REG - Seplat Energy PLC - Conversion to Petroleum Industry Act

Seplat EnergyAnnouncement

23/12/2025 07:00

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RNS Number : 5572M  Seplat Energy PLC  23 December 2025

Seplat Energy Plc

("Seplat Energy" or the "Company")

 

Conversion to Petroleum Industry Act - Onshore Operated Assets

 

Lagos and London, 23 December 2025:  Seplat Energy Plc ("Seplat" or the
"Company"), a leading Nigerian independent energy company listed on both the
Nigerian Exchange Limited and London Stock Exchange, is pleased to announce
that its subsidiaries Seplat West Limited ("Seplat West") and Seplat East
Onshore Limited ("Seplat East"), have completed the conversion of their
operated onshore assets to the Petroleum Industry Act ("PIA")  fiscal regime
replacing the Petroleum Profit Tax regime.

 

The conversion relates to assets formerly held under OML's 4, 38 & 41 and
53, which in the first nine months of 2025, averaged working interest
production of 42,591 boepd, representing approximately 31% of the Company's
Total production. The PIA supports increased investment, production growth,
and improved operational efficiency, all aligned with Seplat's strategy. The
anticipated impact of the conversion was incorporated into the company's
medium-term guidance presented at the Capital Markets Day in September 2025.
Seplat continues to target the conversion of its offshore assets to the PIA by
2027.

 

Following the execution of the Conversion Contracts in February 2023 in
compliance with the PIA, Seplat and its Joint Venture ("JV") partners have now
completed all technical and regulatory requirements with the Nigerian Upstream
Petroleum Regulatory Commission (NUPRC). New Petroleum Mining Lease ("PML")
and Petroleum Prospecting License ("PPL") numbers have now been issued, and
subject to the regulatory  guidance, operations under the PIA are expected to
commence from 1 January 2026.

 

Roger Brown, Chief Executive Officer of Seplat Energy, said:

 

"Conversion to the PIA fiscal regime has been an important focus for Seplat
and we are delighted to have delivered, along with our respective JV partners,
the conversion of our onshore operated assets to the PIA regime within the
timeline outlined at our recent Capital Markets Day.

 

"We recognise the enhanced value creation opportunities that we can benefit
from, post conversion. PIA conversion was factored into our recent medium-term
guidance and lays a path to improved profitability and cashflow margins in our
onshore business."

 

For: Seplat Energy Plc

 

 

 

Eleanor Adaralegbe

Chief Financial Officer

 

 

Enquiries:

 Seplat Energy Plc
 Eleanor Adaralegbe,  Chief Financial Officer
 Chioma Afe,          Director External Affairs and Social Performance
 Edith Onwuchekwa,    Director Legal/Company Secretary
 James Thompson,      Head of Investor
                      Relations
 FTI Consulting       Ben Brewerton / Chris Liang         44 (0) 203 727 1000
                      seplatenergy@fticonsulting.com (mailto:seplatenergy@fticonsulting.com)

 

 

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.

 

Following the acquisition of Mobil Producing Nigeria Unlimited, Seplat
Energy's enlarged 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 and Yoho FSO, as well as an operated
interest in the Bonny River Terminal (BRT) NGL recovery plant. We operate two
gas processing plants onshore, at Oben in OML 4 and Sapele in OML 41, and are
soon to open the 300 MMscfd ANOH Gas Processing Plant in OML 53 as a 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://www.seplatenergy.com/ (https://www.seplatenergy.com/)

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