By Peter Egwuatu
Shareholders of Seplat Energy Plc have unanimously endorsed the proposed stepping down of the Company’s Chairman, Dr ABC Orjiako from its Board of Directors.
The shareholders at the Annual General Meeting, AGM held on Wednesday in Lagos also approved the financial statement of the Company for the year ended December 31, 2021 and the appointment of three Non-Executive Directors.
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The directors include: Mrs. Bashirat Odunewu, an Independent Non-Executive Director , Mr. Kazeem Raimi as a Non-Executive Director and Mr. Ernest Ebi as a Non-Executive Director.
Ebi who is anominee of Shebah Petroleum Development Company Limited (BVI) is replacing Dr. A.B.C Orjiako who stepped down from the Board of Seplat Energy Wednesday 18th May 2022 after the AGM.
Seplat Energy had recently released its first quarter results ended March 31, 2022 to the Nigerian Exchange Limited , NGX recording a rise in profit before tax by 197.8 per cent to N34.7billion from N10.6billion year-on-year. The company also generated cash from its operations to the tune of N74.4 billion from N1.7billion year-on-year, rising by 197.8 per cent.
The energy Company’s also grew its revenue by 58.6 per cent to N100.6 billion from N57.9 billion year-on-year; as its gross profit soars to N48.8 billion from N20.1 billion.year-on-year, rising by 122.3 per cent.
Commenting at the AGM, Mr. Roger Brown, Chief Executive Officer, Seplat Energy Plc, said:
“Seplat Energy delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline. However, the alternative Amukpe-Escravos Pipeline is mechanically complete and once we have signed the commercial agreements, we expect Chevron to be lifting our oil through the Escravos Terminal in the third quarter.”
Speaking as well, the outgoing Chairman, Orjiako said
“ I am stepping down having laboured well for the growth of the Company. Right from the inception we knew where we were going. So we started growing organically before we went into acquisitions.Our proposed acquisition of MPNU remains on course. We are awaiting the necessary approvals from government and regulators and expect the transaction to complete in the second half of this year. The effective date of 1 January 2021 means we will benefit from higher recent oil prices and as we have previously reported, the addition of MPNU will nearly treble our production and double our reserves on a pro forma 2020 basis.
“The acquisition will reinforce our leadership of Nigeria’s indigenous energy sector and enabling us to generate strong future cash flows that will underpin our investment in Nigeria’s energy transition and improve our overall stakeholder returns. It will also bring a significant undeveloped gas resource base which, alongside our ANOH gas project development, will underpin Nigeria’s energy transition and drive domestic and export revenues when developed.”
On the Company’s divestment plan, he said: “We announce the decision to divest the Group’s interest in the Ubima marginal field for a consideration of $55million, which marginally reduces the company’s 2P reserves by 2 MMboe to 455 MMboe.
“We have proven we have the financial strength and credibility to attract international finance into Nigeria’s energy sector and this will help us in our aim to deliver energy transition and provide cleaner, more reliable and more affordable energy for Nigeria’s young and growing population.”
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