Indigenous energy firm incurs financial losses

SEVEN Energy

SEVEN Energy

by OKORO CHINEDU
LAGOS, (CAJ News) – SEVEN Energy, the indigenous Nigerian oil and gas company, has released a disappointing set of results for the six months ended June 30.

The loss comes amid lowering oil revenues.

According to the company, earnings before interest, taxes, depreciation, amortization and exploration expenses (EBITDAX) for the period were $66 million down from $96 million in the same period last year.

The company reported loss after tax of $53 million down from a $27 million profit in the same period in 2014.

Gross oil production averaged 48,800 barrels of oil per day up from 46,400.

On a positive note, gas deliveries were up 171 percent to average 57 million cubic feet of gas per day (“MMcfpd”).

Phillip Ihenacho, Chief Executive Officer, Seven Energy, commented on the results, expressing pleasure at the progress the company attaned during the period.

“I am pleased with the progress we have made on our funding plan, including the securing of $52 million of new debt and the successful refinancing of our “Accugas” debt facilities,” he said.

“Our current focus remains to further increase our gas sales and targeted investment to provide the Group with the platform for the next stage of growth.”

Seven Energy is an independent Nigerian integrated oil and gas exploration, development, production and gas distribution Group founded in 2004.

With the backing of strategic long-term investors and main offices in Lagos and London, the Group has a unique focus on the emerging Nigerian domestic gas market.

– CAJ News

 

 

 

 

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