REG - Seplat Energy PLC - Full Year 2025 Financial Results

Seplat EnergyAnnouncement

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RNS Number : 4558U  Seplat Energy PLC  26 February 2026

 

 

Please see the Full Audited Results in attached PDF

 

http://www.rns-pdf.londonstockexchange.com/rns/4558U_1-2026-2-26.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4558U_1-2026-2-26.pdf)

 

Audited results for the year ended 31 December 2025
26 February 2026
Management Report

Lagos and London, 26 February 2026: Seplat Energy PLC ("Seplat Energy", "the
Company" or " the Group"), a leading Nigerian independent energy company
listed on the Nigerian and the London Stock Exchanges, announces its audited
results for the twelve months ended 31 December 2025.

Operational highlights

•   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)

Financial highlights

•   Revenue $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

 
Dividend

•   4Q 2025 declared 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.

 
2026 Outlook & Guidance

•   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.

 
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, multi-well 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."

 

Summary of performance

 

 Revenue **                                                    2,725.9  1,116.2           144.2 %                     4,135.4  1,651.6
 Gross profit                                                  904.5    352.4             156.4 %                     1,372.3  521.4
 Adjusted EBITDA ***                                           1,275.4  539.0             136.6 %                     1,934.9  797.6
 Operating profit (loss)                                       675.2    326.7             106.7 %                     1,024.6  483.4
 Profit (loss) before tax                                      497.8    266.7              86.7 %                     755.5    394.7
 Cash generated from operations                                1,165.6  310.0           276.0 %                       1,768.9  458.7
 Working interest production (boepd)                           131,506  52,947            148.4 %
 Volumes lifted (MMbbls)                                       35.4     12.4             185.4 %
 Average realised oil price ($/bbl)                            70.29    80.04               (12.2)%
 Average realised gas price ($/Mscf)                           2.95     3.06               (3.6)%
 LTIF                                                          0.025    -                     nm
 CO2 emissions intensity from operated onshore assets, kg/boe  24.3     32.1             (24.0)%

 

 

* Comparative figures for FY 2024 which includes 19 days consolidation of
Seplat Offshore has been restated to align the final PPA valuation after
completion of the final details of the acquisition of MPNU during the one year
measurement period as permitted by IFRS 3 (Business combinations) and as a
result recognised the final fair values of assets acquired and liabilities.

** Revenue excludes underlift of $25.4 million

*** Adjusted for non-cash items

 

Responsibility for publication

This announcement has been authorised for publication on behalf of Seplat
Energy by Eleanor Adaralegbe, Chief Financial Officer, Seplat Energy PLC.

Signed:

 

 

 

 

Eleanor Adaralegbe

Chief Financial Officer

 

 

 

 

 

Important notice

The information contained within this announcement is audited and deemed by
the Company to constitute inside information as stipulated under Market Abuse
Regulations. Upon the publication of this announcement via Regulatory
Information Services, this inside information is now considered to be in the
public domain.

Certain statements included in these results contain forward-looking
information concerning Seplat Energy's strategy, operations, financial
performance or condition, outlook, growth opportunities or circumstances in
the countries, sectors, or markets in which Seplat Energy operates. By their
nature, forward-looking statements involve uncertainty because they depend on
future circumstances and relate to events of which not all are within Seplat
Energy's control or can be predicted by Seplat Energy. Although Seplat Energy
believes that the expectations and opinions reflected in such forward-looking
statements are reasonable, no assurance can be given that such expectations
and opinions will prove to have been correct. Actual results and market
conditions could differ materially from those set out in the forward-looking
statements. No part of these results constitutes, or shall be taken to
constitute, an invitation or inducement to invest in Seplat Energy or any
other entity and must not be relied upon in any way in connection with any
investment decision. Seplat Energy undertakes no obligation to update any
forward-looking statements, whether because of new information, future events
or otherwise, except to the extent legally required.

 

Investor call

At 12:00pm GMT/ 1:00pm WAT (London / Lagos) on Thursday 26 February 2026, the
Executive Management team will host a webcast to present the Company's Full
Year Financial Results.

Information regarding the results presentation and webcast is detailed below.

The presentation can be accessed remotely via a live webcast link and
pre-registering details are below. After the meeting, the webcast recording
will be made available and access details of this recording are the same as
for the webcast.

A copy of the presentation will be made available on the day of results on the
Company's website at https://seplatenergy.com/. (https://seplatenergy.com/)

Event title:         Seplat Energy Plc: Full Year 2025 Financial
Results

Event date          12:00pm GMT/ 1:00pm WAT Thursday 26 February 2026

Webcast Live Event Link                           Webcast link
(https://sparklive.lseg.com/SEPLATENERGY/events/5c64010b-46e3-45d2-9858-90295df7fe0d/seplat-energy-plc-full-year-results-2025)

 

The Company requests that participants dial in 10 minutes ahead of the call.
When dialling in, please follow the instructions that will be emailed to you
following your registration.

Enquiries:

 

 Seplat Energy Plc
 Eleanor Adaralegbe, Chief Financial Officer                      +23412770400
 James Thompson, Head of Investor Relations                       ir@seplatenergy.com (mailto:ir@seplatenergy.com)
 Chioma Afe, Director, External Affairs & Social Performance
 FTI Consulting
 Ben Brewerton / Christopher Laing                                +44 203 727 1000

                                                                  seplatenergy@fticonsulting.com (mailto: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 and Yoho FSO, as well as an operated
interest in the Bonny River Terminal (BRT), 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://www.seplatenergy.com/ (https://www.seplatenergy.com/)

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