Seplat Energy Plc · LSE:SEPL
Seplat Energy — FY2024 Earnings Presentation
30 slides from Seplat Energy's earnings presentation, March 2025
Slide 1: Seplat Energy FY24 Results
MARCH 2025 SEPLAT ENERGY FY24 RESULTS reliable energy, limitless potential
Slide 2: Important Notice: Disclaimer
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: Today's Presenters & Agenda
WELCOME Today’s Presenters & Agenda Presenters Agenda Roger Brown 1. Introduction Chief Executive Officer --- 2. Transforming our Business Eleanor Adaralegbe Chief Financial Officer 3. 2024 - A Year of Delivery --- 4. Resilient Financial Strategy Samson Ezugworie Chief Operating Officer 5. Closing m
Slide 4: 2024 Financial & Operational Highlights
2024 FINANCIAL & OPERATIONAL HIGHLIGHTS Underlying operational and fiscal performance remained resilient, positive impact of SEPNU already being seen FY 2024 AV. DAILY PRODUCTION MET 2024 GUIDANCE 52,947 BOEPD 11% Onshore 48.6 kboepd (Annual) SEPNU 4.3 kbeopd (19 days, Annualised) (FY 2023, 47,758 b
Slide 5: 2024 A Year of Delivery
2024 A YEAR OF DELIVERY Significant achievements in pursuit of strategic growth ambitions Completed the Completed major oil Most active drilling Refreshed the Board MPNU transaction & gas projects campaign since 2014 #1 3 13 4 Seplat’s largest Abiala, Sibiri, Sapele New wells drilled New Chairman &
Slide 6: SEPNU First 100 Days: Integration, planning, performance
SEPNU(1) FIRST 100 DAYS Integration, planning, performance First 100 Days – Integration First 100 days – Operations Change in Control (CiC) completed successfully on Strong performance across the assets since completion 12 Dec 2024 - License transfers to Seplat executed to plan High facility a
Slide 7: Transforming Our Business
TRANSFORMING OUR BUSINESS SEPNU ACQUISITION A STEP CHANGE IN SCALE reliable energy, limitless potential 7 SEPLAT ENERGY FY 2024 INVESTOR PRESENTATION
Slide 8: SEPNU License & Asset Summary
SEPNU LICENSE & ASSET SUMMARY SEPNU adds significant scale, established as leading independent E&P in Nigeria Portfolio Summary 2 40% interest in 4 Offshore licenses: OML 67, 68, 70 and 104 and a Unitized interest in A/K field (9.6% WI) Major operating hub in shallow water offshore Nigeria.
Slide 9: A Strong Foundation for Growth
A STRONG FOUNDATION FOR GROWTH Large asset base, substantial upside potential Subsurface Highlights Liquids: WM estimates working interest share of remaining liquids at ~2x current booked 2P reserves Large, proven oil and gas accumulations across the license area Robust production performance an
Slide 10: Increasing Portfolio Resilience & Control
INCREASING PORTFOLIO RESILIENCE & CONTROL Diversification and operatorship of export terminals a step change in production resilience for the company Crude, Condensate & NGL Onshore 2024 PF Seplat 2024 2024 Exports by Volume (bbl) Offtake Points 5 8 Yoho 3rd Party owned 100% 30% Operated 0% 70% Evac
Slide 11: 2025 Offshore Growth Opportunities
2025 OFFSHORE GROWTH OPPORTUNITIES Low-cost short cycle growth opportunities can quickly build production and well capacity 2025 key workstreams focused on improving safety, reliability and uptime; Certain activities will require partial asset shut down for installation Indicative plan has been
Slide 12: Preparing for Long Term Growth Offshore
PREPARING FOR LONG TERM GROWTH OFFSHORE 2025 planning for 2026+ projects that can deliver material resource and production growth Future Field Infrastructure Drilling Gas Development Debottlenecking of Water and New wells stock targeting volume Commercialising gas resource at Undeveloped discoveries
Slide 13: A Year of Delivery: 12M Operational Performance
A YEAR OF DELIVERY 12M OPERATIONAL PERFORMANCE reliable energy, limitless potential 13 SEPLAT ENERGY FY 2024 INVESTOR PRESENTATION
Slide 14: FY 2024 Onshore Performance Review
FY 2024 ONSHORE PERFORMANCE REVIEW Significant achievements in pursuit of strategic growth ambitions Oil Growth Gas Growth Resilient Infrastructure Sustainability focus 2 New Oilfields brought online, high Growing capacity to meet growing Progress on major projects to Targeting efficient production
Slide 15: Strong Reserves Replacement
STRONG RESERVES REPLACEMENT Drilling campaign delivered 176% RRR, underscores strength of subsurface – and potential for offshore drilling 2P reserves (MMboe, YE) – Step change in scale RESERVES & RESOURCES Liquids 2P reserves rose 85% y/y to 886 MMboe 886 Gas - 65%/35% split between liquids and g
