Seplat Energy Plc · LSE:SEPL
Seplat Energy — Q1 2026 Earnings Presentation
40 slides from Seplat Energy's earnings presentation, May 2026
Slide 1: Investor Presentation
SEPLAT ENERGY Investor Presentation May 2026 Seplat Energy Plc Investor Presentation – May 2026
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 1,001 MMboe SEPL: LSE $4.8 Billion Dual listed in Lagos and 2P reserves (31 Dec 2025) Market Cap (30th Apr 2026) London 129.8 Kboepd NIGERIA’S LEADING $0.5 Billion INDEPENDENT 1Q 26 WI production ENERGY COMPANY Net Deb
Slide 4: Investment Case
Investment Case Transformational acquisition has set 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 2.5 BN boe ~200 kboepd 2P + 2C 2030
Slide 5: 1Q 2026 Highlights
1Q 2026 Highlights Seplat Energy Plc Investor Presentation – May 2026
Slide 6: 1Q 2026 Financial Highlights
1Q 2026 Financial Highlights Strong free cash flows and further deleveraging supports special dividend for 1Q WI production Working interest production 129.8 Group -1% YoY: Onshore -10%, Offshore +5% YoY kboepd Group +9% QoQ: ‘26 guidance reiterated (135-155 kboepd) Group revenue Reported revenu
Slide 7: 1Q 2026 Corporate Highlights
1Q 2026 Corporate Highlights Delivering enhanced value for shareholders and Nigeria as we operate at scale Onshore Highlights PIA Conversion New license boundaries, no production/reserve impact updated license area Retained acreage; 73% Western Assets(WA), 40% Eastern Assets(EA) & effects on asset
Slide 8: Operational Performance
Operational Performance Delivering at scale Seplat Energy Plc Investor Presentation – May 2026
Slide 9: 1Q 2026 HSE & Emissions
1Q 2026 HSE & Emissions Completed our End of Routine Flaring Projects onshore, gas transfer to AGPC in Jan ‘26 Onshore Consolidated Emission Intensity (kg CO2 per boe) – Operated Assets Safety 33.2 31.8 32.3 31.2 31.1 Zero LTIs across Offshore and Onshore operations with Western Asset EoRF positiv
Slide 10: Upstream Operational Performance
Upstream Operational Performance Strong recovery QoQ, third-party operated pipeline downtime impact projected quarter growth PRODUCTION YoY (boepd): 1Q 2026 down 1% due to PRODUCTION QoQ (boepd): Up 9% QoQ in 1Q 2026 with Production Highlights unplanned downtime on third-party operated pipeline impr
Slide 11: Midstream Gas Operational Performance
Midstream Gas Operational Performance Progress on key projects to deliver 2026 growth plans GAS PRODUCTION YoY (MMscfd): -3% GAS PRODUCTION QoQ (MMscfd): -1% ANOH Gas Plant 186.2 First Gas achieved Jan 2026 166.2 171.3 166.2 161.5 163.8 161.5 - Stable flow to Indorama at 50-55 MMscfd 10.9 134.6 (g
Slide 12: 2026 Key Projects
2026 Key Projects Key projects to support our 2026 to 2030 growth objectives Gas Drilling Infrastructure Growth, resource development & revenue Continuous well activity to maximise Reliability, integrity and reduced flaring diversification economic reserves Offshore Asset integrity Oso-BRT pha
Slide 13: Financial Performance
Financial Performance Strong free cashflows Seplat Energy Plc Investor Presentation – May 2026
Slide 14: 1Q 2026 Financial Highlights
1Q 2026 Financial Highlights 100% exposure to oil price upside from straightforward hedge strategy GROUP REVENUES ADJ. EBITDA Higher realised prices Realised oil price $86.16/bbl (1Q25, $76.42/bbl), +12.8% YoY $840.7m $371.3m (1) Realised gas price $3.10/Mscf (1Q25, $3.01/Mscf), +3.0% YoY -7.3%
Slide 15: 1Q 2026 Cashflow Waterfall
1Q 2026 Cashflow Waterfall Strong cashflow generation aided by higher liftings and improving cost efficiencies 800 Working capital Strong cashflow growth headwind 700 338 CFFO $338 million: +10% YoY due to improved working capital 600 movement on payables and JV receivables (93) (2) 3 (43) FCF
Slide 16: 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 400 862 $462m(1) $m Reported YE 25 Reported 1Q 26 462 Net Debt 673 532 (YE25, $332m) T
Slide 17: Rewarding Shareholders
Rewarding Shareholders Strong operating performance underpins delivery of dividend ambition 2026-2030 FCF LINKED DIVIDEND POLICY TARGET OUTCOME Record 1Q dividend $9.0c/shr declared for 4Q 26: up 96% VARIABLE WITH BUSINESS 2026-2030 CUMULATIVE CASH YoY & 9% higher than 4Q 25 ($8.3c/shr) PERFORMANC
