First half 2014 highlights Successful IPO in Lagos and London raised gross proceeds of 535 million First half average working interest production(1) of 27,375 boepd (H1 2013: 27,183 boepd) Excluding unplanned downtime in the period…
Production 35,000 First half average working interest production 27,375 boepd (H1 2013: 27,183) 30,000 Liquids production 21,494 bopd (1) Gas production 35.3 mmcfd (5,881 boepd) 25,000 45 days downtime on Trans Forcados system…
Gas business Seplat is strategically positioned to capitalise on gas to power market opportunities on commercial terms New Gas Sales Agreement signed with Azura Edo IPP underpins investments to upgrade the Oben gas plant Volume…
Rig based work programme 2013 2014 2015 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Land Rig 1 (Heavy) Oben Oben Oben Orogho Oben TBC Land Rig 2 (Heavy) Okporhruru Okporhruru Oben Okporhruru Oben Land Rig 3…
Warri refinery pipeline and liquid treatment facility Seplat-operated 12 x 7km pipeline to refinery completed and tested in March 94,000 bbls gross delivered in H1 Pipeline capacity 100,000 bopd Some issues remaining related to…
Other projects Oben Gas Plant On track to expand capacity to 240 mmscfd by end 2014 150 mmscfd processing unit being shipped to site; civil works well advanced Next expansion phase will take total Seplat capacity to 450 mmscfd by end…
Building a leading Nigerian independent E&P Wide range of attractive new business opportunities available Additional IOC divestments Asset acquisitions & farm-ins OML 53 Future licensing awards Pipeline of material opportunities…
Finance review 25 July 2014 10 1
Income statement US million H1 2014 H1 2013 Y-o-Y H1 2014 H1 2013 Revenue 388 419 -8% Gross Oil Sales 404 330 (Over)/Under-lift (26) 83 Cost of sales (141) (169) -17% Gas sales 10 6 Gross profit 247 250 -2% Total Revenue 388 419…
Operating performance year on year reconciliation Sales revenue Sales revenue US419m US388m 600 Adjustment for US93 million Normalised profit after tax reversal of deferred tax Net Finance costs 500 Adjustment for US44 G&A…
Sources and uses 1,600 42 1,400 116 37 1,200 446 79 17 48 40 US million 1,000 453 800 535 600 400 262 580 200 169 0 Cash 31 Dec Funds Flow Gross IPO Proceeds from Working PP&E IPO costs Debt Financing MPI…
Capital expenditures First half 2014 net capital expenditures Full year 2014 net capital expenditures guidance 3% 3% 12% 22% 14% 122 250 million million 11% 64% 71% Drilling Oil facilities Gas facilities Others…
Capital structure H1 2014 Facility million Coupon Strong asset performance provides for Afrexim Syndication Loan 330 L+7.5% significant debt capacity Zenith Loan 200 L+7.5% (floor of 8%) Additional debt drawn for acquisitions in FBN…
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