By Mike Abbah
Seplat Energy Plc, a leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its interim unaudited results for the three months ended March 31 2025 — showing strong performance in all metrics.
Seplat Energy Plc started the year on a strong footing as its first quarter (Q1 2025) performance reflects a growth trajectory that could surpass last year’s results.
This points to the opportunities for local content initiatives widening during the year and beyond on the windows of activities offered by the foremost energy firm.
Seplat, which delivered robust production and cost performance during Q1 2025 at a new scale is firmly on track to deliver FY 2025 guidance, according to the details of the results.
Financial highlights revealed that Revenue was $809 million up c.350 percent on prior year (Q 1 2024: $180 million). On this account, unit production operating cost of $12.6/boe (1Q 2024: $9.5/boe), better than guidance of $14-$15/boe, due to timing of planned maintenance activities.
Furthermore, adjusted EBITDA of $401 million rosd up 226 percent on prior year (Q1 2024: $123 million). Cash generated from operations of $306.5 million, up materially from $16.8 million in 1Q 2024.
Also, cash capital expenditure of $40.2 million was recorded (Q1 2024: $47 million) while onshore drilling activity is to ramp up from Q2 2025.
The declared dividend of US$ 4.6c/share in Q1 2025 was an increase on the prior quarter dividend (US$ 3.6c/share), reflecting the strength of its financial position and confidence in their outlook.
The company disclosed that “Strong cash position supports early repayment of $250 million reducing the RCF (Revolving Credit Facility) to $100 million, and an increase in our quarterly dividend to US$ 4.6c/share.”
Seplat Energy plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for September 2025.
Speaking on the production performance, Seplat disclosed that production averaged 131,561 boepd, up 167 percent from Q1 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).
Also, onshore production contribution of 56,196 boepd, was 14 percent higher than Q1 2024, and above 2025 guidance. Within this, liquids +10 percent and gas +21% vs 1Q 2024, following strong performance at Oben Gas Plant and first contribution from Sapele Gas Plant.
SEPNU production contribution of 75,365 boepd, within guidance, of which 88% crude and condensate, 4% NGL and 8 percent gas.
SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.
Sapele Integrated Gas Plant was commissioned and achieved first commercial gas sales in February 2025. Plant is delivering high quality processed gas, and condensate yields of c.2 kbopd.
Commenting on the Q1 2025 performance, Roger Brown, Chief Executive Officer, 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 percent 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.”
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