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Seplat Petroleum Development Company, a leading Nigerian oil and gas company, has reported that its 2017 half-year loss moderated following the lifting of the force majeure on the Forcados terminal.

The company said its loss after tax for the first six months was $28 million, compared to a loss of $61 million in the same period in 2016. Revenue fell 14 percent to $132 million in H1’17 compared to $153 million a year earlier.

In June this year, Shell Petroleum Development Company of Nigeria lifted its force majeure on crude oil exports from the Forcados oil terminal after the completion of repair works to the leaks on the export line.

The Forcados terminal had shut down since last year after militants repeatedly attacked the facility. The terminal has an export capacity of 400,000 bpd and it also accounts for over 90 percent of Seplat’s total exports.

“Since the resumption of exports via the Forcados terminal our production has recovered strongly providing us with sufficient confidence to reinstate guidance, which we expect to be in the region of 43,000 to 50,000 boepd net to Seplat in the second half of the year,” said Austin Avuru, Seplat’s CEO.

“After 18 difficult months, the company is now well-placed to secure a long-term return to profitability and growth. We have continued to cut costs, strengthen the balance sheet and establish alternative export routes to insure us against future disruption at Forcados.”

Earlier this month, Seplat secured a one-year extension on repayment of a $1 billion revolving credit facility due at the end of this year. The company said the facility will now expire on December 31st, 2018.

Consequently, Seplat said its operating cash flow for the first six months of 2017 stood at $106 million, up 165 percent from $40 million in the same period in 2016.

“I believe that we are now a fitter, stronger company than at any time in our history and look to the future with renewed optimism,” Avuru said. “If the current operating environment continues, we expect to see a significant improvement in our performance.”

Seplat’s stock rose 0.58 percent to close at N488 per share at the Lagos bourse on Friday.