‘Insatiable’ Seplat Strikes Gold Again: Firm Drills 2nd Well After Aku-01 Discovery

LAGOS — Seplat Energy shouldn’t be slowing down. After putting oil and fuel in not one, not two, however 5 reservoir intervals, Nigeria’s most aggressive indigenous vitality big goes again for extra.

Seplat Energy Plc is planning a second exploration nicely in 2027 after discovering oil and fuel throughout 5 reservoir intervals in its Aku-01 exploration nicely in Petroleum Prospecting Licence 2A25. The discovery, made after the reporting interval, has de-risked 4 prospects on the licence, one in all which the corporate plans to check by way of one other exploration nicely.

The firm disclosed this in its unaudited nine-month outcomes for the interval ended 30 September 2026, launched on 30 September. While saying the “discovery of oil and gas across five reservoir intervals in the Aku-01 exploration well, in PPL 2A25,” it added that the “discovery de-risks four prospects on the licence, one of which will be tested in a second exploration well that is now being planned for 2027.”

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Commenting on the outcomes, Seplat’s Chief Executive Officer, Effiong Okon, couldn’t cover his pleasure. “I’m pleased to announce exploration success at Aku-01, a strong reminder of our rich portfolio of prospects and the quality of the subsurface in Nigeria,” he said. For an organization that constructed its identify on turning deserted property into money machines, Aku-01 is proof that Nigeria’s subsurface nonetheless has many secrets and techniques left.

The discovery didn’t come alone. Seplat additionally reported a surge in manufacturing, with working curiosity manufacturing averaging 144,999 barrels of oil equal per day within the 9 months, representing a seven per cent rise from 135,636 boepd in the identical interval of 2025. Onshore manufacturing grew 22 per cent, whereas third-quarter manufacturing averaged 155,801 boepd, up 13 per cent from 137,888 boepd a yr earlier.

Behind that soar is a quiet engineering miracle offshore. Seplat attributed its efficiency partly to its offshore idle nicely restoration programme, which added 33,700 barrels of oil per day and 176 million customary cubic toes of fuel per day in gross three way partnership manufacturing capability from 41 wells restored year-to-date. Four of the restored wells had been fuel wells. In different phrases, Seplat is bringing lifeless wells again to life and making them pay once more.

The fuel story is even larger. The firm reported that the primary business fuel was bought by way of the OB3 pipeline in September following the preliminary debt principal repayments on the Assa North-Ohaji South fuel undertaking in the course of the third quarter. That pipeline is the artery that can feed Nigeria’s energy vegetation and industries for many years.

The cash is following the oil. Revenue rose 27 per cent to $2.764bn from $2.177bn, adjusted earnings earlier than curiosity, taxes, depreciation and amortisation elevated 38 per cent to $1.53bn from $1.112bn, whereas web revenue rocketed 174 per cent to $260.2m. Earnings per share elevated 172 per cent to 42 US cents from 16 US cents within the earlier yr.

Seplat can also be cleansing up its stability sheet at report pace. Cash generated from operations stood at $1.479bn, web debt crashed 65 per cent to $234.9m on the finish of September from $673.3m on the finish of 2025, and money at financial institution jumped to $556.9m from $332.3m. Its web debt-to-EBITDA ratio improved to simply 0.14 occasions from 0.53 occasions.

Then got here the ultimate debt knockout. Seplat disclosed that it repaid the remaining $100m stability on its Acquisition Payment Facility on 27 October, finishing the reimbursement of all debt raised to amass Mobil Producing Nigeria Unlimited in 2024. The ExxonMobil deal that many doubted is now absolutely paid for.

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Shareholders are smiling too. The firm declared a third-quarter dividend of 19 US cents per share, comprising a core dividend of 5 US cents and a particular dividend of 14 US cents, a 58 per cent improve from the earlier quarter. Cumulative dividends declared for the yr stood at 40 US cents per share, and Seplat retained its full-year 2026 dividend steerage of $270m, equal to 45 US cents per share.

Seplat retained its manufacturing steerage on the higher finish of its revised vary of 145,000 to 155,000 boepd, lowered its capital expenditure steerage to between $280m and $340m from $360m to $440m due to the late arrival of the offshore rig, and raised its unit working price steerage to between $15.5 and $16.5 per barrel. It mentioned the Yoho restoration undertaking was accomplished within the third quarter, however start-up was delayed by pipeline harm, with manufacturing anticipated to renew within the fourth quarter of 2026. It additionally reported a 14 per cent discount in group carbon emissions depth to 37.4 kilogrammes of carbon dioxide per barrel from 43.6 kilogrammes.

The message is obvious: Seplat is not simply an oil producer. It is an explorer, a fuel champion, a debt killer and a dividend machine — and with a second nicely coming in 2027, the Aku-01 story could be the opening chapter of Nigeria’s subsequent oil increase.

NOP NIGERIA