Seplat Energy CEO acquires 50,000 shares, increases his stake

Seplat Energy Plc has announced that its Chief Executive Officer and Executive Director, Mr. Roger Brown, has acquired 50,000 ordinary shares in the company, further increasing his stake.

The disclosure, signed by Mrs. Edith Onwuchekwa, Seplat’s Company Secretary, was released on the Nigerian Exchange (NGX) on March 12, 2025. With the latest purchase, valued at approximately ₦285 million, Mr. Brown’s total shareholding in Seplat Energy has increased to 4,203,776 shares, representing 0.7144% of the company’s total voting interest.

The transaction aligns with regulatory standards, as the company stated:

“This notification is made in accordance with Rule 17.15(c) Disclosure of Dealings in Issuers’ Shares, Rulebook of the Exchange, 2015 (Issuers’ Rule), and Article 19(3) of the UK Market Abuse Regulations.”

Seplat’s Market Performance and Growth Strategy
Seplat Energy has demonstrated strong market performance in recent years. In 2024, the company’s shares recorded a 146.8% year-to-date growth on the Nigerian Stock Exchange (NGX). However, in early 2025, price action has slowed, with Seplat shares currently trading at ₦5,700.

The company’s growth trajectory has been bolstered by its strategic acquisitions and increased production capacity. Following its 2024 acquisition of Mobil Producing Nigeria Unlimited (MPNU)—now renamed Seplat Energy Producing Nigeria Unlimited (SEPNU)—Seplat reported an 11% increase in total production.

According to its latest report, onshore production averaged 48,618 barrels of oil equivalent per day (boepd) in 2024, marking a 2% increase from 47,758 boepd in 2023. The SEPNU acquisition added 4,329 boepd, pushing total production to 52,947 boepd.

Seplat’s independently audited 2P reserves surged by 85% to 886 million barrels of oil equivalent (MMboe) from 478 MMboe in 2023. Meanwhile, the company’s 2P+2C reserves climbed by 125% to 1,217 MMboe.

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Future Outlook and Investment Plans
Seplat Energy has set an ambitious 2025 production target of 120,000 to 140,000 boepd, with Seplat Onshore expected to contribute 48,000 to 56,000 boepd and SEPNU providing 72,000 to 84,000 boepd.

The company also outlined capital expenditure (CapEx) projections of $260 million to $320 million, which will fund 13 new onshore wells and offshore projects, including the replacement of an inlet gas exchanger on the East Area Project (EAP) NGL project.

Reflecting on the company’s recent milestones, Roger Brown, CEO of Seplat Energy, described 2024 as a transformational year driven by the SEPNU acquisition.

“In addition to progressing our existing onshore projects, we completed the acquisition of SEPNU, which adds scale and potential for growth,” he said.

With increased production capacity, strategic investments, and enhanced shareholder confidence, Seplat Energy is poised to strengthen its position as a leading force in Nigeria’s energy sector.