Seplat Petroleum Development Company Proposes Change of Name To Seplat Energy

Seplat Petroleum Development Company Plc (Seplat), a leading Nigerian independent energy company is proposing to simplify its name to Seplat Energy.

The company made this announcement its unaudited results for the three months ended 31 March 2021.

Why the change of name?

The company stated that it is seeking shareholder approval at the AGM on 20 May 2021 to change its name to Seplat Energy PLC to reflect the evolving strategy around the future direction of the Company.

Roger Brown, Chief Executive Officer, said:

“We are seeking shareholder approval to change our name to Seplat Energy PLC to reflect the future direction of the Company. The change of name will be accompanied by a new corporate brand identity that we plan to unveil at the Seplat Energy Summit in September.

Before that, we intend to host a Capital Markets Day on 29 July 2021 to outline the Company’s strategic direction and its plans to develop its New Energy business.”

Seplat Grew Revenue By 16.8% to $152.4M in Q1 2021

• Board adopts quarterly dividend policy; declares Q1 2021 dividend of US2.5 cents per share
• Revenue up 16.8% to $152.4 million
• EBITDA of $77.8 million
• Cash at bank $236.3 million, net debt of $458.1 million
• The successful issue of $650 million 7.75% senior notes to redeem existing $350 million 9.25% senior notes and repay $250 million drawn on $350 million RCF
• Refinanced $100 million Westport RBL facility
• Total capital expenditure of $32.6 million