Seplat Energy (SEPL) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and national anthem, followed by an opening prayer and explanation of virtual meeting procedures in compliance with Nigerian law.

• Board and committee members, regulators, auditors, and registrars were introduced, and rules of engagement for the virtual meeting were outlined.

Financial performance review

• Acquisition of Mobil Producing Nigeria Unlimited completed in December 2024, creating a major Nigerian energy company with 118,000 boe/d production and 886 million boe reserves, an 85% increase.

• 2024 revenues exceeded $1.1 billion, with operating cash flows of $383 million and adjusted EBITDA of $539 million.

• Achieved over 11 million man-hours without lost time injury, reflecting strong safety performance.

• Q1 2025 revenue rose 97.6% to NGN 199.9 billion, with profit after tax up over 55%.

• Auditors issued an unqualified opinion, confirming compliance with IFRS and Nigerian regulations.

Board and executive committee updates

• Two independent directors resigned to join the NNPC board; Mrs. Bashirat Odunewu appointed as Senior Independent Non-Executive Director.

• Board composition praised for diversity, with six independent directors and over 30% female representation.