Shareholders of Seplat Energy Plc will receive an interim dividend of US3 cents per ordinary share of N0.50k each for the third quarter ended September 30, 2023.

     

    This was contained in the company’s corporate action announcement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.

     

    The Interim Dividend of US3 cents per ordinary share of N0.50k each is subject to appropriate withholding tax and will be paid to shareholders whose names appear in the Register of Members at the close of business on 10 November 2023.

     

     

    Dividend Currency

    According to the company, the dividend will be paid in Naira and US Dollars only and the default currency for the dividend will depend as follows:

     

    Shareholders holding their shares on the Nigerian Exchange Limited without a valid Nigerian Certificate for Capital Importation (“CCI”) will be paid their dividend in Naira as the default currency; Shareholders holding their shares on the Nigerian Exchange Limited with a valid CCI will be paid their dividend in US dollars as the default currency.

     

    However, those shareholders may instead elect to receive their entire dividend payment in Naira (partial elections are not permissible).

     

    Evidence of the CCI must be provided to Datamax Registrars Limited, and Shareholders holding their shares through depository interests on the London Stock Exchange will be paid their dividends in US dollars as the default currency

     

    Determination of Exchange Rate

    The exchange rate for the Naira amounts payable will be determined by reference to the relevant exchange rates applicable to the US dollar on 9th November 2023 and will be communicated by the Company on 10th November 2023.

     

    Advice to shareholders

    Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the Registrars.

    Holders of shares through depositary interests on the LSE are also advised to provide their account details to the Company’s UK depositary, Computershare.

     

    Financial performance

    Seplat Energy Plc listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the nine months ended 30 September 2023, recording a rise in revenue by 31% to N478.1 billion from N258.7 billion year-on-year.

     

    The company also declared a Q3 2023 dividend of US cents per share, in line with a higher core annual dividend of US 12 cents.

     
    The energy companies also grew their 2023 9M gross profit to N245.6 billion from N118.5 billion year-on-year whilst 9M 2023 production averaged 48,152 boepd, up 11% on 9M 2022, with liquids production up 17%.

     

    Commenting on the impressive results, Mr. Roger Brown, Chief Executive Officer, of Seplat Energy said:

    • “Seplat Energy’s operational performance was strong in the third quarter, particularly September which mitigated some of the outages experienced on third-party infrastructure and supported production growth of 11% on the same period in 2022.
    • “Our balance sheet remains strong and thanks to higher commodity pricing and our proactive approach to cash management, we have generated more than $170 million in free cash flow year to date. Our focus for the rest of 2023 is on safe and reliable operations, revenue assurance, and cost management, all of which will deliver further strengthening of our cash position. 
    • This keeps us on track for an excellent year that will support the increased quarterly dividends we announced in April and allow us to continue our commitment to reward shareholders”.

     

    MARKET STATUS: CLOSED

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