L-R: Mrs Eleanor Adaralegbe, CFO Seplat Energy Plc; Mr Roger Brown, CEO; Mr Udoma Udo Udoma, Chairman; Mrs Edith Onwuchekwa, Director Legal and Company Secretary; Mr Samson Ezugworie, COO; and Mrs Bashirat Odunewu, Senior Independent Non-Executive Director, at the 12th Annual General Meeting (AGM) of Seplat Energy Plc held virtually on Wednesday.
By Taiye Olayemi
Mr Samson Ezugworie, Chief Operating Officer of Seplat Energy, said the company is prioritising the revival of existing wells in its SEPNU asset.
Speaking at Seplat Energy’s 12th Annual General Meeting on Wednesday, Ezugworie noted plans to invest in further drilling campaigns to boost performance and increase production output.
He added the company is increasing gas volumes through ongoing activities at the Sapele Integrated Gas Plant (SIGP).
Ezugworie outlined Seplat’s strategy to maximise production potential, aiming to drive business growth and unlock further opportunities.
“2024 was a year of notable achievement, including the addition of SEPNU assets following a Change-in-Control in December.
“We included 19 days of production from SEPNU, contributing to a full-year output of 52,947 barrels of oil equivalent per day (boepd).
“This marked an 11 per cent increase compared to 2023, which had a range of 46,000–52,000 boepd.
“Our focus remains on reviving existing wells, increasing drilling campaigns and boosting gas volumes through SIGP,” Ezugworie said.
He said Seplat’s legacy business delivered an average working interest production of 48,618 boepd, aided by various positive factors.
These included strong results from 2024 drilling, new gas output from SIGP, and improved Oben gas production after maintenance.
Ezugworie explained that operational gains also came from sustained efficiency on the Trans Niger Pipeline (TNP).
“SEPNU production delivered an annualised average of 4,329 boepd.
“Our 2025 guidance targets 120,000–140,000 boepd, with Q1 already showing 131,561 boepd—aligned with our forecast,” he said
Seplat CEO Roger Brown said the company is committed to enhancing Nigeria’s energy landscape while supporting healthcare, education and empowerment.
He highlighted Seplat’s milestone of conducting 100,000 eye tests under the Eye Can See programme.
“Over 1,000 teachers were supported through our educational programmes.
“In 2024, we launched the Youth Entrepreneurial Programme (YEP) as part of our social investment efforts,” Brown said.
YEP equips young people with practical skills in renewable energy, preparing them for careers in clean energy.
“The programme empowers youth and communities while supporting Nigeria’s energy transition.
“It also aligns with SDG 13.3 — building knowledge and capacity to combat climate change,” he added.
Chief Financial Officer, Mrs Eleanor Adaralegbe, said 2024 financials were buoyed by increased production, particularly SEPNU’s 19-day contribution.
Total revenue reached N1.652 trillion, reflecting strong output despite slightly lower oil prices.
Adjusted EBITDA was N796 billion, including $99 million from SEPNU, a 20.3 per cent rise on 2023.
“After $235 million in taxes, net profit stood at $145 million. We generated $383 million cash from operations,” Adaralegbe said.
She explained that the net debt rose to $898 million due to the acquisition of MPNU.
Seplat retained strong credit ratings and successfully refinanced its $650 million bond in March 2025.
“Our bond yield priced inside Nigeria’s sovereign bond—a first for Seplat.
“We anticipate further improvement in financial performance in 2025, as a larger and stronger company,” Adaralegbe said.
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