Seplat Energy Unveils Major Gas Discovery in Nigeria
Seplat Energy Plc announced an oil and gas discovery at its Aku-01 exploration well in Nigeria, with preliminary estimates indicating 157 billion cubic feet (BCF) of gas and 19 million barrels of oil in place. The discovery was made in five reservoir intervals in Petroleum Prospecting Licence (PPL) 2A25 after the end of the reporting period.
Seplat holds a 40% operating interest in the licence. The company reported total revenue of $2.76 billion for the nine months ended September 30, 2026, a 27% increase from $2.18 billion in the same period in 2025.
Profit After Tax rose 174% to $260.2 million, while operating profit increased 50% to $1.07 billion. Average working-interest production rose 7% to 144,999 barrels of oil equivalent per day (boepd).
Seplat narrowed its 2026 production guidance to between 145,000 and 155,000 boepd. The company also reduced its net debt by 65% to $234.9 million.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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