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Oil woes hit Seplat, while gas holds up

Oil woes hit Seplat, while gas holds up

Lower oil prices cut into Seplat Petroleum’s revenues for the first nine months of the year, to $388 million down from $494.9mn for the same period of 2019.

It reported a loss before tax of $130.1mn, down from a profit of $184.8mn. Despite this, Seplat is sticking to its dividend plans.

“Seplat’s third-quarter performance has again demonstrated the resilience of our business in challenging times,” the company’s CEO Roger Brown said. The company has voluntarily cut leverage by US$100 million, he said. “The business continues to operate effectively despite the restraints of the COVID-19 pandemic and the recent unrest in Nigeria.”

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Source: EnergyVoice

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