Seplat said it had set an initial capital expenditure guidance of between $360 million and $440 million for 2026, with plans to drill 17 new wells, comprising 15 onshore and two offshore wells, with offshore drilling expected to commence in the third quarter.
The company added that unit production operating costs were projected to range between $13.5 and $14.5 per barrel of oil equivalent.
It noted that increased production volumes were expected to drive cost efficiency across its operations.
Commenting on the results, Roger Brown, Chief Executive Officer, said, “In 2025 we clearly illustrated our ability to operate at scale.
“We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.
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“At our CMD in September, we laid out our long-term ambition to “Build an African Energy Champion,” with a clear roadmap to grow working interest production to 200 kboepd by 2030.
“In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore.
“In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026.
“Drilling will be a decisive factor in meeting our long-term growth ambitions and I am pleased to announce that the first Jack-Up drilling rig is contracted, in country and set to arrive at Oso in the third quarter to commence a multi-year, multi-well drilling campaign.
“Finally, the cash generative nature of our asset base is clear in our results, and by raising dividends by over 50 per cent to USD 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes.
“We are already well positioned to deliver on our planned $1 billion cumulative return of capital to shareholders by 2030.
“Furthermore, the strength of the enlarged group has reflected in a notable lowering of our cost of debt, providing additional scope for long-term value creation.”
NAN
