The shareholders of Seplat Energy Plc approved the payment of US15 cents dividends at the 10th annual general meeting of the company on Wednesday.
The Seplat Energy Board had recommended a special dividend of US 5 cents per share to be paid to shareholders, in addition to the final quarterly dividend of US 2.5 cents per share. This brought the total dividend for the year to US 15 cents per share.
The shareholders at the meeting approved the dividend payout, which will be made on or around 16 May 2023 to shareholders whose names appear in the Company’s Register at the close of business on 18 April 2023.
In his comments, the Chairman of the board, Basil Omiyi, said that the company’s oil business started the year on a strong footing, with working interest production of 29,078 barrels of oil per day, and 30,338bopd in Q1-2022 and Q2-2022 respectively, adding,
He said, “However, in the third quarter, production was impacted negatively by evacuation problems at the Forcados Oil Terminal, not being available for a period.
“Thankfully, the much-delayed launch of the Amukpe-Escravos Pipeline provided some relief as we were able to flow c.10,100bopd (working interest production) during the period.
“The AEP is now a major export route for our largest assets at OMLs 4, 38 and 41. As a result, our reliance on the Trans Forcados Pipeline and FOT is significantly lower, reducing risks of downtime while providing a solid base for stronger export volumes and revenues.”
In its 2022 audited reports, Seplat’s total revenue rose by 29.8 per cent to $951.8m, while profit before tax rose by 15.3 per cent to $204.4m.
Some shareholders who spoke at the AGM lauded the company for its dividend payment.