•Company ramps up oil production by 167%

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

Seplat Energy Plc, yesterday announced its audited results for the three months ended March 31, 2025, recording a revenue of N1.228 trillion for the period from N268.6 billion reported in the same quarter last year.

Its gross profit soared to N535.4 billion from N63.8 billion year-on-year, a statement from the company said, as cash generated from its operations for the period grew to N464.9 billion from N25.2 billion year-on-year.  Also, profit before tax rose to N314.6 billion from N103.5 billion year-on-year.

The energy company said it delivered robust production and cost performance during Q1, 2025, at a new scale, and that it is firmly on track to deliver FY 2025 guidance, with strong cash position supporting early repayment of $250 million reducing the Revolving Credit Facility (RCF) to $100 million, and an increase in quarterly dividend to $ 4.6 cents per share.

“For the period, production averaged 131,561 barrels of oil equivalent per day (boepd), up 167 per cent from Q1, 2024 (49,258 boepd), above the midpoint of 2025 guidance (120-140 kboepd)”, the company stressed.

Besides, Seplat noted that it achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (Q1, 2024: 2.3 million man hours) and 4.8 million hours without LTI for Seplat Energy Producing Nigeria Unlimited (SEPNU) – formerly Mobil Producing Nigeria Unlimited (MPNU).

Chief Executive Officer, Roger Brown, in his remarks, said that although the company remains conservative in its approach, its confidence in the future trajectory remains unwavering.

He said: “2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.

“Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes.

“Financial performance was also strong, allowing us to be proactive in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.

“We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $4.6c/share, a 28 per cent increase in our quarterly dividend versus 4Q 2024.

“Our assets are high quality, and while we will remain agile to the prevailing oil price environment, our business plan is designed to be robust at lower oil prices and our gas revenues, which are largely delinked to oil prices, provide long-term stability for the business. We are committed to our plan of growth and maximising value for our stakeholders.”

The system further stated that Mr. Bello Rabiu, Seplat’s Senior Independent Non-Executive Director and Mr. Babs Omotowa, Independent Non-Executive Director resigned earlier from the Board following their appointment to the NNPC Ltd board.

“The Board has unanimously appointed Mrs. Bashirat Odunewu as Senior Independent Non-Executive Director,” the indigenous energy firm stated.

Seplat recently successfully acquired Mobil Producing Nigeria Unlimited , marking a significant move in the Nigerian oil and gas sector. The acquisition strengthened Seplat’s position as a leading independent energy company in Nigeria by expanding its offshore assets and boosting its overall production capacity.

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