Nigerian independent Seplat Petroleum Development reported gross profit of $207 million and a 4% increase in revenues to $355 million in the first half.
Capital expenditure for 2019 has been revised downwards to $150 million for three exploration and appraisal wells, with LPG expansion in Oben and Sapele projects pushed into 2020.
Despite lower gas prices, Seplat recorded gas tolling revenues of $67 million from its sole risk funded Oben Gas Plant 375 million cubic feet per day expansion between June 2015 and the end of 2018, while posting additional gas sales of $72 million in the first half of 2019.
