Seplat Energy Plc has announced the discovery of an estimated 157 billion cubic feet (Bcf) of natural gas and 19 million barrels of oil in place at its Aku-01 exploration well in Nigeria.
The discovery was disclosed on Thursday, October 29, in the company’s unaudited financial results for the nine months ended September 30, 2026. Seplat said the find was made after the reporting period.
According to the company, the discovery of oil came as a surprise, as the original exploration programme was designed primarily to target natural gas.
Preliminary internal estimates indicate that the well contains a mid-case gas resource of 157 Bcf and an estimated 19 million barrels of oil in place. However, further assessment will be required to establish how much of the discovered resources can be commercially recovered.
Seplat said it was working to complete the well for potential future production, with plans to connect it to existing infrastructure to support early development of the resources.
The discovery has also reduced exploration uncertainties across four nearby prospects within the licence area. The company is therefore planning another exploration well in the Aku area in 2027.
Seplat holds a 40 per cent operated interest in Petroleum Prospecting Licence (PPL) 2A25, where the discovery was made.
Meanwhile, the company’s operational performance showed growth across its major production segments during the first nine months of 2026.
Crude oil and condensate production averaged 103,173 barrels per day, compared with 101,793 barrels per day in the corresponding period of 2025, representing an increase of about 1.4 per cent.
Natural gas output also rose by 11.6 per cent to 194.9 million standard cubic feet per day from 174.7 million standard cubic feet per day recorded a year earlier.
Natural gas liquids production recorded a stronger increase, climbing to 8,222 barrels per day from 3,719 barrels per day, representing growth of approximately 121 per cent.
Overall, Seplat’s combined working-interest production averaged 144,999 barrels of oil equivalent per day, up seven per cent from 135,636 barrels per day in the same period of 2025.
On the financial front, the company recorded revenue of N3.78 trillion, compared with N3.36 trillion in the corresponding period last year.
Profit before tax increased by 52.75 per cent to N1.34 trillion from N878.99 billion, while profit after tax rose to N355.6 billion from N146.6 billion.
Following its performance, Seplat declared a third-quarter dividend of 19 US cents per share, comprising a core dividend of five cents and a special dividend of 14 cents.
The declaration brings its total dividend for the first nine months of 2026 to 40 US cents per share. The company also retained its full-year underlying dividend guidance of $270 million, equivalent to 45 US cents per share.
Additionally, Seplat plans to distribute about $140 million to shareholders following the expected completion of the sale of a 10 per cent stake in its NNPCL-SEPNU joint venture to NNPC Limited. If concluded as planned, total dividend distributions for 2026 could reach approximately $410 million.
