Seplat Energy Plc FY 2025 – Operational Expansion Supports Earnings Resilience

Highlights

• Seplat declared dividend of US5 cents and Special Dividend US3.3 cents
• Production expanded to 131,507 boepd from 52,948 boepd due to successful restoration of 49 idle wells (adding 48,600 boepd)
• Revenue increased 149% year-on-year to ₦4.14 trillion from ₦1.66 trillion in 2024.
• Profit after tax grew 16% YoY to ₦241.6 billion
• Aggressive deleveraging undertaken – ₦1.03 trillion in loan repayments exceeded ₦675 billion in new borrowings

Outlook

Our outlook for Seplat Energy Plc is supported by clear production-led catalysts already underway. Following the sharp scale-up in 2025, growth in 2026 is expected to come from incremental restoration and gas expansion. The Company plans to restore 50 additional idle wells in 2026, with an estimated contribution of roughly 1,000 boepd per well. More significantly, Yoho production is scheduled to resume in Q2 2026, with an expected contribution of approximately 20,000 boepd, providing a significant uplift to oil production.

On the gas front, the ANOH Gas Plant recorded first gas in January 2026 and is expected to deliver steady supply to Indorama, strengthening domestic gas revenue visibility. The OSO BRT Phase 1 project is projected to double gas production capacity from 120 mmscf to 240 mmscf, reinforcing the expansion of the gas portfolio. In addition, the commencement of LPG sales in Sapele introduces further commercialisation of gas output.

Together, these developments point to continued revenue growth driven by higher production volumes and expanded gas capacity. Given the strong operating cash flow recorded in 2025, the significant debt reduction undertaken, and improved output could translate into enhanced returns to shareholders, provided capital discipline is sustained.

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