Seplat Energy PLC delivered exceptional financial results for the first quarter of 2025, characterized by significant year-on-year improvements across key performance metrics. The remarkable growth reflects successful strategic initiatives, notably the consolidation of its offshore acquisition of Mobil Producing Nigeria Unlimited (SEPNU), ramped-up onshore production, and the commissioning of new gas infrastructure. For Q1:2025, Seplat reported revenue of NGN1,227.50bn, representing a significant 356.86% year-on-year (YoY) increase compared to NGN268.60bn recorded in Q1:2024. This exceptional top-line growth was primarily driven by a remarkable expansion in production volumes following the SEPNU acquisition and improved onshore field performance. Total working-interest production increased by 167.03% YoY to 131,561 barrels of oil equivalent per day (boepd) from 49,258boepd in Q1:2024, as offshore production accounted for a substantial portion of the company s overall output. 

Looking ahead, Seplat reaffirmed its full-year 2025 guidance of 120,000 140,000boepd in production volumes, capital expenditure between NGN395.00bn and NGN485.00bn, and operating costs between NGN21,300/boe and NGN22,800/boe. The company s strong operational foundation, enhanced asset base, and prudent financial management provide confidence in its ability to meet or exceed these targets. In conclusion, Seplat Energy s Q1:2025 results highlight the successful execution of its growth strategy, operational resilience, and strengthened financial position. The company remains well-positioned to deliver sustained value creation, supporting a strong positive investment outlook on its shares. Consequently, we place an OVERWIGHT recommendation on Seplat Energy Plc.

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