Seplat Energy Plc has announced plans to drill another exploration well in 2027 following a successful oil and gas discovery at its Aku-01 well in Petroleum Prospecting Licence (PPL) 2A25.
The discovery confirmed the presence of hydrocarbons across five reservoir intervals, strengthening the company’s prospects in the licence area and providing grounds for further exploration.
According to the company’s unaudited nine-month financial results for the period ended September 30, 2026, the Aku-01 discovery has reduced exploration risks across four prospects within the licence. Seplat plans to select one of these prospects for testing through the proposed second well.
Chief Executive Officer of Seplat Energy, Effiong Okon, described the discovery as evidence of the company’s strong exploration potential and the quality of Nigeria’s underground hydrocarbon resources.
Beyond the exploration success, Seplat recorded improved production during the first nine months of 2026. Its average working interest production increased by seven per cent to 144,999 barrels of oil equivalent per day (boepd), compared with 135,636 boepd during the same period in 2025.
Production performance was also supported by the restoration of previously inactive offshore wells. The programme restored 41 wells, adding gross joint venture production capacity of 33,700 barrels of oil per day and 176 million standard cubic feet of gas per day.
The company also commenced commercial gas sales through the OB3 pipeline in September, following progress on the Assa North-Ohaji South gas project.
Financially, Seplat’s revenue rose by 27 per cent to $2.764bn, while net income increased significantly by 174 per cent to $260.2m. Adjusted earnings before interest, taxes, depreciation and amortisation climbed 38 per cent to $1.53bn.
Its financial position strengthened further as net debt dropped by 65 per cent to $234.9m at the end of September, from $673.3m recorded at the close of 2025.
Seplat also declared a third-quarter dividend of 19 US cents per share, bringing its cumulative dividend for 2026 to 40 US cents per share.
The company maintained its full-year production target of between 145,000 and 155,000 boepd, while reducing its capital expenditure forecast to between $280m and $340m.
However, its operating cost outlook increased to between $15.5 and $16.5 per barrel of oil equivalent, partly due to expenses associated with the Yoho project.
Seplat said the Yoho restoration project had been completed in the third quarter, although pipeline damage delayed its start-up. Production was expected to resume before the end of 2026.
The company also reported a 14 per cent decline in its carbon emissions intensity, from 43.6 to 37.4 kilogrammes of carbon dioxide per barrel of oil equivalent compared with the corresponding period last year.
