BY SAM OTUONYE 

Seplat Energy Plc, one of the leading Nigerian independent energy company listed on the Nigerian and the London Stock Exchanges, has announced its audited results for the twelve months ended 31 December 2025.

Operational highlights showed that the Group production averaged 131,506 boepd up 148% from 2024 (52,947 boepd) reflecting the first full year of offshore consolidation, and within revised guidance. 4Q 2025 group production of 119,200 boepd, impacted by Yoho shutdown and other planned maintenance activities

• Onshore delivered 14% production growth YoY, supported by completion of the Sapele Gas Plant, and new well inventory.

• ANOH gas plant achieved first gas in January 2026, production is stable at 50-70 MMscfd, with ~60kbbl condensate currently in storage.

• Emissions intensity for Seplat onshore assets: 24.3 kg CO2/boe (2024: 32.3 kg CO2/boe), down 24% YoY.

• Offshore grew 9% YoY on a pro-forma basis,. Performance moderated by Yoho platform outage, restart expected in 2Q 2026

• highly successful idle well restoration programme added 48.6 kboepd gross production capacity from 49 wells, exceeding expectations

• EAP IGE was the first major project delivered offshore. Peak gross (EAP + OSO) NGL recovery of ~33 kboepd, achieved in February 2026 (2025 peak gross NGL recovery ~20 kboepd)

• YE 2025 independently audited 2P reserves down c.42 MMboe to 1,001 MMboe (YE 2024: 1,043 MMboe), 67% liquids. Reflects 2025 focus on maintenance and integrity investments

• Group 2P+2C increases by 181 MMBoe to 2,486.6 MMboe (YE 2024: 2,305.4 MMboe), 55% liquids. Positive revisions to offshore oil resources reflects stronger underlying production performance on multiple fields and gas resource upgrade following inclusion of Edop

• Recorded 1 Lost Time Injury (LTI) on our operated assets in 2025. 11.4 million hours without LTI since September (2024: 11.0 million hours)

Revenue grew to $2,726 million up 144.2% (FY 2024: $1,116 million), reflecting a full year of contribution from offshore assets

• Unit production operating cost of $15.7/boe down 5% on prior year (Adjusted 2024: $16.5/boe)

• Adjusted EBITDA of $1,275.4 million, up 137% on prior year ($539.0 million)

• Cash generated from operations of $1,165.6 million, up 276% on prior year (2024: $310.0 million)

• Cash capex of $266.8 million (FY 2024: $208.1 million).

• Total completion payments to Exxon Mobil $326.2 million. No MPNU contingent consideration payable to ExxonMobil for 2025

• Balance sheet remains robust, net debt at year end 2025 of $673.3 million down 25% YoY (YE 2024: $897.8 million). Net Debt/EBITDA 0.53x

It declared 4Q 2025 dividend of USD 8.3c/shr, up 11% QoQ and 20% YoY, consisting of USD 5.0c/shr base and USD 3.3c/shr special dividend.

• Total dividend declared for 2025 USD 25.0c/shr, equivalent to $150 million and a 52% increase on 2024, reflecting the strength of balance sheet, strong underlying free cash flow generation and continued confidence in our outlook.

The company’s 2026 outlook & guidance showed that Production guidance of 135-155 kboepd, mid-point represents a ~10% increase on 2025.

• Crude & Condensate: flat YoY; new well inventory offset by planned downtime for strategic maintenance and integrity activities.

• NGL: +85% YoY, effective 1Q 2026 with EAP complete.

• Gas: +30% YoY, ANOH contribution, YoY growth on Sapele IGP and completion of Oso-BRT phase 1, which is on track for 3Q 2026 and targets a doubling of offshore gas sales to 240 MMScf/d gross.

• Initial capex guidance $360-440 million. Plan includes 17 new wells (15 onshore and 2 offshore; drilling offshore from 3Q).

• Unit production operating costs for the group are expected to be $13.5-14.5/boe. Expect volume led reduction in unit costs.

Commenting on the results, Roger Brown, Chief Executive Officer, said:

“In 2025 we clearly illustrated our ability to operate at scale. We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.

“At our CMD in September, we laid out our long-term ambition to “Build an African Energy Champion”, with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore. In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026.

“Drilling will be a decisive factor in meeting our long-term growth ambitions and I am pleased to announce that the first Jack-Up drilling rig is contracted, in country and set to arrive at Oso in 3Q to commence a multi-year, multiwell drilling campaign.

“Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50% to USD 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1 billion cumulative return of capital to shareholders by 2030. Furthermore, the strength of the enlarged group has reflected in a notable lowering of our cost of debt, providing additional scope for long-term value creation.”