Nigeria- and London-listed Seplat Energy Plc has announced a revenue of $2.32bn (₦3.356tn) in its unaudited results for the nine months (9M) of 2025, up 185% compared to the figures it reported for the same period in 2024.
In the company’s Q3 report seen by The Bavijas Club, gross profit also saw a significant year-on-year rise from $368.7m to $940.68m.
“Our financial performance year to date has been extremely robust, generating after-tax cash flows in excess of $1b, enabling significant deleveraging to 0.27x ND/EBITDA, well below our target levels,” said Roger Brown, chief executive at Seplat Energy.
Brown said the company expects to complete the conversion of all its onshore business in line with the PIA (Petroleum industry Act) to “further support the delivery of our ambitious 2030 roadmap laid out at the Capital Market Day.”
Key operational performance
During the 9-month period under review, Seplat’s production averaged 135,636 boe/d, also up 185% from the 47,525 boe/d reported in the first nine months of 2024
The third quarterly output average improved 1% to 137,888 boe/d compared to Q2 2025.
While production improvement at OML 40 supported output from onshore operations was up 5% to 56,219 boe/d, offshore production was down quarter-on-quarter to 2.5% to 81,669 boe/d.
This is attributed to planned downtime on EAP, due to the IGE replacement project, and lower output from A/K.
Seplat’s Yoho offshore production platform caught fire in late September and will be offline for the remainder of the year.
The company also said it is on track to end routine flaring across its onshore assets before 2026.
Anoh, a key gas project in Seplat’s non-flare target, is also billed for commissioning this quarter, despite a tunnelling challenge.