Seplat Energy PLC, reputed to be Nigeria’s leading independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, announced revenue growth of N1.652trn. from its operations in 2024.
This was contained in the company’s audited financial results ended December 31, 2024 published on Monday, which showed strong operational and strategic progress since its acquisition of Mobil Producing Nigeria Unlimited (MPNU).
Details of the report showed total revenue realised by Seplat Energy grew from N696.9bn Year-on-Year, with cash generated from its operations rising to N567.5bn from N340.6bn Year-on-Year.
Further details showed the company’s operating profit rose to N647.9bn, from N163.7bn Year-on-Year; profit before tax climbed to N561.4bn, from N125.5bn Year-on-Year, gross profit stood at N710.1bn, from N349.3bn Year-on-Year, while production (onshore assets) averaged 48,618 barrels of oil equivalent per day (boepd), up by 2 percent, from 47,758 boepd in 2023.
Highlights of strong production performance since the completion of the takeover of Mobil Producing Nigeria Unlimited (MPNU) showed Seplat Exploration and Production Nigeria Unlimited (SEPNU) averaged net 81.1 kboepd, FY 2024 average working interest production 69.4 kboepd, with first 100-day integration plan well advanced and the 2025 work programme and budget discussions with Joint Venture partner progressing, but subject to final approval.
The report of the company’s 2025 Outlook showed average production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, SEPNU 72-84 kboepd), with initial 2025 capital expenditure (CAPEX) guidance at $260-320 million. (Seplat Onshore $180-220 million, SEPNU $80-100 million).
The company’s plan includes 13 new wells onshore, replacement of an inlet gas exchanger on East Area Project (EAP) NGL project offshore and other CAPEX projects, with nit operating costs for the group expected to be $14.0-15.0/boe, and strategic maintenance and integrity activities targeting short cycle oil growth and laying a foundation for sustained improvements in uptime to support our longer-term growth ambitions.
The Chief Executive Officer of Seplat Energy, Roger Brown, described 2024 as truly a defining year for the company. “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.
He said the company will focus its operations in 2025 on re-opening previously shut in wells in SEPNU, alongside another full drilling campaign for its onshore assets and 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. 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. The Seplat Energy team is rightly proud of its achievements in 2024, and we fully intend to continue our mission to create significant shared value and enhance prosperity for all our stakeholders in Nigeria and beyond.”
