year-on-year.

Seplat Energy Plc production has recovered strongly since the outage at Forcados Oil Terminal (FOT) and it has been averaging nearly 33kbopd liquids throughout October.

Now that its production has normalised, SEPLAT expects production to be in the range 48-50 kboepd for the year, provided uptime on the Forcados Pipeline and FOT remains above the budgeted 80percent. Its new wells at Gbetiokun are performing strongly, and the company will soon commence drilling the exciting Sibiri prospect on OML40.

SEPLAT business model is robust, despite setbacks in the third quarter, thanks to the prudent and flexible approach the company has taken to managing the business.

With an increased focus on efficiency in its operations, improving uptime by opening up the Amukpe to Escravos Pipeline and driving further cost reduction across its portfolio, this will provide the bedrock allowing SEPLAT to operate effectively in fluctuating commodity prices and generate returns for shareholders.

It paid shareholders interim dividend of 2.5 cents ($0.025) as shown in its unaudited results for the nine months ended September 30, 2021.

SEPLAT reported an operating profit of N62.6billion, representing a rise by 299 percent year-on-year.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) also rose to N105.7billion from N71.9billion recorded 9M 2020, depicting a growth of 29.6 percent.