Slide 18: Outlook & Guidance
Outlook & Guidance Foundations for long term growth Seplat Energy Plc Investor Presentation – May 2026
Slide 19: Giant Reserve Base
Giant Reserve 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 1,001 1,485 2,486 MMBOE MMBOE MMBOE (YE24: 1,043 MMboe) (YE24: 1,262 MMboe) (YE2
Slide 20: Roadmap to 2030
Roadmap to 2030 We are committed towards delivering our 2030 objectives for our business INVEST GROW EARN RETURN Jisike Buffer TARGET Tanks WORKING TARGET CUMULATIVE DEPLOY CAPITAL FOR POST-TAX OPERATING TARGET CUMULATIVE GROWTH INTEREST PRODUCTION CASH DIVIDEND CASH FLOW ~ $2.5-3.0 ~200 $5.0-$6.0 ~
Slide 21: 2026 Guidance - reiterated
2026 Guidance - reiterated Foundations for long term growth 2026 Outlook 1Q 26 2026 Focus on strategic maintenance and integrity activities to underpin Actual Guidance long term asset performance Production Crude & Condensate (kboepd) 129.8 135-155 Drilling 17 new wells including 15 onshore and
Slide 22: Roadmap 2030 Highlights
2030 Roadmap Highlights Seplat Energy Plc Investor Presentation – May 2026
Slide 23: 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 24: 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 25: Gas Projects Unlock Sales Capacity
Gas Projects Unlock Sales Capacity Four gas plant projects to be completed by 2030, doubling group gas sales capacity PROJECTED JV GAS PRODUCTION Significant gas capacity supports production growth 431 253 270 281 285 276 Onshore production to reach capacity with ANOH start up Offshore project d
Slide 26: 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 27: 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 28: 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 29: Our Assets
Our Assets Seplat Energy Plc Investor Presentation – May 2026
Slide 30: 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 5 OMLS 3 export terminals 48 producing fields 11 PMLs QIT: 600 kbopd
Slide 31: Our Assets: Onshore & Offshore
Our Assets: Onshore & Offshore Seplat Energy Plc Investor Presentation – May 2026 31
Slide 32: Our Assets: Group Oil Infrastructure
Our Assets: Group Oil Infrastructure Seplat Energy Plc Investor Presentation – May 2026 32
Slide 33: Our Assets: Group Gas Infrastructure
Our Assets: Group Gas Infrastructure Seplat Energy Plc Investor Presentation – May 2026 33
Slide 34: Our Assets: Eastern Gas Infrastructure
Our Assets: Eastern Gas Infrastructure Seplat Energy Plc Investor Presentation – May 2026 34
Slide 35: Our Assets: Offshore
Our Assets: Offshore Seplat Energy Plc Investor Presentation – May 2026 35
Slide 36: Appendix
Appendix Seplat Energy Plc Investor Presentation – May 2026
Slide 37: 1Q 2026 Financial Results
1Q 2026 Financial Results Favourable Oil Price environment in 1Q 2026 minimizes impact of lower liftings $ million 1Q 2026 1Q 2025 Change Notes Realised oil price ($/bbl) 86.2 76.4 13% Middle east conflict positive for Oil prices Oil revenue 745.7 759.8 (2)% Lower lifting & production partly off
Slide 38: Lower cost of debt & bond performance
Lower cost of debt & bond performance Ability to raise debt capital at lower spread and tighter margins highlights financial strength 25 2021/2020: Eland Junior & 8.00% Senior RBL To fund acquisition of Eland in 2019. Facility rate reflects riskier asset. 20 7.00% 2024: Advance Payment Facility $300
Slide 39: Spotlight on IGE replacement
Spotlight on IGE replacement Inlet Gas Exchanger replacement project, executed safely, already delivering significant value EAP IGE replacement: delivering value The Inlet Gas Exchanger (IGE) replacement project was our first major capex project on our offshore assets Project completed successfu
Slide 40: Contact Us
Contact Us Lagos Seplat Energy Plc Seplat House: 1, Lekki-Epe Expressway, Victoria Island, Lagos State, Nigeria. T: +234 (0)1 277 0400 E: ir@seplatenergy.com London Seplat Energy Plc 4th Floor, 58-60 Berners Street, London W1T 3NQ, United Kingdom P: +44 (0)20 3725 6500 E: ir@seplatenergy.com W: www.