Seplat Energy Discovers Major Gas and Oil Reserves in Nigeria

Seplat Energy Plc announced the discovery of an estimated 157 billion cubic feet (Bcf) of natural gas and 19 million barrels of oil at its Aku-01 exploration well in Nigeria. This discovery, disclosed on October 29, 2026, occurred after the end of September 2026 and was included in the company's unaudited financial results for the nine months ending September 30, 2026.

Seplat reported a pre-tax profit of N1.34 trillion, a 52.75% increase from N878.99 billion in the same period of 2025. The oil discovery was unexpected, as the original exploration program did not anticipate finding crude oil alongside natural gas.

Preliminary assessments indicate substantial hydrocarbon resources, with further evaluations needed for commercially recoverable volumes. Seplat plans to complete the exploration well and connect it to existing infrastructure for early commercial development.

The company holds a 40% operated interest in Petroleum Prospecting Licence (PPL) 2A25, where the discovery was made. Seplat's average daily working-interest crude oil production increased to 103,173 barrels per day, and natural gas production averaged 194.9 million standard cubic feet per day during the nine-month period.