Lagos, March 30, 2026, 16:12 WAT
Seplat Energy’s shares in London ticked up Monday, tracking gains across oil and gas names as Brent crude moved past the $115 mark. The Nigerian oil producer was trading at 484.5 pence, up 0.52%, by early afternoon, according to its investor page.
The shift is notable: just last month, Seplat rolled out 2026 production guidance at 135,000 to 155,000 barrels of oil equivalent per day, a metric folding in both oil and gas, after reporting a 148% leap in 2025 output to 131,506. The company also earmarked $360 million to $440 million for capex and plans to drill 17 wells this year. The middle of that range hints at roughly 10% growth.
Seplat remains in the spotlight beyond a single day’s trading. The company reported that gas started flowing from its ANOH plant, which has a 300 million cubic feet per day capacity, back in January. By late February, production settled in a range between 50 million and 70 million cubic feet per day. Looking ahead, phase one of the Oso-BRT project is slated to raise offshore gas sales to 240 million cubic feet per day in the third quarter.
Back in February, Chief Executive Roger Brown pointed to Seplat’s ability to “operate at scale” following its initial full year of offshore consolidation. Drilling, he said, will be “a decisive factor” as the group pushes toward its 2030 target. Investegate
Plenty for investors to chew on in the numbers. Seplat posted $2.73 billion in revenue for 2025, with adjusted EBITDA at $1.28 billion. Cash from operations clocked in at $1.17 billion. Net debt dropped 25% to $673.3 million. The company also bumped up its total dividend payout for 2025 to 25 U.S. cents per share, or $150 million.
Another near-term event is coming up. Seplat has declared a final dividend of 5 U.S. cents per share and a special payout of 3.3 cents per share, with both expected around May 29. The company’s annual general meeting is set for May 20.
Seplat shares climbed, moving in step with larger rivals. Shell added 1.3%, TotalEnergies put on 1.8% in European trading Monday. That lifted the regional energy index as traders favored companies with direct oil price exposure. “Markets are underpricing the risk that the conflict could drag on,” said Michael Hewson, senior market analyst at iForex. Reuters
The 2026 plan isn’t set in stone yet. Seplat flagged that fourth-quarter 2025 output took a hit from the Yoho offshore platform shutdown and scheduled maintenance work, with Yoho now not expected to come back online until the second quarter. Offshore drilling also isn’t slated to kick off before the third quarter. If these outages drag out, or if crude prices—propped up by war—start to slip, sentiment could reverse in a hurry.
Brown hasn’t minced words on the importance of the gas build-out. When ANOH hit first gas—the milestone when a project starts producing—he pointed to “material income streams” for Seplat and a boost for “energy access for Nigerians.” That’s a direct nod to Seplat’s growing reliance on Nigeria’s gas-supply strategy as a key part of its market story. Seplat Energy
