Seplat Energy Plc has launched an offering of $650 million (about N1.01trillion) bond due 2030. The net proceeds of the Senior Notes offering will be used to repurchase Seplat’s outstanding 7.750 percent Senior Notes due 2026 and pay transaction fees and expenses.
The Issuer has also announced a concurrent any-and-all tender offer (the “Tender Offer”) on its outstanding $650 million 7.750percent Senior Notes due April 2026 (the “2026 Notes”) conditional upon, among other things, the successful completion of the New Notes Offering (the “Financing Condition”). The Tender Offer expiration and withdrawal deadline is set for 5.00pm NYT on March 18, 2025, pursuant to the Offer to Purchase dated March 11, 2025.
Following completion of the Tender Offer and provided the Financing Condition is met, Seplat intends to redeem any remaining outstanding 2026 Notes pursuant to the terms of the indenture governing the 2026 Notes dated April 01, 2021 (as amended or supplemented).
Seplat Energy Plc (Seplat) is Nigeria’s leading indigenous energy company listed on the Nigerian Exchange Limited (NGX) and the Main Market of the London Stock Exchange (LSE). Through its strategy to build a sustainable business and deliver energy transition, Seplat is transforming lives by delivering affordable, reliable and sustainable energy that drives social and economic prosperity.
Following the acquisition of Mobil Producing Nigeria Unlimited, Seplat Energy’s expanded portfolio now includes ten operational interests and one financial interest across eleven oil and gas assets. These assets are located in both onshore and shallow water areas within Nigeria’s prolific Niger Delta region.
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Just recently, Seplat Energy released its audited results for the year ended December 31, 2024. The results at the Nigerian Exchange Limited (NGX) showed Seplat reported revenue of $1.116 billion up 5.2 percent (FY 2023: $1.061 billion), including 19 days contribution from Seplat Energy Producing Nigeria Unlimited (SEPNU). The company noted that its underlying adjusted revenue was stable at $961 million (FY 2023: $962 million).
In naira terms, Seplat revenue rose to N1.651trillion from N696.9billion in 2023. Its gross profit of $479.9million in 2024 represents 9.8 percent decline when compared with $532million in 2023. In naira terms, the energy company’s gross profit rose to N710.1billion from N349.3billion in 2023. Profit before tax (PBT) increased to $379.4million from $191.2million in 2023, up 98.4 percent. In naira terms, its PBT rose to N561.4billion from N125.5billion in 2023.
Seplat Onshore unit production operating expense (opex) was $12.3/boe (2023: $10.4/boe). Cash generated from operations of $384 million, down 26percent on 2023, impacted by; timing of liftings, one-off costs predominately associated with SEPNU acquisition and working capital acquired on consolidation of SEPNU.
It also reported cash capex of $208 million in 2024 (FY 2023: 184 million). Balance sheet remains robust, year-end cash at bank $469.9 million (2023: $450.1 million), excluding $132.2 million restricted cash. Net debt at year end 2024 was $898 million (YE 2023: $306 million).
Seplat also announced a final dividend of US3.6 cents (United States three point six cents) and a special dividend of US3.3 cents (United States Three point Three cents) per Ordinary Share (subject to appropriate WHT) to be paid to Seplat Energy’s shareholders whose names appear in the Register of Members as at the close of business on May 9, 2025. Seplat share priced stood at N5,700.
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