Seplat Energy Plc · LSE:SEPL
Seplat Energy — 9M 2025 Earnings Presentation
39 slides from Seplat Energy's earnings presentation, November 2025
Slide 1: Investor Presentation
SEPLAT ENERGY Investor Presentation November 2025 Seplat Energy Plc
Slide 2: Important Notice
Important Notice Disclaimer FORWARD-LOOKING STATEMENTS This presentation may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control and all o
Slide 3: Seplat Energy at a Glance
Seplat Energy at a Glance Pure play Nigerian independent upstream E&P SEPLAT: NGX 1,043 MMboe SEPL: LSE $2.5 Billion Dual listed in Lagos and 2P reserves (31 Dec 2024) Market Cap (30th Oct 2025) London 135.6 Kboepd NIGERIA’S LEADING $0.4 Billion INDEPENDENT 9M 25 WI production ENERGY COMPANY Net Deb
Slide 4: 9M 2025 Highlights
9M 2025 Highlights Seplat Energy Plc
Slide 5: 9M 2025 Corporate Highlights
9M 2025 Corporate Highlights Strong performance in the period and enhanced scale WI production Working Interest Production 135.6 Up 185% YoY. 78% Oil & NGL, 22% Gas Delivered upper half of 2025 guidance (120-140 kboepd) kboepd Group revenue Reported Revenue $2.2 Up 204% YoY 94% Oil & NGL, 6%
Slide 6: 3Q 2025 Corporate Highlights
3Q 2025 Corporate Highlights Delivering enhanced value for shareholders and Nigeria LPG sales commenced from offshore operations Revenue First Liquefied Petroleum Gas (‘LPG’) cargo sold to the domestic Diversification market, improving energy access and supporting clean cooking Quarterly dividend
Slide 7: Operational Performance
Operational Performance Seplat Energy Plc
Slide 8: Upstream Operational Performance
Upstream Operational Performance Solid operational performance underpins growth trajectory PRODUCTION YoY (boepd): 9M 2025 production rose PRODUCTION QoQ (boepd): Steady production 2025 IDLE WELL PROGRAMME (kbopd): Cumulative 185% reflecting step change in scale of the business performance across ou
Slide 9: Midstream Gas Operational Performance
Midstream Gas Operational Performance Gas growth picking steam as critical projects near completion GAS PRODUCITON YoY (MMscfd): +69% GAS PRODUCTION QoQ (MMscfd): -8% ANOH GAS PROJECT 186.2 174.7 171.7 166.2 12.0 134.6 3Q 2025, plant received third party gas to commence live 30.3 hydrocarbon testi
Slide 10: 9M 2025 HSE Update
9M 2025 HSE Update Onshore operations on track to end routine flaring in 2025 Onshore Consolidated Emission Intensity (kg CO2 per boe) – Operated Assets Onshore 33.2 31.8 32.3 31.1 30.6 Positive impact of End of Routine Flaring projects clearly seen in 2Q and 3Q 2025 23.0 22.0 25% reduction in e
Slide 11: Financial Performance
Financial Performance Seplat Energy Plc
Slide 12: 9M 2025 Financial Highlights
9M 2025 Financial Highlights Step change in scale reflected in financial performance Lower realised prices GROUP REVENUES ADJ. EBITDA Realised Oil price $71.93/bbl (9M24, $82.89/bbl) $2,177m $1,112m(1) Realised Gas price $2.95/Mscf (9M24, $3.18/Mscf) due to lower offshore gas pricing Strong prod
Slide 13: 9M 2025 Financial Results
