Seplat Energy’s Revenue Rises to N1.652 trillion in 2024

For 2024, the confidence in Seplat Energy’s business outlook was underpinned by special dividend, which lifted total 2024 dividend to US16.5 Cents per share, up by 10% compared to 2023.
Seplat Energy grew its revenue for the period to N1.652tn from N696.9bn Year-on-Year with cash generated from its operations rising to N567.5bn from N340.6bn Year-on-Year).
Production (onshore assets) averaged 48,618 barrels of oil equivalent per day (boepd) up 2% from 2023 (47,758 boepd), and within guidance. Including 19 days of SEPNU production (annualised average contribution of 4,329 kboepd), reported production reached 52,947 boepd, 11% higher than 2023.
The Company’s operating profit also rose to N647.9bn from N163.7bn Year-on-Year whilst profit before tax surged to N561.4bn from N125.5bn Year-on-Year.
In the same vein, gross profit for the Company hit N710.1bn from N349.3bn Year-on-Year, as the company achieved more than 11.0 million hours (2023: 8.7 million hours) without Lost Time Injury (LTI) on Seplat-operated assets in 2024.

Operational highlights

• Production (onshore assets) averaged 48,618 boepd up 2% from 2023 (47,758 boepd), and within guidance. Including 19 days of SEPNU production (annualised average contribution of 4,329 kboepd), reported production reached 52,947 boepd, 11% higher than 2023.

• YE 2024 independently audited 2P reserves up 85% to 886 MMboe (YE 2023: 478 MMboe), 65% liquids.

• Group 2P+2C increases by 125% to 1,217 MMboe (YE 2023: 540 MMboe), 55% liquids.

• Organic reserve replacement ratio in Seplat’s onshore assets of 176%, reflects positive drilling results.
• ANOH gas plant is planning to test with third party dry gas in 1H 2025, tunnelling operations on OB3 resumed during 1Q 2025.
• Trans Niger Pipeline (‘TNP’) resumed 24hr operations in 4Q 2024. OML 53 oil production grew 60% on 2023, on improved export availability.
• Sapele Integrated Gas Plant (‘IGP’) was commissioned in 4Q 2024 and achieved first commercial gas sales in early 2025.
• Carbon emissions intensity for Seplat onshore assets: 32.3 kg CO2/boe (2023: 29.4 kg CO2/boe). End of routine flaring on track for H2 2025.
• Achieved more than 11.0 million hours (2023: 8.7 million hours) without Lost Time Injury (LTI) on Seplat-operated assets in 2024.

Financial highlights

• Revenue $1,116 million up 5% (FY 2023: $1,061 million), including 19 days contribution from SEPNU. Underlying adjusted revenue stable at $961 million (FY 2023: $962 million).
• Seplat Onshore unit production opex of $12.3/boe (2023: $10.4/boe)
• Cash generated from operations of $384 million, down 26% on 2023, impacted by; timing of liftings, one-off costs predominately associated with SEPNU acquisition and working capital acquired on consolidation of SEPNU.
• Cash capex of $208 million (FY 2023: 184 million).
• Balance sheet remains robust, year-end cash at bank $469.9 million (2023: $450.1 million), excluding $132.2 million restricted cash.
• Net debt at year end 2024 of $898 million (YE 2023: $306 million). Pro-forma ND/EBITDA 0.7x.

SEPNU highlights post completion

• Strong production performance since completion, averaging net 81.1 kboepd, FY 2024 average working interest production 69.4 kboepd.
• First 100 day integration plan well advanced.
• 2025 work program and budget discussions with JV partner progressed but subject to final approval. Strong alignment on increasing investment to improve integrity and reliability and strengthen the asset base for long term growth.

Special Dividend

• Q4 2024 declared dividend of US$ 3.6c/shr, total core dividend declared for 2024 of US 13.2c/shr, up 10% on 2023
• The Board recommends a US$ 3.3c/shr special dividend for 2024. Reflecting the strength of balance sheet and confidence in our outlook.
• Total dividend declared for 2024 US$ 16.5c/shr, also up 10% on 2023.

2025 Outlook

• 2025 average production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, SEPNU 72-84 kboepd).
• Initial 2025 capex guidance $260-320 million. (Seplat Onshore $180-220 million, 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.
• Unit operating costs for the group are expected to be $14.0-15.0/boe. Strategic maintenance and integrity activities will be the focus for SEPNU in 2025. Targeting short cycle oil growth and laying a foundation for sustained improvements in uptime to support our longer term growth ambitions.
• Capital Markets Day in 3Q 2025, where we will detail our medium to long term growth ambitions.

The Chief Executive Officer, Roger Brown, 

said: “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.
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.