Barely two months after a non-executive director of Seplat Petroleum Development Company Plc, Macaulay Agbada Ofurhie, sold off 900,000 unit of his Seplat shares, wife of Dr. A.B.C Orjiako, the Chairman of the company’s board, Henrietta Orjiako, through Pursley Resources Limited, acquired 900,000 units of the company’s shares. The company confirmed this via a notification to the Nigerian Stock Exchange (NSE).
The 900,000 units of shares which amount to N585 million (based on the prevailing price of the company stock), give Pursley a voting interest of 0.15% (based on Issued Share Capital of 588,444,561).
Ofurhie, had sold the shares on June 11, 2018, at N711 per share, amounting to N639 million.
The company had released its financial results for the half year period ended June 2018.
The results show the oil and gas company’s revenue increased from N40 billion in 2017 to N104 billion in 2018, which is an increase of 160% year on year.
Profit before tax increased to N37 billion in 2018 as against a loss before tax of N8 billion in the comparative period in 2017.
Seplat made a profit after tax of N14.8 billion in 2018, compared to a loss after tax of N8.4 billion in 2017.
The company’s stock traded at N650.00 during trading session on the floor of the Nigerian Stock Exchange.
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.
The company is an independent indigenous Nigerian [upstream] exploration and production company with a focus on Nigeria. It is listed on the Nigerian Stock Exchange and the London Stock Exchange.
The company was incorporated on June 17, 2009 as a private limited liability company and later became a public liability company on 3 October 2014.