Seplat Energy Plc has successfully revived 10 idle oil wells, adding 11,000 barrels of oil per day to the nation’s production. The company disclosed this in its audited results for the firstr, which ended March 31, 2025.
According to Seplat Energy, the idle well restoration programme has boosted joint venture production, with the company stating, “The SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.”
The energy firm reported a significant increase in revenue, generating N1.228 trillion in the first quarter of 2025 compared to N268.6 billion in the same quarter last year. Gross profit also soared to N535.4 billion from N63.8 billion year-on-year
Commenting on the results, Seplat Energy’s Chief Executive Officer, Roger Brown, said, “2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress.”
Brown added, “Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be proactive in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near-term global economic outlook becomes less predictable.”
The CEO also announced a 28% increase in the company’s quarterly dividend to $4.6/share, citing confidence in the future trajectory of the business and a strong financial position. “We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend,” Brown stated.
Seplat Energy’s production averaged 131,561 barrels of oil equivalent per day (boepd), representing a 167% increase from 49,258 boepd in the first quarter of 2024
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