Seplat Energy Plc · LSE:SEPL
Seplat Energy — 6M 2025 Earnings Presentation
24 slides from Seplat Energy's earnings presentation, July 2025
Slide 1: Seplat Energy 6M 2025 Results Presentation
JULY 2025 SEPLAT ENERGY 6M 2025 RESULTS PRESENTATION 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. 6M 2025 Highlights Chief Executive Officer --- 2. 6M 2025 Operational Performance Samson Ezugworie 3. 6M 2025 Financial Performance Chief Operating Officer --- 5. Outlook & 2025 Guidance Eleanor Adaralegbe Chief Financial Officer 6
Slide 4: 6M 2025 Highlights
6M 2025 HIGHLIGHTS reliable energy, limitless potential 4 SEPLAT ENERGY PLC 6M 2025 INVESTOR PRESENTATION
Slide 5: 6M Financial & Operational Highlights
6M 25 FINANCIAL & OPERATIONAL HIGHLIGHTS Strong performance, at enhanced scale, guidance secure & maintained WI production Working Interest Production 134.5 ▪ Up 178% YoY. 77% Oil & NGL, 23% Gas ▪ Delivered upper half of 2025 guidance (120-140 kboepd) kboepd Group revenue Reported Revenue $1.4 ▪ Up
Slide 6: 2Q Financial & Operational Highlights
2Q 25 FINANCIAL & OPERATIONAL HIGHLIGHTS Impact of performance enhancement activities offshore and onshore, strong cash generation continues Significant progress made YTD Integration ▪ High cultural alignment between legacy organisations Update ▪ Significant cost optimisation opportunities identifie
Slide 7: Operational Performance
OPERATIONAL PERFORMANCE reliable energy, limitless potential 7 SEPLAT ENERGY PLC 6M 2025 INVESTOR PRESENTATION
Slide 8: Upstream Operating Performance
UPSTREAM OPERATING PERFORMANCE Export infrastructure stability, good well performance & growth in gas underpinned strong production growth PRODUCTION YoY (boepd): 6M 2025 production rose PRODUCTION QoQ (boepd): Strong QoQ growth in 2025 IDLE WELL PROGRAMME (kbopd): Cumulative 178% reflecting step ch
Slide 9: Midstream Gas Performance
MIDSTREAM GAS PERFORMANCE Commencement of SIGP production, improved Oben output & SEPNU gas sales support robust gas production growth GAS PRODUCITON YoY (MMscfd): +62% GAS PRODUCTION QoQ (MMscfd): +13% ANOH GAS PROJECT 176.3 186.9 13.2 165.6 13.0 28.6 37.0 ▪ July 2025, plant received third party ga
Slide 10: 2H25 Operations Look Ahead
2H25 OPERATIONS LOOK AHEAD Strong activity line up in H2 2025 to bolster production growth Seplat Offshore Seplat Onshore Midstream Gas Deliver IGE replacement, continue to Deliver well programme, increased oil Deliver first gas at ANOH investigate idle well stock liftings ▪ IGE at EAP ▪ Drilling ▪
Slide 11: Financial Performance
FINANCIAL PERFORMANCE reliable energy, limitless potential 11 SEPLAT ENERGY PLC 6M 2025 INVESTOR PRESENTATION
Slide 12: 6M 2025 Financial Highlights
6M 2025 FINANCIAL HIGHLIGHTS Transformational impact of new offshore assets reflected in 6M 2025 financial performance Lower realised prices GROUP REVENUES ADJ. EBITDA ▪ Realised Oil price $72.58/bbl (6M24, $85.55/bbl) $1,398m $735m(2) ▪ Realised Gas price $2.97/Mscf (6M24, $3.18/Mscf) due to lower
Slide 13: 6M 2025 Financial Results
6M 2025 FINANCIAL RESULTS Strong revenue and cashflow growth aided by robust operations during the period despite weaker prices $ million 6M 2025 6M 2024 Change Notes Realised oil price ($/bbl) $72.58 $85.55 (15%) ▪ Global macro concerns (demand) weigh on oil price Oil revenue 1,293.2 360.4 259% ▪ H
Slide 14: 6M 2025 Cash Flow Waterfall
6M 2025 CASH FLOW WATERFALL Strong free cash flow generation, with scale more than offsetting weaker macro conditions Strong cashflow growth Funding of Additional SEPNU investment in ▪ CFFO $766m: 766 pension AGPC towards liabilities completion ▪ +239% YoY due to higher liftings Q4 2024 DPS – US$3.6
Slide 15: Balance Sheet Strong Post Transaction
BALANCE SHEET STRONG POST TRANSACTION Balance sheet continues to remain strong with lower post-transaction debt and strong cash position GROSS CASH Leverage: <1x since acquisition completion Liquidity: At 30 July 2025 post RCF repayment $419m(1) $m Pro-Forma YE24 Pro-Forma 6M 25 350 769 419 Net Debt
Slide 16: 2H25 Financial Focus Areas
2H25 FINANCIAL FOCUS AREAS Increased investment to drive tax synergies, scope for further capital structure optimisation TAX Cost Optimisation Working Capital Debt Management Key part of integration Strong partner relationships support Maintain low balance sheet Implementation of tax efficiency acti
Slide 17: Outlook & Guidance
OUTLOOK & GUIDANCE reliable energy, limitless potential 17 SEPLAT ENERGY PLC 6M 2025 INVESTOR PRESENTATION
Slide 18: Guidance & Priorities for 2H 2025
GUIDANCE & PRIORITIES FOR 2H 2025 Key guidance items for 2025 maintained, prioritizing integration and foundations for continued growth 6M 2025 Summary Performing strongly against FY 2025 guidance ▪ Strong operational performance; momentum offshore, excellent gas performance onshore 6M 2025 FY 2025
Slide 19: Appendix
APPENDIX reliable energy, limitless potential 19 SEPLAT ENERGY PLC 6M 2025 INVESTOR PRESENTATION
Slide 20: Seplat Energy at a Glance
SEPLAT ENERGY AT A GLANCE 2P RESERVES DUAL LISTED IN LONDON AND MARKET CAP (at 31 Dec 2024) LAGOS (at 29th July 2025) Tickers: 886 MMBOE SEPLAT – NGX SEPL – LSE US$ 1.9BN 6M 2025 PRODUCTION NIGERIA’S LEADING NET DEBT (Guidance 120-140 kboepd) INDEPENDENT ENERGY COMPANY 6M 2025 134.5 KBOEPD US$ 0.68
Slide 21: Diversified Asset Base
DIVERSIFIED ASSET BASE Broad, diversified asset base. Important operator of upstream, midstream and export facilities in Nigeria Key Facts Asset Location Map Diverse Export Routes 11 blocks in Nigeria ▪ 8 operated blocks ▪ 1,216 MMboe 2P + 2C Yoho reserves and resources (net) 11% Forcados 23% 48 pro
Slide 22: Rewarding Shareholders
REWARDING SHAREHOLDERS Sustained culture of returning cash to shareholders: quarterly dividend flat QoQ, +53% YoY Material: Historical declared dividends ($c/shr, 2014 – 2025) Material 0.2 ▪ $4.6c/shr declared for 2Q 25, 53% higher than 2Q 24 dividend 0.15 ▪ $719m cumulative cash dividends paid to 0
Slide 23: 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 24: Contact Us
CONTACT US Lagos London reliable energy, limitless potential