The shareholders of Seplat Energy Plc approved the payment of US15 cents dividends at the 10th annual general meeting of the company on Wednesday.
In addition to the final quarterly dividend of US 2.5 cents per share, the Seplat Energy Board had suggested paying shareholders a special dividend of US 5 cents per share. This brought the total dividend for the year to US 15 cents per share.
The dividend payment was approved by the shareholders present at the meeting and will be distributed to shareholders whose names are included in the company’s register as of the close of business on April 18, 2023, on or about May 16, 2023.
In his remarks, the board’s chairman, Basil Omiyi, said that the company’s oil business had a solid start to the year, producing working interest quantities of 29,078 and 30,338 barrels of oil per day in the first and second quarters of 2022, respectively.
“However, in the third quarter, production was negatively impacted by evacuation issues at the Forcados Oil Terminal, which resulted in its temporary inaccessibility,” he said.
“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.”
Seplat’s overall sales increased by 29.8% to $951.8 million in its 2022 audited reports, and its profit before tax increased by 15.3% to $204.4 million.
Speaking during the AGM, some shareholders praised the corporation for paying out dividends.
