Publication of 2025 Annual Report & Notice of AGM

Seplat Energy

20/04/2026 07:00

RNS Number : 9915A

Seplat Energy PLC

20 April 2026

 

20 April 2026

Seplat Energy PLC ("Seplat" or "the Company")

Publication of 2025 Annual Report and Notice of AGM

Seplat Energy PLC confirms it has today published its Annual Report & Accounts for the year ended 31 December 2025. We have also published the notice of the Company's thirteenth Annual General Meeting ("AGM") and forms of proxy.  The Company will hold its AGM at 11:00am (WAT) on Wednesday, 20 May 2026 virtually. The virtual meeting link for the AGM is https://www.seplatenergy.com/agm-2026/

In accordance with Listing Rule 14.3.6, copies of the Company's Annual Report and Accounts for the year ended 31 December 2025, the Notice of AGM and proxy forms have also been submitted to the FCA for publication through the document viewing facility of the National Storage Mechanism and will shortly be available for inspection at https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism

In accordance with Disclosure Guidance and Transparency Rule ("DTR") 6.3.5R(3), copies are available on the Company's website, https://www.seplatenergy.com

The Company's audited financial statements and extracts of the management report were included in the Company's Final Results announcement on 26 February 2026.  That information, together with the Appendices to this announcement, which contains the following additional information that has been extracted from the 2025 Annual Report, constitutes the material required for the purposes of compliance with DTR 6.3.5 only:

·                  the Directors' Responsibilities Statement;

·                  a description of principal risks and uncertainties that the Company faces

This announcement should be read in conjunction with and is not a substitute for reading the full 2025 Annual Report.  Page and note references in the text below refer to page numbers and notes in the 2025 Annual Report and terms defined in that document have the same meanings in these extracts.

Enquiries:

Seplat Energy Plc
Eleanor Adaralegbe, Chief Financial Officer
+234 1 277 0400
James Thompson, GM,Investor Relations
ir@seplatenergy.com
Edith Onwuchekwa, Director, Legal & Company Secretary
Chioma Afe, Director, External Affairs & Social Performance
FTI Consulting
Ben Brewerton / Christopher Laing
+44 203 727 1000
seplatenergy@fticonsulting.com
Citigroup Global Markets Limited
Peter Brown / Peter Catterall
+44 207 986 4000
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor / George Grainger
+44 207 523 8000
Peel Hunt LLP
Richard Crichton / David McKeown
+44 207 418 8900

About Seplat Energy

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed on the Premium Board of the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL). Through our strategy to Build a sustainable business and Deliver energy transition, we are transforming lives by delivering affordable, reliable and sustainable energy that drives social and economic prosperity.

Seplat Energy's portfolio consists of eleven oil and gas blocks in onshore and shallow water locations in the prolific Niger Delta region of Nigeria, which we operate with partners including the Nigerian Government and other oil producers. Furthermore, we have an operated interest in three export terminals including; the Qua Iboe export terminal, the Bonny River Terminal (BRT) and Yoho FSO, and operate two large offshore NGL recovery plants at Oso and EAP.

We operate three gas processing plants onshore, at Oben in OML 4 and Sapele in OML 41 and the 300 MMscfd ANOH Gas Processing Plant in OML 53, an integrated joint venture with NGIC. Combined, these gas facilities augment Seplat Energy's position as a leading supplier of natural gas to the domestic power generation market.

For further information please refer to our website, https://seplatenergy.com/

Appendices

Appendix A: Statement of Directors' responsibilities

The following Statement of Directors' responsibilities is extracted from the 2025 Annual Report and Accounts (page 154).

The Companies and Allied Matters Act, 2020, requires the Directors to prepare financial statements for each financial year that gives a true and fair view of the state of financial affairs of the Group at the end of the year and of its profit or loss. The responsibilities include ensuring that the Group:

keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Group and comply with the requirements of the Companies and Allied Matters Act, 2020;

establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and

prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates and are consistently applied.

The Directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards (IFRS), the requirements of the Companies and Allied Matters Act, 2020 and Financial Reporting Council of Nigeria Act, No. 6, 2011.

The Directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Group and of its financial performance and cashflows for the year. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.

Nothing has come to the attention of the Directors to indicate that the Group will not remain a going concern for at least 12 months from the date of this statement.

Signed on behalf of the Directors by:

U.U.Udoma
Chairman
FRC/2013/NBA/00000001796
26 February 2026
R.T. Brown
Chief Executive Officer
FRC/2014/PRO/DIR/003/00000017939
26 February 2026

 

 

Appendix B: Principal risks and uncertainties

The following principal risks and uncertainties table is extracted from the 2025 Annual Report and Accounts (page 55).

The implementation of our strategy can be hindered by various risks and uncertainties. The risks that the Board considers most significant are described here.

 

 

Principal Risk
Risk Description
Risk Mitigation summary
Category
1
Asset Integrity
Risk that due to poor Asset Integrity Management, Operability and availability of the Production facilities kicks into the extent that the facilities become defunct and inoperable
Structured asset integrity frameworks, inspections, and risk-based maintenance plans
Operational & Safety
2
Catastrophic events
Major incidents, pandemic or outbreaks causing severe losses and reputational damage
Robust process safety protocols and ensure functional emergency systems
3
Cyber Security
IT Security breaches, sabotage, or illegal activities could disrupt operations and endanger assets
Restrict system access using network control points and strengthened security protocols
4
Personal & Process Safety
Operational failures or unsafe conditions could lead to injuries, asset damage, or regulatory breaches.
Implement and maintain the Operations Safety Case across all facilities
5
Supply Chain Management
Supply delays, quality failures, or contractor issues could hinder production and operational continuity
Apply strict vendor selection and contract compliance processes
6
Market, Credit & Liquidity Risk
The risk of potential losses arising from fluctuations in commodity prices, currency exchange rates, interest rates, and other market variables
Commodity/price hedging. Proactive engagement with lenders. Securitized contracts
Strategic & Commercial
7
Ethical & Governance Misconduct
Ethical breaches or governance failures could trigger legal, financial, and reputational damage
Strengthen whistleblowing, monitoring, and analytics to detect and address misconduct promptly
Conduct, Culture & Integrity
8
Disputes & Contingent Liabilities
Legal claims or dispute escalation could result in costly settlements and liabilities
Adopt proactive dispute resolution strategy to limit exposure
9
Compliance & Controls Risk
Failure to meet regulatory and policy requirements could result in non‑compliance and operational disruption
Deploy a comprehensive annual governance and compliance calendar
10
Financial and non-financial reporting Risk
Errors in reserves or sustainability reporting could lead to misstated financial and ESG disclosures
Incorporate reserves valuation into ICFR testing
11
Cultural Integration
Cultural misalignment between legacy MPNU and Seplat may cause misunderstandings, resistance, and productivity loss
A structured, paced cultural‑integration program with focused management oversight
12
Industrial Action
Labour disputes or strikes could disrupt operations and halt production.
Continuous dialogue with labour unions
13
Geo-political risk
Political instability or government policy shifts that could disrupt operations
Monitor Niger Delta geopolitical trends and update leadership regularly
Political and Security
14
Community Agitations and Security risks
Militancy or community actions that may disrupt operations and threaten delivery commitments
Setup Host Community Trust to drive PIA‑aligned community projects
15
Changes and uncertainties in Regulatory & Fiscal Framework
Regulatory or fiscal shifts could impact project economics and compliance.
Build regulatory scenarios into project plans and strengthen fiscal assurance
16
Social Risk
Community conflicts or social concerns may disrupt operations and damage stakeholder relationships
Proactive quarterly engagements with key community stakeholders to sustain trust
17
Decarbonisation
Failure to meet ESG and government decarbonisation targets may lead to penalties
Manage reliability flare within acceptable thresholds
Climate Change and Energy Transition
18
Environmental Damage and Climate Related Risks
Resource degradation, pollution and climate‑related events that may trigger regulatory penalties and reputational harm.
Manage reliability flare within acceptable thresholds

 

 

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