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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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Seplat grows Q3 profit before tax to N77.5b

Brown 


By Akinola Ajibade

Seplat Energy Plc, yesterday, recorded an increase in profit before tax by 90.3 per cent to N77.5billion from N38billion year-year-on. 

The firm, which was listed in both the Nigerian Stock Exchange ( NSE) Limited and London Stock Exchange ( LSE) respectively announced this in  its unaudited results for the nine months ended 30 September this year.

In a statement made available to the Newsmirror, the company increased the cash generated year-on-year from its operations by 124.7 per cent from N64.9 billion to N154billion. 

Also, Seplat grew its revenue by 34.4 per cent to N258.7bn from N182.7bn year-on-year; as its gross profit soars to N118.5bn from N58.1bn year-on-year, rising by 93.5 per cent. 

Expectedly, the feat has put smiles on the  shareholders,  as the company is paying  third quarter dividend of US2.5 cents per share, taking 9M 2022 total to US7.5 cents per share ($44.1 million paid in the period).   

 Seplat in its operations,  has demonstrated a strong safety record, which extended to 30.5 million hours without lost-time injury at its  operated assets; eight (8) wells completed, another seven wells to be drilled in Q4 (currently drilling four wells); and the Amukpe-Escravos Pipeline commenced commercial operations in August, with 700 kbbls lifted in October. 

Commenting on the results, Seplat's Chief Executive Officer, Roger Brown, said:

“Despite an unusually challenging quarter for the Nigerian oil and gas industry, with key export routes being unavailable because of force majeure, we have demonstrated that we have a resilient business. The Amukpe-Escravos Pipeline has been operational since August and we have had our first oil export this month. The Trans Forcados Pipeline has now resumed operations and we continue to increase our use of alternative export routes, giving us confidence that the final quarter of the year will show some improvement in volumes.”

“We are working closely with all the relevant stakeholders on our transformational acquisition of MPNU and remain confident that the proposed acquisition will be brought to a successful conclusion in accordance with the law. The acquisition will add significant reserves and production capacity that will strongly reinforce Seplat Energy’s position as Nigeria’s leading indigenous oil and gas producer.”    

Below are the company 's financial highlights:  Revenues up 34.4% to $618.6 million ($678.9 million including underlift), driven by higher realised oil prices of $108.25/bbl; EBITDA up 27% to $337.9 million (adjusted for non-cash items); Strong cash generation of $368.1 million, capex of $110.3 million; Strong balance sheet with $304.8 million cash at bank, net debt of $452.2 million; Production opex of $9.3/boe;  Average realised gas pricing sustained at $2.80/Mscf despite pricing pressure on domestic gas delivery obligation; Received $13.4 million out of a total of $55 million in accordance with Ubima divestment agreement;  Q3 dividend of US2.5 cents per share, taking 9M 2022 total to US7.5 cents per share ($44.1 million paid in the period)  ..


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