Seplat Energy PLC has announced plans to invest up to $320 million in 2025, focusing on 13 new onshore oil wells and various capital projects.
In its 2025 outlook, the company detailed its capital expenditure plans, stating, “Initial 2025 capital expenditure, capex guidance of $260-320 million comprising Seplat Onshore $180-220 million, Seplat Energy Producing Nigeria Unlimited, SEPNU $80-100 million. Plan includes 13 new wells onshore, replacement of an inlet gas exchanger on East Area Project (EAP) NGL project offshore and other capex projects.”
Seplat Energy also reported a remarkable financial performance for the 2024 fiscal year, with revenue surging by 137% to N1.652 trillion, up from N696.9 billion in 2023.
Cash flow from operations also saw significant growth, reaching N567.5 billion in 2024 compared to N340.6 billion the previous year.
Operating profit rose sharply to N647.9 billion, up from N163.7 billion year-on-year, while profit before tax climbed to N561.4 billion from N125.5 billion.
The company’s gross profit also experienced a substantial boost, hitting N710.1 billion from N349.3 billion in the previous year.
Additionally, Seplat Energy achieved over 11 million work hours in 2024 without any Lost Time Injury (LTI) on its operated assets, improving on the 8.7 million hours recorded in 2023.
Reflecting on the company’s achievements, Chief Executive Officer Roger Brown remarked, “2024 was truly a defining year for Seplat Energy. In addition to delivering key growth projects in our existing onshore business, we closed out 2024 by completing the acquisition of SEPNU, the largest in the Company’s history, which adds significant scale and attractive low-cost growth potential. In the first few months since the acquisition, it has already become clear that there is significant prize in the offshore shallow water, operating a closed loop system from well-head production to hydrocarbon sales at the terminal.”
Looking ahead, Brown outlined the company’s key priorities for the year, “This year we will focus on re-opening previously shut-in wells in SEPNU, alongside another full drilling campaign for our onshore assets and we look forward to delivering first gas at ANOH. We will also accelerate the subsurface work and contracting needed to commence an infill drilling campaign at SEPNU.”
Seplat Energy’s strong financial standing and growth prospects have also led to an increased dividend for shareholders.
“Our confidence in the future trajectory for the enlarged business, combined with our strong financial position, means that we are delighted to declare a special dividend again for 2024, lifting the total dividend for 2024 to $16.5 cents per share, an uplift of 10% from 2023,” Brown added.
