Seplat Energy CEO Roger Brown Acquires 50,000 Shares Worth N285 Million, Increases Stake in the Company

Seplat Energy Plc has announced that its Chief Executive Officer and Executive Director, Roger Brown, has purchased 50,000 ordinary shares, increasing his total stake and voting interest in the company.

The disclosure, filed with the Nigerian Exchange Group (NGX) on March 12, 2025, was signed by Company Secretary, Mrs. Edith Onwuchekwa. The transaction, valued at N285 million, brings Brown’s total holdings to 4,203,776 shares, representing approximately 0.7144% of Seplat Energy’s total issued share capital of 588,444,561 shares.

Regulatory Compliance

The acquisition adheres to financial disclosure regulations, including:

• Rule 17.15(c) Disclosure of Dealings in Issuers’ Shares under the NGX Rulebook (2015 Issuers’ Rule)
• Article 19(3) of the UK Market Abuse Regulations

Seplat Energy’s Market Performance and Growth Strategy

Seplat Energy has remained a strong performer on the NGX, achieving a 146.8% year-to-date increase in 2024. However, in early 2025, its stock price has stabilized, currently trading at N5,700 per share.

The company’s expansion strategy, including the recent acquisition of Mobil Producing Nigeria Unlimited (MPNU)—now Seplat Energy Producing Nigeria Unlimited (SEPNU)—has bolstered its production capacity.

Production and Reserves Growth

Seplat Energy reported an 11% increase in total production following the SEPNU acquisition:

• 2024 Onshore production: 48,618 barrels of oil equivalent per day (boepd) (+2% from 2023)
• SEPNU contribution: 4,329 kboepd, bringing total output to 52,947 boepd
• 2P reserves growth: 85% increase to 886 million barrels of oil equivalent (MMboe)
• Total 2P+2C reserves: 1,217 MMboe (+125%)

For 2025, Seplat Energy has set a production target of 120,000–140,000 boepd, with:

• Seplat Onshore: 48,000–56,000 boepd
• SEPNU Offshore: 72,000–84,000 boepd

Future Investments and Capital Expenditure

The company has outlined a capital expenditure (capex) plan of $260 million–$320 million, focusing on:

• 13 new onshore wells
• Offshore expansion projects
• Infrastructure improvements, including the replacement of the East Area Project (EAP) gas exchanger

CEO Roger Brown’s Statement

Reflecting on the company’s recent growth, Roger Brown highlighted the strategic importance of the SEPNU acquisition:

“2024 was a transformative year for Seplat Energy, significantly expanding our production capacity and resource base. Our focus remains on strengthening operations, maximizing shareholder value, and supporting Nigeria’s energy sector.”