Seplat Energy Plc has revived 10 idle oil wells, boosting its daily production by 11,000 barrels. This is part of the company’s ongoing efforts to enhance Nigeria’s oil output. The firm reported a substantial revenue of N1.228 trillion for Q1 2025, up from N268.6 billion in the same period last year.
“SEPNU idle well restoration programme added 11,000 barrels per day, (bpd) gross JV production from the first 10 wells restored to production.”
The company’s gross profit surged to N535.4 billion from N63.8 billion YoY. CEO Roger Brown expressed optimism about 2025, noting the success of its drilling programs, asset integrity investments, and diverse evacuation routes. He also highlighted the company’s proactive debt reduction strategy and strong financial position.
Commenting Brown said: “As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies. I am pleased to report that we are making good progress. We can benefit greatly from the combined expertise of our onshore and offshore workforce.
“Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity, and the availability of multiple evacuation routes.
“Financial performance was also strong, allowing us to be proactive in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near-term global economic outlook becomes less predictable.
“We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $4.6c/share, a 28 percent increase in our quarterly dividend versus 4Q 2024″, he noted.
Brown concluded that production has been strong averaging 131,561 barrels per day, a 167% increase compared to Q1 2024, adding that Seplat Energy has raised its quarterly dividend by 28%, now at $4.6c per share, reflecting its robust financial performance.