Seplat Energy Plc plans to distribute a US3 cents interim dividend to its shareholders in Q3 2023

Shareholders of Seplat Energy Plc are set to receive an interim dividend of US3 cents per ordinary share of N0.50k each for the third quarter that ended on September 30, 2023.

The announcement of this interim dividend payment came through the company’s corporate action communication submitted to the Nigerian Exchange Limited (NGX), as reported by InfoStride News.

The Interim Dividend of US3 cents per ordinary share of N0.50k each is subject to appropriate withholding tax and will be paid to shareholders whose names appear in the Register of Members at the close of business on 10 November 2023.

**Dividend Currency**

Seplat Energy Plc has specified that the dividend will be paid in either Naira or US Dollars, depending on shareholders’ specific circumstances:

1. **Naira Payment**: Shareholders holding their shares on the Nigerian Exchange Limited without a valid Nigerian Certificate for Capital Importation (“CCI”) will receive their dividends in Naira as the default currency.

2. **US Dollar Payment**: Shareholders holding their shares on the Nigerian Exchange Limited with a valid CCI will be paid their dividend in US dollars by default. These shareholders also have the option to receive their entire dividend payment in Naira, but partial elections are not permissible.

3. **US Dollar Payment**: Shareholders holding their shares through depository interests on the London Stock Exchange will be paid their dividends in US dollars as the default currency.

**Exchange Rate Determination**

The exchange rate for the Naira amounts payable will be determined by reference to the relevant exchange rates applicable to the US dollar on 9th November 2023. This rate will be communicated by the Company on 10th November 2023.

**Advice to Shareholders**

Shareholders who have not yet completed the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the Registrar’s website.

Holders of shares through depositary interests on the London Stock Exchange are also advised to provide their account details to the Company’s UK depositary, Computershare.

**Financial Performance**

Seplat Energy Plc, which is listed on both the Nigerian Exchange Limited and the London Stock Exchange, has released its unaudited results for the nine months ending on September 30, 2023. These results show a remarkable 31% increase in revenue, climbing to N478.1 billion from N258.7 billion year-on-year.

Additionally, the company declared a Q3 2023 dividend of US cents per share, aligning with a higher core annual dividend of US 12 cents.

Seplat Energy also reported growth in its 9M 2023 gross profit, rising to N245.6 billion from N118.5 billion year-on-year. Their 9M 2023 production averaged 48,152 boepd, marking an 11% increase from 9M 2022, with liquids production growing by 17%.

Roger Brown, the Chief Executive Officer of Seplat Energy, commented on the impressive results, stating:

“Seplat Energy’s operational performance was strong in the third quarter, particularly in September, mitigating some of the outages experienced on third-party infrastructure and supporting production growth of 11% compared to the same period in 2022. Our balance sheet remains strong, and thanks to higher commodity pricing and our proactive approach to cash management, we have generated more than $170 million in free cash flow year to date. Our focus for the rest of 2023 is on safe and reliable operations, revenue assurance, and cost management, all of which will deliver further strengthening of our cash position. This keeps us on track for an excellent year that will support the increased quarterly dividends we announced in April and allow us to continue our commitment to reward shareholders.”