Business
Conversion to Petroleum Industry Act
Seplat Energy Plc has successfully converted its operated onshore assets, previously under OMLs 4, 38 & 41 and 53, to the Petroleum Industry Act (PIA) fiscal regime, replacing the Petroleum Profit Tax regime. These assets contributed approximately 31% of the company's total production, averaging 42,591 boepd in the first nine months of 2025. The conversion, which aligns with Seplat's strategy for increased investment and production growth, was incorporated into the company's medium-term guidance presented in September 2025. Operations under the PIA are expected to commence from January 1, 2026, following the completion of all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission. Seplat continues to target the conversion of its offshore assets to the PIA by 2027. Disclaimer*
About this update from Seplat Energy Plc
[{"type":"text","content":"\n\nSeplat Energy Plc\n(\"Seplat Energy\" or the \"Company\")\n \nConversion to Petroleum Industry Act - Onshore Operated Assets\n \nLagos and London, 23 December 2025: Seplat Energy Plc (\"Seplat\" or the \"Company\"), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London Stock Exchange, is pleased to announce that its subsidiaries Seplat West Limited (\"Seplat West\") and Seplat East Onshore Limited (\"Seplat East\"), have completed the conversion of their operated onshore assets to the Petroleum Industry Act (\"PIA\") fiscal regime replacing the Petroleum Profit Tax regime.\n \nThe conversion relates to assets formerly held under OML's 4, 38 & 41 and 53, which in the first nine months of 2025, averaged working interest production of 42,591 boepd, representing approximately 31% of the Company's Total production. The PIA supports increased investment, production growth, and improved operational efficiency, all aligned with Seplat's strategy. The anticipated impact of the conversion was incorporated into the company's medium-term guidance presented at the Capital Markets Day in September 2025. Seplat continues to target the conversion of its offshore assets to the PIA by 2027.\n \nFollowing the execution of the Conversion Contracts in February 2023 in compliance with the PIA, Seplat and its Joint Venture (\"JV\") partners have now completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). New Petroleum Mining Lease (\"PML\") and Petroleum Prospecting License (\"PPL\") numbers have now been issued, and subject to the regulatory guidance, operations under the PIA are expected to commence from 1 January 2026.\n \nRoger Brown, Chief Executive Officer of Seplat Energy, said:\n \n\"Conversion to the PIA fiscal regime has been an important focus for Seplat and we are delighted to have delivered, along with our respective JV partners, the conversion of our onshore operated assets to the PIA regime within the timeline outlined at our recent Capital Markets Day.\n \n\"We recognise the enhanced value creation opportunities that we can benefit from, post conversion. PIA conversion was factored into our recent medium-term guidanc...