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Seplat Plc.'s Earnings Bounced Back Strongly on Higher Oil Prices

Seplat Plc.âs Earnings Bounced Back Strongly on Higher Oil Prices
eplat Petroleum Development Company (Ticker: SEPLAT) Plc.âs earnings bounced back strongly on higher oil prices as the global economy heals gradually following the pandemic, analysts maintain buy rating due to strong upside potential.
Profit margin had hit the bottom following the outbreak of coronavirus pandemic in the financial year 2020 when oil prices slide strongly due to lack of demand.
In its first quarter (Q1) of 2021, the indigenous oil exploration and production company saw its profit after tax payment expanded from loss position to profitability.
âWe like that the company grew PAT by over two-fold in the period under review, a development triggered by higher oil price-induced expansion in revenue , rising 6.8% quarter on quarterâ, Chapel Hill Denham said in a report. ....

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Revisiting OMLs' Revocation, Reversal Saga

Kema Maxwell
President Muhammadu Buhari had in March approved a decision to revoke the Oil Mining Licences of Addax Petroleum being managed by Sinopec and domicile same with the Nigerian National Petroleum Corporation (NNPC) for allocation to new operators.
The industry regulator, the Department of Petroleum Resources (DPR) announced the revocation of the Production Sharing Contract (PSC) of four Oil Mining Licences (OMLs) previously managed by the Chinese oil company Sinopec and assigned the rights to an indigenous consortium.
Our Group, Good Governance Advocates, which is committed to transparency in government was enthusiastic that it was not just a well thought-out decision based on the economics of the Production Sharing Contract but a pragmatic one that is necessary in view of the dire state of our national assets. ....

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No law breached, Sylva defends revocation of Addax oil blocs

Nigerian National Petroleum Corporation is to appear before the committee in two weeks, but lawmakers say they will invite President Muhammadu Buhari as the minister of petroleum resources if NNPC fails to appear as it has done in the past.
Sylva defended the revocation using portions of the Act that give the minister power to “revoke any oil prospecting licence or Oil Mining Licence” in the event of clear breaches by a “Licence” and other reasons specified in the Act.
Sylva informed that the said assets have not been optimally managed, adding that they were producing 130,000 barrels per day before acquisition by Addax which fell to 25,000 barrels per day. ....

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The Politics of Oil Blocks, Revocation and Reversal

Nseobong Okon-Ekong examines the seeming uncertainty surrounding the revocation, restoration of Addax/Sinopec OML License, and the report of the Committee set up by President Muhammadu Buhari on the issue
President Muhammadu Buhari had in March approved a decision to revoke the Oil Mining Licences of Addax Petroleum being managed by Sinopec and domicile same with the Nigerian National Petroleum Corporation (NNPC) for allocation to new operators.
The industry regulator, the Department of Petroleum Resources (DPR) announced the revocation of the Production Sharing Contract (PSC) of four Oil Mining Licences (OMLs) previously managed by the Chinese oil company Sinopec, and assigned the rights to an indigenous consortium. ....

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Moody's announces completion of a periodic review of ratings of Seplat

Announcement of Periodic Review: Moody’s announces completion of a periodic review of ratings of Seplat Petroleum Development Company PlcGlobal Credit Research Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Seplat Petroleum Development Company Plc and other ratings that are associated with the same analytical unit.
The review was conducted through a portfolio review discussion held on 28 April 2021 in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
The review did not involve a rating committee. Since 1 January 2019, Moody’s practice has been to issue a press release following each periodic review to announce its completion. ....

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