• Cuts debt by 65%, Q3 manufacturing climbs 13% to 155,801 bpd
•Clears all debt raised for $1.3bn MPNU acquisition
• Gets first ANOH gasoline gross sales by OB3 pipeline
•Company’s emissions depth falls 14%
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
Seplat Energy Plc yesterday introduced an oil and gasoline discovery at its Aku-01 exploration nicely in Nigeria, with preliminary inside estimates indicating a humongous 157 Billion Cubic Feet (BCF) of gasoline and 19 million barrels of oil in place.
The firm additionally stated its whole income grew to $2.76 billion, at the same time as Profit After Tax (PAT) rose 174 per cent to $260.2 million within the first 9 months of 2026.
The hydrocarbon discovery, made in 5 reservoir intervals in Petroleum Prospecting Licence (PPL) 2A25 after the tip of the reporting interval, additionally de-risked 4 adjoining prospects, one of which Seplat stated it plans to check by a second exploration nicely within the Aku space in 2027.
Seplat, which holds a 40 per cent working curiosity within the licence, stated the oil discovery was not half of the unique nicely plan. The nicely is being accomplished as a possible future manufacturing nicely that could possibly be related to current infrastructure, enabling early monetisation of the hydrocarbons.
The firm disclosed the invention in its unaudited outcomes for the 9 months ended September 30, 2026, launched to the general public. The outcomes confirmed that revenue after tax elevated from $95.1 million within the corresponding interval of 2025, whereas income climbed 27 per cent to $2.76 billion from $2.18 billion.
In the identical vein, working revenue rose 50 per cent to $1.07 billion, whereas adjusted earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) elevated 38 per cent to $1.53 billion from $1.11 billion.
Seplat’s common realised oil worth rose 34 per cent to $96.19 per barrel from $71.93 per barrel a yr earlier. The firm achieved a median realised worth of $100.44 per barrel within the third quarter, a premium of $10.21 to the common Brent worth throughout the interval.
The improved monetary efficiency got here alongside stronger manufacturing. Average working-interest manufacturing for the 9 months elevated 7 per cent to 144,999 barrels of oil equal per day (boepd), in contrast with 135,636 boepd within the corresponding interval final yr.
Production within the third quarter averaged 155,801 boepd, up 13 per cent from 137,888 boepd a yr earlier and 5 per cent above the second-quarter degree.
Besides, onshore manufacturing rose 22 per cent year-on-year to 67,445 boepd throughout the nine-month interval, supported by improved output from the corporate’s property and the ramp-up of the Assa North-Ohaji South (ANOH) gasoline venture.
Following the stronger operational efficiency, Seplat narrowed its 2026 manufacturing steering to between 145,000 and 155,000 boepd, from the earlier vary of 135,000 to 155,000 boepd.
The firm’s steadiness sheet additionally strengthened significantly. Net debt fell 65 per cent to $234.9 million on the finish of September, in contrast with $673.3 million on the finish of 2025. Its web debt-to-EBITDA ratio improved to 0.14 occasions from 0.53 occasions.
Seplat stated it repaid the excellent $100 million steadiness on its advance fee facility on October 27, finishing the compensation of all debt raised to finance its 2024 acquisition of Mobil Producing Nigeria Unlimited (MPNU), subsequently renamed Seplat Energy Producing Nigeria Unlimited.
Cash at financial institution elevated to $556.9 million on the finish of September from $332.3 million on the finish of 2025. Cash generated from operations rose six per cent to $1.48 billion, though free money move declined 10 per cent to $749 million.
The firm declared a third-quarter dividend of 19 cents per share, comprising a core dividend of 5 cents and a particular dividend of 14 cents. Its full-year dividend steering stays $270 million, equal to 45 cents per share.
Commenting on the outcomes, Seplat’s Chief Executive Officer, Effiong Okon, stated the corporate’s third-quarter manufacturing averaged greater than 155,000 boepd, putting it heading in the right direction to obtain the higher half of its full-year manufacturing steering.
