Seplat Energy Completes $100 Million Debt Repayment

Seplat Energy Plc has completed the repayment of the final $100 million balance of the debt incurred to acquire ExxonMobil's Nigerian oil and gas assets, concluding all acquisition-related borrowing. This repayment was disclosed on October 29, 2026, in Seplat's unaudited financial results for the nine months ending September 30, 2026.

The acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil Corporation was finalized in December 2024 for $1.28 billion, following regulatory delays. Seplat had previously reduced its advance payment facility by repaying $200 million in the second quarter of 2026, leaving a balance of $100 million, which was cleared on October 27, 2026.

Seplat's net debt improved significantly to $234.9 million at the end of September 2026, down 65% from $673.3 million at the end of 2025. The company's net debt-to-EBITDA ratio also decreased to 0.14 times from 0.53 times.

Seplat reported revenue of $2.76 billion for the nine-month period, a 27% increase from the previous year, and declared a third-quarter dividend of 19 US cents per share.