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.

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.

Note that this represents the official exchange rate for the dollar to naira which currently stands at ₦305.35 according to information available on the Central Bank of Nigeria’s website. Parallel market exchange rate for the dollar to a naira has, for weeks, maintained the ₦361 mark.

Recall that in April, it was announced that the company would pay an interim dividend to its shareholders. The company’s board of directors subsequently met on April 19th in the company’s Ikoyi-Lagos headquarters, where they deliberated the company’s Q1 2018 financial results and also agreed to pay an interim dividend

Note also that the oil company’s  Q1 2018 results show a strong quarterly performance with US$181 million in revenue and gross profit US$93 million (51% gross profit margin); EBITDA of US$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 US$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.

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 (NSE ticker: SEPLAT) and main market of the London Stock Exchange (LSE ticker: SEPL).

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