Seplat Energy | Positive CMD for the enlarged group
Seplat held a hugely positive Capital Markets Day event yesterday for the enlarged group. For the first time, the company provided five-year guidance (2026-30) including a 50% increase in production to c200kboed by 2030 and the release of headline results of a new Competent Persons Report that saw a near doubling in Group reserves and resources. The company also announced a new dividend policy including a minimum annual dividend of US$120m with an increase in the dividend from 3Q25 to USc5/share, consistent with the new run rate but a likely cash return nearly twice that level of cUS$1bn through 2030 at US$65/bbl oil. The only fly in the ointment was a potential sell-down of a 10% interest in the SEPNU assets to NNPC, Seplat's government partner, although this is not certain The guidance is significantly higher than the parameters in our current financial model which we shall update shortly. Even so, on our current forecasts and despite the strong share price performance, Seplat is trading on very undemanding ratings.
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