Mobil Producing Nigeria

Despite those headwinds, CEPLAT was still comfortably free cash flow positive, net of lower than budgeted capex, with net debt reduced to $235 million and leverage cut to just 0.14 times.

The advanced payment facility has since been paid off and cancelled, meaning all debt raised to acquire MPNU in 2024 has now been repaid.

The quarterly dividend was hiked 58% sequentially to $0.19, taking the total announced for the year to $0.40, against the full-year target of $0.45.

In addition, CEPLAT expects to return around half the proceeds of the 10% CEP new disposal to NNPC, representing a further $0.233 in prospective dividends, with the transaction expected to close this quarter.