.Reaffirms long-term growth and shareholder returns at 13th AGM
UGO AMADI
Seplat Energy Plc, a leading indigenous Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange has set a clear five-year growth path to 200,000 barrels of oil equivalent per day by 2030, following the integration of Mobil Producing Nigeria Unlimited and a record operational performance in 2025.
The roadmap was laid out at the company’s 13th Annual General Meeting held virtually from Lagos, where shareholders approved a final dividend of 8.3 cents per share and management reaffirmed its commitment to disciplined growth, sustained shareholder returns, and national energy security
Also, that brings the total payout for 2025 to 25.0 cents per share and underscores Seplat’s focus on balancing growth with shareholder returns and Integration pays off
Chairman Senator Udoma Udo Udoma said Seplat has moved from a primarily onshore operator to a balanced onshore and offshore player after completing the MPNU acquisition and consolidating operations under one headquarters.
Udoma said the SEPNU deal more than doubled Seplat’s production capacity and allowed the company to meet its 2025 output goal ahead of schedule. The acquisition gives Seplat a larger foothold in Nigeria’s offshore assets and strengthens its base for the next growth phase.$3 billion for drilling and infrastructure
Chief Executive Officer, Roger Brown, stated: “Our priority is disciplined execution across our expanded portfolio. This is not growth for its own sake, but growth that is responsibly financed, safely delivered, and capable of generating sustainable cash flow.”
These targets reinforce the Company’s commitment to balancing growth, financial discipline, and shareholder value creation.
The impact was immediate. Average production rose 148% year-on-year to 131,506 boepd, with offshore assets contributing 76,023 boepd. The restart of 49 idle wells added 48.6 kbopd to gross output.“This is not growth for its own sake, but growth that is responsibly financed, safely delivered, and capable of generating sustainable cash flow,” said CEO Roger Brown.
Seplat now operates 11 blocks and 48 producing fields across onshore and shallow water acreage.$3B spend, $1B dividends planned
Management reaffirmed targets for the next five years: invest up to $3 billion in drilling, maintenance and infrastructure, grow production to 200 kboepd by 2030, and generate $5–6 billion in post-tax operating cash flow.The company plans to return at least $1 billion to shareholders in dividends between 2026 and 2030, subject to oil prices staying above $65/bbl.
Speaking after the AGM, the Chief Operating Officer and the Chief Financial Officer reaffirmed the Company’s priorities: Safety remains Seplat Energy’s foremost operational priority, Strong internal controls and financial discipline underpin performance and Continued focus on capital efficiency and cost management
Supported by an average realized oil price of approximately $86/bbl, the Company delivered robust cash flows while maintaining:Disciplined capital allocation , Strong commitment to host communities and Continued investment in its people and operations
At an average realized oil price of $86/bbl in 2025, Seplat delivered strong cash flow while maintaining capital discipline and safety as top priorities.
Shareholders at the AGM commended the smooth integration of the offshore business, consistent dividend policy, and stronger cash generation.
With the expanded asset base and ANOH gas project advancing, Seplat is positioning itself as a key supplier to Nigeria’s domestic power market while scaling output for export.
