Seplat Energy Plc has released its unaudited financial statements for Q1 2024.
The company posted a pre-tax profit of $69.3 million, representing a 19.5% year-on-year decline from the $86.1 million pre-tax profit posted in Q1 2023.
However, due to an incurred deferred taxation charge of $57.3 million during the quarter, the company reported a net loss of $1.93 million, reflecting a 103% year-over-year decline from the $57.5 million net income posted in Q1 2023.
Seplat Energy recorded an average realised crude oil price of $86.17/barrel in Q1 2024, despite the average Brent crude oil of $81.76/barrel recorded during the quarter.
The decline was attributed to delays in new gas wells. Despite a decrease in production, the average realized gas price rose by 8.0% to o $3.11/Mscf (thousand standard cubic feet) in Q1 2024 from $2.88/Mscf in Q1 2023.
