Seven Energy Announce Results for the Three Months Ended 31 March 2016

Seven Energy Finance Limited, together with its parent company Seven Energy International Limited (“Seven Energy” or the “Group”), the leading integrated gas company in south east Nigeria, with upstream oil and gas interests in the region, today announces its results for the three months ended 31 March 2016.

    Highlights for the three months ended 31 March 2016
  1. Total gas deliveries from the south east Niger Delta gas business continued to show strong growth, with an average of 101 million standard cubic feet per day (“MMcfpd”) (Q1 2015: 44 MMcfpd)
  1. Seven Energy’s net oil entitlement averaged 15,700 bopd (Q1 2015: 14,500 bopd)
  1. Average realised oil price of $33/bbl (Q1 2015: $51/bbl)
  1. EBITDAX of $17 million (Q1 2015: $28 million)
  1. Loss after tax of $14 million (Q1 2015 loss: $18 million)
  1. Cash flow provided by operating activities $36 million (Q1 2015: $54 million)

Phillip Ihenacho, Chief Executive Officer, Seven Energy, commenting on the results said:

“I am pleased to report that during the first quarter of 2016 Seven Energy’s gas deliveries from the south east Niger delta continued to grow, with average deliveries of 101 MMcfpd, which compares to our average for the year in 2015 of 70 MMcfpd. Our long held focus on gas is reaping benefits, at a time when the upstream component of our business is challenged with a continued weak oil price, and with the Forcodos terminal having been closed since February, severely limiting oil production deliveries and cash flow from our assets in the north west Niger delta.”

OPERATIONAL UPDATE – South east Niger Delta, North west Niger Delta
Source: Neste
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