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Business News of Wednesday, 29 July 2020

Source: MyNigeria

Seplat to spend $120m on gas wells, others

Seplat Petroleum Development Company Plc has announced plans to spend $120m to drill two gas wells this year and other related infrastructure.

The Chief Executive Officer, Seplat, Mr. Austin Avuru, said in a press release made available to the Nigerian and London Stock Exchanges on Wednesday that of the company's full-year capital expenditure of $120m, $86m had already been invested.

Avuru said, “Seplat has delivered a good performance despite the unprecedented crises we have experienced since March. Our continued resilience is possible as a result of our financial strength, our careful management of risk and our prudent approach to capital allocation.

“Unlike many in our industry, we were able to protect our 2019 dividend and increase our capital investment to ensure continued growth.”

According to him, Seplat’s oil hedging strategy and gas revenues has continued to protect the business from price volatility, with the company achieving substantial cost reductions from its suppliers while managing own costs.

Avuru stated that in light of Coronavirus pandemic, the company provided medical and food assistance where needed and would continue to do more to people and communities that the company depends on for our business.

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