He described the Aku-01 discovery as proof of the standard of Nigeria’s subsurface and the potential inside Seplat’s exploration portfolio.
On gasoline improvement, Seplat reported that industrial gasoline gross sales from ANOH by the OB3 pipeline started on September 1. The venture averaged gross output of 164 million customary cubic ft per day throughout the third quarter and was working at between 70 and 80 per cent of capability.
The firm additionally stated restoration work on the Yoho manufacturing platform had been technically accomplished, however the restart was delayed after a leak was recognized within the 14-inch pipeline connecting the platform to the floating storage and offloading vessel. Production was anticipated to resume within the fourth quarter.
Also, Seplat diminished its 2026 capital expenditure steering to between $280 million and $340 million from the sooner vary of $360 million to $440 million, primarily as a result of of delays to the offshore drilling programme.
According to the nine-month 2026 outcomes launched to the Nigerian Stock Exchange (NGX) and London Stock Exchange (LSE), Seplat additionally generated $749 million in free money move throughout the interval, whereas working money move rose 6 per cent to $1.479 billion.
The firm additionally recorded its first industrial gasoline gross sales from the Assa North-Ohaji South (ANOH) gasoline venture by the Obiafu-Obrikom-Oben (OB3) pipeline in September. The improvement marked a major step in bringing the venture into industrial operation, with principal repayments on ANOH financing additionally having commenced.
Seplat stated restoration work on idle offshore wells added gross joint-venture capability of 33,700 barrels of oil per day and 176 million customary cubic ft of gasoline per day from 41 wells, together with 4 gasoline wells. The restoration of the Yoho venture, it harassed, was accomplished, though start-up was delayed by pipeline injury, with graduation anticipated within the fourth quarter.
The firm stated it additionally expects to full the sale of a ten per cent curiosity within the NNPCL-Seplat three way partnership to NNPC Limited within the fourth quarter, a transaction anticipated to set off a dividend fee of $140 million, or roughly 23.3 cents per share.
The firm’s emissions depth fell 14 per cent to 37.4 kilogrammes of carbon dioxide equal per barrel of oil equal, from 43.6 kg, with onshore emissions depth declining 34 per cent following progress on ending routine gasoline flaring.
Commenting on the outcomes, the Chief Executive Officer, Effiong Okon, stated the corporate had delivered one other quarter of strong manufacturing progress, placing it heading in the right direction to obtain the higher half of its full-year manufacturing steering.
“In my first update as CEO, I am delighted to report another quarter of robust production growth, averaging over 155 kboepd in 3Q 2026, which puts us firmly on track to meet the upper half of our full year guidance,” he stated.
Okon attributed the efficiency partly to sturdy crude oil costs, noting that the corporate’s third-quarter realised worth of $100.4 per barrel exceeded the common Brent worth by $10.2.
He stated Seplat’s onshore enterprise achieved file gasoline manufacturing ranges throughout the quarter, supported by the continued ramp-up of the Assa North-Ohaji South (ANOH) gasoline venture and powerful efficiency throughout its Western property.
Okon stated the corporate was making progress on integration and implementing initiatives to enhance operational capabilities, including that its workforce, portfolio of progress alternatives and stronger steadiness sheet supplied a basis for its subsequent section of enlargement.
Seplat operates 11 petroleum mining leases, 17 petroleum prospecting licences and 5 oil mining leases throughout onshore and shallow-water places within the Niger Delta.
“As I tackle the obligations of main Seplat into its subsequent section of progress, based mostly on my engagements within the first three months on the job, I’m impressed by the standard of our individuals, excited with the depth of portfolio progress alternatives and inspired by the energy of our steadiness sheet.
“We are making significant progress on integration, and multiple initiatives are underway to further enhance our operational capabilities. With these foundations in place, I believe that we are well positioned to deliver substantial growth, further reinforcing our position as a leading energy provider in Nigeria, a region of increasing strategic importance to global energy markets,” Okon said.
