Lagos, March 30, 2026, 16:12 WAT
Seplat Energy’s London-listed shares edged higher on Monday, with the Nigerian producer riding a broader rally in oil and gas stocks as Brent crude climbed above $115 a barrel. By early afternoon, Seplat was quoted at 484.5 pence, up 0.52%, on the company’s investor page. 1
The move matters because Seplat last month set 2026 production guidance of 135,000 to 155,000 barrels of oil equivalent per day — an industry measure that combines oil and gas volumes — after 2025 output jumped 148% to 131,506. It also mapped out $360 million to $440 million of capital spending and 17 new wells this year, with the midpoint of guidance implying about 10% growth. 2
That keeps Seplat in focus well beyond the day’s stock move. The company said its 300 million cubic feet per day ANOH plant began gas flow in January, and by late February output was stable at 50 million to 70 million cubic feet per day, while phase one of the Oso-BRT project is targeted to lift offshore gas sales to 240 million cubic feet per day in the third quarter. 3
Chief Executive Roger Brown said in February that Seplat had shown it could “operate at scale” after the first full year of offshore consolidation, and that drilling would be “a decisive factor” in meeting the group’s 2030 target. 2
The numbers gave investors plenty to work with. Seplat reported 2025 revenue of $2.73 billion, adjusted EBITDA of $1.28 billion and cash generated from operations of $1.17 billion, while net debt fell 25% to $673.3 million. It raised total dividends declared for 2025 to 25 U.S. cents a share, equal to $150 million. 2
There is a nearer-term catalyst, too. Seplat said its final dividend of 5 U.S. cents a share and special dividend of 3.3 cents a share are due around May 29, and its annual general meeting is scheduled for May 20. 4
Seplat’s gains came alongside stronger moves in bigger peers. Shell and TotalEnergies rose 1.3% and 1.8% in Europe on Monday, helping push the regional energy index higher, as investors chased producers with direct exposure to the oil price. Michael Hewson, senior market analyst at iForex, said markets were “underpricing” the risk that the conflict would not have a “speedy conclusion.” 5
But the 2026 plan is not locked in. Seplat said fourth-quarter 2025 production was hit by the Yoho offshore platform shutdown and other planned maintenance, with Yoho’s restart only expected in the second quarter, while offshore drilling is not due to begin until the third quarter. If outages drag on or crude gives back part of its war-driven surge, the market’s mood could shift quickly. 2
Brown has been blunt about why the gas build-out matters. When ANOH reached first gas — the point at which a new project starts flowing gas — he said it would “provide material income streams” for Seplat and “increase energy access for Nigerians,” underlining how the company’s market appeal is becoming more tightly tied to Nigeria’s gas-supply push. 3
