At 13th AGM, Seplat Energy Restates Commitment to Sustained Growth and Shareholder Value
Seplat Energy Plc, a leading indigenous Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has reaffirmed its commitment to disciplined growth, sustained shareholder returns, and national energy security following its 13th Annual General Meeting (AGM), held virtually from Lagos.
At the meeting, shareholders approved the Company’s 2025 audited financial statements and a final dividend of US8.3 cents per share, bringing the total dividend for 2025 to US25.0 cents per share. Shareholders also ratified key Board appointments made during the year.
A Stronger, More Diversified Energy Company
In his address to shareholders, Chairman, Senator Udoma Udo Udoma (CON), highlighted that Seplat Energy has entered a new phase of growth, following the successful integration of Mobil Producing Nigeria Unlimited (MPNU) and its offshore assets.
Referencing the 2025 Integrated Report theme— “Delivering at Scale: Powering Nigeria’s Future”—the Chairman noted that:
- The Company has successfully transitioned from a primarily onshore operator to a balanced onshore and offshore energy company
- Integration of the offshore business has driven significant production growth and improved cash flow
- Seplat Energy is now better positioned to support Nigeria’s energy security and economic development
Describing the AGM as a “milestone moment,” he emphasized the delivery of three key commitments:
- Completion of the MPNU acquisition
- Successful integration of the combined business
- Consolidation into a single headquarters to enhance efficiency and cost discipline
Operational Momentum and Delivery at Scale
Seplat Energy reported strong operational performance in 2025, underpinned by its expanded asset base:
- Average production increased by 148% to 131,506 boepd (from 52,947 boepd in 2024)
- Offshore assets contributed 76,023 boepd
- Restoration of 49 previously idle wells added approximately 48.6 kbopd to gross production
These results reflect disciplined execution and the operational benefits of the enlarged portfolio.
Chief Executive Officer, Roger Brown, stated:
“Our priority is disciplined execution across our expanded portfolio. This is not growth for its own sake, but growth that is responsibly financed, safely delivered, and capable of generating sustainable cash flow.”
He added that the Company’s strengthened platform now comprises:
- 11 blocks (7 onshore, 4 offshore)
- 48 producing fields
Clear Growth Ambitions with Capital Discipline
Looking ahead, Seplat Energy reaffirmed its medium- to long-term strategic targets, including:
- Up to $3 billion in capital investment over the next five years
- Increasing production to approximately 200 kboepd by 2030
- Generating $5–6 billion in post-tax operating cash flow
- Returning at least $1 billion in dividends to shareholders (2026–2030), subject to oil prices above $65/bbl
These targets reinforce the Company’s commitment to balancing growth, financial discipline, and shareholder value creation.
Financial Strength, Safety, and Responsible Operations
Speaking after the AGM, the Chief Operating Officer and the Chief Financial Officer reaffirmed the Company’s priorities:
- Safety remains Seplat Energy’s foremost operational priority
- Strong internal controls and financial discipline underpin performance
- Continued focus on capital efficiency and cost management
Supported by an average realized oil price of approximately $86/bbl, the Company delivered robust cash flows while maintaining:
- Disciplined capital allocation
- Strong commitment to host communities
- Continued investment in its people and operations
Shareholder Confidence and Governance
Shareholders commended the Company’s leadership for:
- Successfully integrating the offshore business
- Delivering strong operational and financial performance
- Maintaining a consistent and predictable dividend policy
This feedback reflects sustained investor confidence in Seplat Energy’s strategy and execution.
Seplat Energy Plc is Nigeria’s leading indigenous energy company, dual-listed on the Premium Board of the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).
Through its strategy to build a sustainable business and support the energy transition, Seplat Energy is delivering affordable, reliable, and sustainable energy that drives economic growth and social development.
The Company’s portfolio spans onshore and shallow water assets in the Niger Delta, supported by strategic infrastructure including export terminals and gas processing facilities. Seplat Energy is a leading supplier of natural gas to Nigeria’s domestic power generation market.
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Photo Caption: L-R: Director Legal / Company Secretary, Seplat Energy Plc, Edith Onwuchekwa; Chief Executive Officer, Roger Brown; Board Chairman, Sen. Udoma Udo Udoma; Chief Financial Officer, Eleanor Adaralegbe; Chief Operating Officer, Samson Ezugworie and Director, External Affairs & Social Performance, Chioma Afe; during the 13th Annual General Meeting of Seplat Energy Plc held virtually on Wednesday