Seplat Petroleum Development Company Plc has announced that its Q1 dividend payment will be determined by the exchange rates of ₦305.35 per US dollar; or $1=£0.7422, Nairametrics has reported.
This information is contained in a corporate disclosure made by the company, as was published on the NSE website.
According to the release, this is only applicable to shareholders who are qualified and have decided to have their dividends paid in either the naira or Pound Sterling.
he oil company’s Q1 2018 results show a strong quarterly performance with US$181 million in revenue and gross profit $93 million (51% gross profit margin); EBITDA of $116 million which was driven by higher total production and higher oil price realization of US$65.78/bbl; average gas price US$2.79/Mscf.
Also, Profit Before Tax for the period stood at US$59 million and Net profit stood at $21 million.
Seplat recently disclosed its 2019 targets, including plans to drill five new wells in its three production wells in Oil Mining Leases (OMLs) 4, 38 and 41, as part of the company’s efforts to sustain optimal production and strengthening its operations this year.