Seplat’s half year profit drops

Austin Avuru 125 July 2014, Lagos – Nigerian upstream oil operator, Seplat Petroleum Development Company posted a drop in profits during the first half of the year owing to lower revenue.

The company disclosed that its half-year pretax profit fell to $156 million, down 26 per cent from $210 million a year earlier.

In its first interim report following a debut $500 million IPO in April, the Nigerian firm reported that its gross revenue also dropped 7 per cent to $388 million during the period to June 30.

Seplat achieved first-half average oil production of 27,375 barrels per day, against 27,183 barrels per day in 2013 and plans to invest around $250 million in 2014.

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