Seplat Energy Plc, listed on both the Nigerian Exchange and the London Stock Exchange, has recorded a 350 per cent rise in operating profit to N411.3 billion in nine months ended 30 September 2024, from N91.3 billion from the same period 2023.

According to the company's unaudited results for the period released yesterday, cash generated from operations rose 17% to $423.3million, from $362.3 million in the nine months of 2023, while revenues stood at $715.3 million, down 11.7% from $810.4 million in Q3'23.

Commenting on the results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy, said: "The first nine months of 2024 has seen Seplat Energy deliver a strong operational performance. Production has been consistent, drilling has improved and our main maintenance activities have been executed successfully.

"We have brought two new fields on stream, most recently Abiala, and are approaching completion of the Sapele gas plant. Further delays to the start up at ANOH are frustrating, but we have been pleased to see the commitment of our government partner in tackling the technically challenging river crossing. "Based on the latest estimates received, and maintaining a cautious stance on any risk of further delays, we update our guidance for first gas to Q2 2025. Commodity prices remained supportive, combined with operational uptime and timely cash calls from our joint venture partner, helped cash generation improve year over year, enhancing our balance sheet position".