Yemisi Izuora
Seven Energy International Limited, has said that its
revenues were up 10 percent on prior year to $378 million, a positive set of results for the full year ended December 31.
The company said commencement of gas deliveries to its customers in the south east Niger Delta contributed revenues of $33 million.
Earnings before interest, taxes, depreciation, amortization and exploration for 2014 was up 35 percent to $273 million.
Profit after tax for 2014 increased by 41 percent in to $55 million.
Phillip Ihenacho, Chief Executive Officer, Seven Energy, expressed pleasure with the company’s progress over the past year.
He said the firm had increased its gas customer base to five, and doubled our gas production and processing capacity to 200 million cubic feet per day.
“We see a vital, commercial role for Seven Energy in contributing to the development of a sustainable and diverse economy in Nigeria that is significantly less dependent on oil,” Ihenacho said.
The Group’s focus is on leveraging and growing its strong gas delivery position in the south east Niger Delta, further developing its gas infrastructure including progressing the construction of the Oron to Creek Town pipeline to meet contracted and incremental gas demand in the Calabar area.
Seven Energy stated it had a 2015 Funding Plan that includes the refinancing of the Accugas Project Finance and Acquisition Finance Facilities into a single combined facility and securing up to $125 million of additional debt or equity funding.