9M 2025 Financial Results Strong revenue and cashflow growth aided by robust operations despite weaker prices $ million 9M 2025 9M 2024 Change Notes Realised oil price ($/bbl) 71.93 82.89 (13%) Global macro concerns (demand) weigh on oil price Oil revenue 2,004.4 625.2 221% Higher oil liftings f
Slide 14: 9M 2025 Cashflow Waterfall
9M 2025 Cashflow Waterfall Strong cashflow generation aided by higher liftings and improving cost efficiencies Funding of SEPNU Additional Strong cashflow growth 1,395 pension investment in CFFO $1,395 million: liabilities AGPC towards completion Q4 2024 DPS – US$3.6c +230% YoY due to higher lif
Slide 15: Strong and Fortified Balance Sheet
Strong and Fortified Balance Sheet Improved balance sheet with conservative leverage and flexible liquidity GROSS CASH Leverage: <1x since acquisition completion Liquidity: Sufficient flexibility to support growth $580m 350 930 (1) $m Pro-Forma Pro-Forma YE24 9M 25 580 Net Debt 898 386 (YE24, $470m)
Slide 16: New Dividend Policy
New Dividend Policy Raising our commitment to shareholders MINIMUM ANNUAL FCF LINKED DISTRIBUTION TARGET OUTCOME DIVIDEND VARIABLE WITH BUSINESS 2026-2030 CUMULATIVE CASH FIXED FOR CERTAINTY PERFORMANCE DIVIDEND AT LEAST 40% THROUGH THE CYCLE ~$1.0 BILLION $120 MILLION (2026-2030) PROVIDES VISIBILIT
Slide 17: Rewarding Shareholders
Rewarding Shareholders Strong operating performance underpinned improved 3Q 2025 dividend CMD: Implementing the new dividend policy (Annual dividend per share) Material $7.5c/shr declared for 3Q 25 NEW ANNUAL MINIMUM DIVIDEND $5.0c/shr base dividend in line with 0.17 0.15 0.15 0.17 ~20c/shr pe
Slide 18: Q4 Outlook & Guidance
Q4 Outlook & Guidance Seplat Energy Plc
Slide 19: 2025 Guidance Update
2025 Guidance Update Delivering the plan 4Q 2025 outlook 9M 2025 Updated 2025 Prior 2025 Production Actual Guidance Guidance Onshore: new well stock, first gas at ANOH Production (kboepd) 135.6 130-140 120-140 Offshore: idle well programme and increased NGL output, offset by no Capex contributio
Slide 20: Roadmap 2030 Highlights
2030 Roadmap Highlights Seplat Energy Plc
Slide 21: Investment Case & Key Takeaways
Investment Case & Key Takeaways Transformational acquisition sets us on a path of growth and enhanced shareholder returns A giant resource base supports our ability to grow production and cash flow for enhanced shareholder returns Giant Resource Organic Production Base Growth 2.3 BN ~200 kboepd 2P +
Slide 22: Roadmap 2030: Total Shareholder Return
Roadmap 2030: Total Shareholder Return Giant resource base underpins production growth and increased distributions to shareholders GROW EARN RETURN TARGET WORKING INTEREST TARGET CUMULATIVE TARGET CUMULATIVE CASH PRODUCTION OPERATING CASH FLOW DIVIDEND ~200 $5.0-$6.0 ~$1.0 KBOEPD BILLION BILLION (eq
Slide 23: Giant Reserves Base
Giant Reserves Base Working interest reserves life of 21 years* underpins our growth ambitions 2P RESERVES 2C RESOURCES 2P + 2C BALANCED PORTFOLIO WEIGHTED TO OFFSHORE SIGNIFICANT SCALE TO OF RESERVES GAS UNDERPIN GROWTH 1,043 1,262 2,305 MMBOE MMBOE MMBOE (prev. 886 MMboe) (prev. 330 MMboe) (prev.
