Lagos - Seven Energy, the indigenous Nigerian
oil and integrated gas company, has released a mixed set of results for the
nine months ended September 30.
Earnings before interest, taxes, depreciation,
amortization and exploration fell to $106 million (2014: $164 million).
Loss after tax was $74 million (2014: $41 million
Cash flow provided by operating activities was $139
million, up $30 million from 2014.
Gas deliveries by Accugas, Seven Energy’s gas processing,
distribution and marketing subsidiary, up 179 percent, averaging 64 million
cubic feet of gas per day (“MMcfpd”) (2014: 23 MMcfpd)
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Phillip Ihenacho, Chief Executive Officer, Seven Energy,
commenting on the results said Seven’s business continues to develop its focus
on domestic gas distribution with an increasing proportion of our sales volumes
and revenues being to our local gas customers.
He said the ramp-up in gas deliveries had been slower
than the company had forecast, principally due to completion of necessary
electricity transmission infrastructure.
Significant progress has however been made recently on
the infrastructure and Seven Energy is well positioned to meet the anticipated
increase in demand during the first half of 2016.
“We continue to tightly manage our resources,
particularly in light of the current oil price environment, restricting capital
expenditure to essential projects only and focussing rigorously on operating
cost reductions,” said Ihenacho.
- CAJ News