Slide 16: Upstream Operating Performance
UPSTREAM OPERATING PERFORMANCE 2024 Production averaged 48,618 boepd, 2% YoY growth, incl SEPNU contribution 11% YoY growth Net quarterly production by asset (boepd) Seplat onshore production data 69,032 Onshore 2024 WI production +2% YoY at 48,618 boepd 51,720 49,886 49,257 - Onshore Oil producti
Slide 17: Midstream Gas Performance
MIDSTREAM GAS PERFORMANCE Oben gas plant TAM successful, Sapele IGP on production Gas production and revenues - stable Midstream highlights Seplat Gas Revenue Average Gas price achieved YTD $3.06/Mscf (+6% YoY) 200 160 180 Seplat Gas Production - $3.16/Mscf excluding SEPNU (+9% YoY) 140 160 113 11
Slide 18: Onshore 2025 Growth Opportunities
ONSHORE 2025 GROWTH OPPORTUNITIES Significant suite of opportunities to materially enhance portfolio scale and diversification while reducing emissions intensity Sibiri & Abiala Eastern Asset ANOH Gas Sapele Gas Plant Bringing two wells onstream; drilling Well drilling, increased oil liftings 3rd ma
Slide 19: 2025 Production Guidance
2025 PRODUCTION GUIDANCE >20 kboepd YoY growth at top end of guidance Production Production (kboepd) 120-140 Group: 120,000 -140,000 boepd Mix: Liquids 75-80%, Gas 20-25% Onshore: 48,000 – 56,000 boepd (FY24: 48,618 boped) SEPNU: 72,000 – 84,000 boepd (FY24: 69,380 boepd) 10% growth YoY at t
Slide 20: 2025 Cost Guidance
2025 COST GUIDANCE Increased investment in SEPNU, maintained spending levels Onshore Capex ($ million) Capex Group: $260 - $320 million Onshore: $180 - $220 million 13 wells 260-320 (FY24 $208 million) Completion of End of Routine Flaring projects SEPNU: $80 - $100 million EAP IGE replac
Slide 21: Resilient Financial Strategy
RESILIENT FINANCIAL STRATEGY 12M FINANCIAL PERFORMANCE reliable energy, limitless potential 21 SEPLAT ENERGY FY 2024 INVESTOR PRESENTATION
Slide 22: FY 2024 Financial Highlights
FY 2024 FINANCIAL HIGHLIGHTS Supportive macro environment continues. Dividend increased in 2024 Commodity back drop supportive ADJ. REVENUES ADJ. EBITDA Realised Oil price $80.04/bbl (FY23, $83.39/bbl) $1,127m(1) $539m(2) Realised Gas price $3.06/Mscf (FY23, $2.90/Mscf) Key points (FY 2023, $962
Slide 23: FY 2024 Financial Results
FY 2024 FINANCIAL RESULTS Robust operations and tax savings offset higher costs $ million FY 2024 FY 2023 Change Notes Realised oil price ($/bbl) $80.04 $83.39 (4.0%) Lower brent crude price but supportive of robust performance Text Oil revenue 991.0 937.9 5.7% Positive impact of SEPNU lifting
Slide 24: FY 2024 Cash Flow Waterfall
FY 2024 CASH FLOW WATERFALL Incorporation of SEPNU and structure of closing payments headwinds to cash generation in 4Q Impacted by cost Q4 2023 Core Cash Flow outlook remains strong associated with MPNU and US$3.0c/shr exceptional items Q4 2023 Special Underlying cash generation 900 US$3.0c/shr Q
Slide 25: Balance Sheet Strong Post Transaction
BALANCE SHEET STRONG POST TRANSACTION Low leverage and robust liquidity have been maintained post transaction closing GROSS CASH Pro-forma leverage: <1x post deal close Balance sheet healthy, diversified $470m(1) $m Seplat YE23 Pro-Forma YE24 Pro-forma leverage ratio flat on YE23 at ~0.7x Net Debt
Slide 26: Fiscal Considerations for 2025
FISCAL CONSIDERATIONS FOR 2025 Increased investment to drive tax synergies, no MPNU contingent payment for 2024 Cash Taxes Liquidity: fully utilised RCF to Existing debt maturities ($m) complete acquisition in December SEPNU expected to benefit from increased capex and opex investments 600 Sepla
Slide 27: Closing Message
CLOSING MESSAGE reliable energy, limitless potential 27 SEPLAT ENERGY FY 2024 INVESTOR PRESENTATION
Slide 28: Maximising Value from Enlarged Asset Base
MAXIMISING VALUE FROM ENLARGED ASSET BASE Deploying our leadership as a responsible operator in Nigeria to maximise the value of our assets Change of ownership unlocks material value creation opportunities… >20 kboe/d 1.2 Bn boe 2P&2C Substantial resource base has upside 2025 organic production grow
Slide 29: Thank You
THANK YOU reliable energy, limitless potential 29 SEPLAT ENERGY FY 2024 INVESTOR PRESENTATION
Slide 30: Contact Us
CONTACT US Lagos London reliable energy, limitless potential