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2 clusters · 12 sources · 1 days · First seen about 24 hours ago · Last updated about 16 hours ago

Categories: BUSINESS

Seplat Energy stake sale and profit surge

Entities: Roger Brown · Seplat Energy Plc · Elohor Aiboni · Nigerian National Petroleum Company Ltd (NNPC) · Advanced Payment Facility

Overview

In late July 2026 Seplat Energy Plc signed a binding Heads‑of‑Agreement to sell a 10 percent working interest in its joint venture with the Nigerian National Petroleum Company (NNPC) for $281.6 million. The deal, effective 1 April 2026 and pending regulatory approval, will raise NNPC’s share to 70 percent while Seplat retains a 30 percent stake and operator status. Roughly half of the proceeds – about $140 million – will be paid as a special cash dividend, with the remainder used to cut gross debt by up to $300 million, including repayment of its Advanced Payment Facility.

Seplat’s unaudited half‑year results to 30 June 2026 showed revenue of $1.82 billion, profit after tax of $164 million (a 498 % YoY rise) and a quarterly dividend of $0.12 per share (core $0.05 plus special $0.07). Production guidance for 2026 remains 135,000‑155,000 boepd, but the long‑term 2030 output target was lowered to 170,000 boepd and 2P reserves fell 13 % to 872.9 million boe.

The same period also saw a leadership change at Shell Nigeria: Executive Vice President and Country Chair Marno de Jong departed after six years, and Elohor Aiboni was appointed, becoming the first female head of Shell’s Nigerian businesses.

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 6 SOURCES] Seplat Energy agreed to sell a 10% working interest in the NNPCL/SEPNU joint venture to NNPC for $281.6 million. (Seplat Energy press release and financial results)
[● 5 SOURCES] The transaction is expected to be completed in the second half of 2026, with an effective date of 1 April 2026. (Seplat Energy statements)
[● 4 SOURCES] After completion, NNPC’s stake will increase from 60% to 70% while Seplat’s working interest will fall to 30% and it will remain operator of the joint venture. (Seplat Energy filing)
[● 4 SOURCES] Approximately half of the proceeds (~$140 million, 23.3 US cents per share) will be paid as a special cash dividend to shareholders. (Seplat Energy announcement)
[● 4 SOURCES] The remaining half of the proceeds will be used to reduce Seplat’s gross debt by up to $300 million, including $200 million already repaid under the Advanced Payment Facility. (Seplat Energy financial statements)
[● 3 SOURCES] Seplat’s six‑month 2026 results showed revenue of $1.82 billion and profit after tax of $164 million, a 498 % year‑on‑year increase. (Seplat Energy unaudited results)
[● 2 SOURCES] Seplat declared a quarterly dividend of US$0.12 per share (US$0.05 core plus US$0.07 special) and expects total 2026 dividend of 68.3 cents per share (~$410 million). (Seplat Energy dividend announcement)
[● 2 SOURCES] Seplat revised its 2030 production target to 170,000 barrels of oil equivalent per day (down from 200,000) and 2P reserves to 872.9 million boepd. (Seplat Energy strategic update)

Timeline

about 16 hours ago

[BUSINESS] 4 sources
Nigeria's oil sector sees Seplat profit surge and Shell leadership shift
Seplat Energy posted a 498% PAT rise to $164 m and a record dividend, while Shell Nigeria welcomed new leader Elohor Aiboni after Marno de Jong’s exit.
about 24 hours ago

[BUSINESS] 9 sources
Seplat Energy to sell 10% NNPC JV stake for $281.6 million, plans special dividend
Seplat Energy will sell a 10% stake in its JV with NNPC for $281.6 million, splitting proceeds between a $140 million special dividend and debt reduction. The deal closes H2 2026; 2026 results show $1.82 bn rev

Sources

bizwatchnigeria.ng · brandspurng.com · championnews.com.ng · economicconfidential.com · investorsking.com · isolavirtuale.it · nairametrics.com · nnn.ng · orientalnewsng.com · premiumtimesng.com · punchng.com · thecitizenng.com

This summary has been updated 1 time: see revision history