Oil and gas company Seplat Petroleum Development changes of its name to Seplat Energy Plc

NIGERIASeplat Petroleum Development Company Plc, an independent oil and gas company, has announced, through The Nigerian Exchange Limited, the change of its name to Seplat Energy Plc.

The recent development is in line with the consensus reached at the recently concluded Annual General Meeting of the company held on 20th of May 2021.

At the meeting, shareholders of the company voted in support of the change of name and consequently, a new certificate of incorporation was issued from the Corporate Affairs Commission.

The change of name is a reflection of the recent efforts by the organization geared towards ensuring a seamless transition into a full energy solutions company.

It is in line with its (the organization) goal of being a key player in promoting and operationalizing a low carbon environment in the nearest future.

It is pertinent to note that despite the change in name, the Company’s trading symbol remains the same.

Seplat announced a total dividend of US$0.10 for the 2020 financial year. The breakdown of the total dividend showed that an interim dividend of US$0.05 was first announced in October 2020, and subsequently followed by a final dividend of US$0.05.

Speaking at the recently concluded 8th AGM of the company, the Chairman of the board, Mr. ABC Orjiako noted that following a capital injection of about US$535 million raised through the firm’s IPO launched in May 2014, the company has since returned US$344 million to shareholders in the form of dividends.

Seplat Petroleum Development Company Plc’s (SPDC’s) first quarter (Q1) 2021 unaudited results saw operating cash flow before movements in working capital rise marginally by +3.82% year-on-year (Y-o-Y) to US$84.1 million in Q1 2021, up from US$81.0 million in Q1 2020.

However, the oil driller’s net operating cash flows after movements in working capital fell by -91.78% Y-o-Y to US$5.3 million in Q1 2021 from US$64.5 million in Q1 2020.

Given a +20.5% increase in average Brent prices per barrel from US$50.9 in Q1 2020 to US$61.3 in Q1 2021, SPDC total revenue for Q1 2021 rose by a lower rate of +16.80% Y-o-Y from US$130.5 million in Q1 2020 to US$152.4 million in Q1 2021.

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