Nigeria's largest indigenous independent. The late-2024 acquisition of Mobil Producing Nigeria (MPNU) from ExxonMobil roughly doubled output to ~130-140 kboe/d and lifted 1P reserves toward ~0.9 bnboe, transforming Seplat into a diversified onshore + shallow-water oil producer with a growing domestic gas processing business.
FY2025 revenue jumped ~144% to $2.73bn with EBITDA of ~$1.2bn and free cash flow near $0.9bn, funding a high dividend (yield ~4%). Key overhangs are concentrated Nigeria risk, MPNU integration/decommissioning liabilities, and a high effective tax rate.
Its EV/EBITDA of 3.5x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 23.3% is higher than the 6.5% median, and at $4.53/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Seplat Energy scores 59/100, strongest on growth (89/100). Sub-scores: value 69, quality 66, growth 89, risk 75 (higher = riskier).
Seplat Energy holds approximately 1 billion boe of proved (1P) reserves with FY2025 production of about 132 thousand boe/d (67% liquids), a reserve life of roughly 20.8 years. Break-even: ~$35 (Brent breakeven) — Low-cost onshore/shallow-water Niger Delta barrels; opex ~$9-10/boe supports dividend cover well below prevailing Brent.
For Seplat Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Nigeria | 100% | 89 | Theft/sabotage, subsidy reform, PIA transition, security. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Asset | Country | Type | note |
| MPNU (OML 67/68/70/104) | Nigeria | Offshore oil/gas | Ex-ExxonMobil shallow-water assets acquired Dec 2024; core of doubled output |
| OML 4 / 38 / 41 | Nigeria | Onshore oil/gas | Legacy Shell JV blocks; original Seplat production hub (Oben, Sapele) |
| ANOH gas plant | Nigeria | Gas processing | 300 MMscf/d midstream JV with NGC/NNPC; flagship domestic gas project |
| Oben gas plant | Nigeria | Gas processing | Core domestic gas supply hub feeding Nigerian power sector |
| OML 40 (Elcrest) | Nigeria | Onshore oil | 40% Seplat-affiliated JV; Gbetiokun and Opuama fields |
| OML 53 / Ohaji South | Nigeria | Onshore gas | Gas development feeding ANOH |
| Sapele integrated hub | Nigeria | Oil + gas | Combined oil handling and gas processing facilities |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 48 | 50 | 48 | 50 | 132 |
| Proved reserves (bnboe) | 0.49 | 0.49 | 0.50 | 0.89 | 1.00 |
| Revenue ($bn) | 0.7 | 0.9 | 1.1 | 1.1 | 2.7 |
| EBITDA ($bn) | 0.4 | 0.5 | 0.6 | 0.6 | 1.3 |
| Net income ($bn) | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| Free cash flow ($bn) | 0.2 | 0.3 | 0.3 | 0.1 | 0.9 |
Enter your email and we'll open a print-ready one-page tearsheet for Seplat Energy — and add you to the monthly oil & gas valuation screen.
✓ FY2025 figures verified against primary sources:
↗ Compare SEPLAT against 141 peers in the interactive screener