LE BRIEF

Nigeria: Seplat Energy generates $749 million in free cash flow and announces a new hydrocarbon discovery

LE BRIEF • 2026-10-30

Seplat reports nine-month revenue of $2.76 billion and net debt reduced to around $235 million. The Aku-01 discovery still requires evaluation: in-place volumes are not certified reserves.

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LE BRIEF — Friday, 30 October 2026 edition By the LE BRIEF newsroom Country : Nigeria Source publication : 29 October 2026 Event : Results published on 29 October; Aku-01 discovery after September 2026 Supplied photograph: offshore oil platform. Illustration; it is not verified as a Seplat installation or the Aku-01 well. Provenance and reproduction rights must be validated before commercial use. Nigerian oil company Seplat Energy published sharply improved financial and operational results for the first nine months of 2026 on Thursday, 29 October. Revenue reached $2.76 billion, up 27% compared with the same period of 2025. Net profit was $260.2 million, an increase of 174% year on year. Free cash flow stood at $749 million, confirming the company's capacity to fund investment and reduce debt. Average working-interest production reached 144,999 barrels of oil equivalent per day over the first nine months, up 7%. Third-quarter output was 155,801 barrels of oil equivalent per day, up 13% year on year. The company also highlighted progress in its gas business, including the first commercial gas sales from the ANOH project through the OB3 pipeline in September. An additional discovery at Aku-01 Seplat also announced an oil and gas discovery at the Aku-01 exploration well in licence PPL 2A25. Drilling identified hydrocarbons in five reservoir intervals. Initial estimates reported...