Slide 24: Improving Domestic Macro Environment
Improving Domestic Macro Environment The oil & gas sector has rebounded strongly as economic conditions in Nigeria have improved INFLATION RATE (%): Headline inflation rate has resumed a downward trend due to OIL SECTOR GDP (%): Nigeria’s oil sector continues to stage strong rebound from exchange ra
Slide 25: Key Operational Workstreams to 2030
Key Operational Workstreams to 2030 Bigger and better diversified business 2026 2027 2028 2029 2030 2031 - 2035 Development Drilling (Oil & Gas Wells) Jisike Buffer Tanks Onshore Amukpe Storage Tanks Onshore Flowstation/Facilities Upgrade Sapele LTF & Gaslift Compression Station Idle Wells Restorati
Slide 26: Gas Projects Unlock Sales Capacity
Gas Projects Unlock Sales Capacity Four gas plant projects to be completed by 2030, doubling group gas sales capacity Significant gas capacity supports production PROJECTED JV GAS PRODUCTION growth Onshore production to reach capacity with ANOH start up 461 Offshore project development underway
Slide 27: Capital Allocation Framework
Capital Allocation Framework Enlarged company to deliver a material increase in cash generation Historical CFFO & Capital Allocation Estimated CFFO & Capital Allocation Outlook 2020-2024 (5yr) 2026-2030 (5yr) ~$2.0bn at $75/bbl and $2.8/mscf ~2.5x growth ~$5.0-6.0bn at $65/bbl, $39/bbl NGL and $2.75
Slide 28: Capital Expenditure Guidance
Capital Expenditure Guidance Capex expected to increase as work programme accelerates Capex Ambitions: CAPEX history & outlook - $m Deliver production growth targets, focused on: Drilling 750 $2.5-3.0 billion Gas Infrastructure Preparing for post 2030 growth Deliver 2P reserves and develop
Slide 29: Cost Optimisation
Cost Optimisation Focus on optimisation, efficiency and value capture to drive unit opex back below $10/boe Significant benefits emerging from new scale Production Opex per boe outlook Enhanced negotiating position with local supply chain will aid strategic 16.0 contract renegotiations Cost opti
Slide 30: Tax Guidance
Tax Guidance Fiscal levers to enhance the benefit of investment in the offshore 2030 6M 2025 FY 2025 Estimate ETR outlook 91% 80-85%* <60% (% of PBT) 2030 6M 2025 FY 2025 Estimate Cash tax outlook 28% <50% <40% (% CFFO) Tax Efficiency Levers Capital Expenditure Petroleum Industry Act Investing in Of
Slide 31: Our Asset Locations
Our Asset Locations Seplat Energy Plc
Slide 32: Seplat Energy our business
Seplat Energy our business Important operator of broad & diversified upstream, midstream and export facilities in Nigeria Assets Infrastructure Production Broad-based license Owner-operator Diverse and resilient portfolio 11 Blocks 3 export terminals 48 producing fields 8 operated QIT: 600
Slide 33: Our Assets – Onshore & Offshore
Our Assets – Onshore & Offshore Seplat Energy Plc Investor Presentation - November 2025 33
Slide 34: Our Assets – Group Oil Infrastructure
Our Assets – Group Oil Infrastructure Seplat Energy Plc Investor Presentation - November 2025 34
Slide 35: Our Assets – Group Gas Infrastructure
Our Assets – Group Gas Infrastructure Seplat Energy Plc Investor Presentation - November 2025 35
Slide 36: Our Assets – Onshore Oil
Our Assets – Onshore Oil Seplat Energy Plc Investor Presentation - November 2025 36
Slide 37: Our Assets – Offshore
Our Assets – Offshore Seplat Energy Plc Investor Presentation - November 2025 37
Slide 38: Thank You
Thank You Seplat Energy Plc
Slide 39: Contact Us
Contact Us Lagos Seplat Energy Plc 16A Temple Road, Ikoyi, Lagos, Nigeria. T: +234 (0)1 277 0400 E: info@seplatpetroleum.com London Seplat Energy Plc 4th Floor, 58-60 Berners Street, London W1T 3NQ, United Kingdom P: +44 (0)20 3725 6500 E: info@seplatpetroleum.com W: www.seplatenergy.com reliable en