Roger Brown Expands Seplat Energy Stake with N285 Million Share Purchase

Seplat Energy Plc has announced that its Chief Executive Officer and Executive Director, Mr. Roger Brown, has acquired 50,000 ordinary shares in the company, increasing his stake and voting interest.

The disclosure, dated March 12, 2025, was signed by the company secretary, Mrs. Edith Onwuchekwa.

With this latest acquisition valued at approximately N285 million, Brown now holds a total of 4,203,776 shares, representing about 0.7144% of the total voting interest, based on the issued share capital of 588,444,561 shares.

The notification affirms compliance with relevant regulations, stating:

“This notification is made in accordance with Rule 17.15(c) Disclosure of Dealings in Issuers’ Shares, Rulebook of the Exchange, 2015 (Issuers’ Rule), and Article 19(3) of the UK Market Abuse Regulations.”

Market Performance In recent years, Seplat Energy has maintained a strong upward trajectory on the Nigerian Stock Exchange.

In 2024, the company’s shares achieved a year-to-date performance of 146.8%. However, in 2025, price action has slowed, with SEPLAT currently trading at N5,700.

Boost in Production Seplat Energy Plc recently reported an 11% increase in total production following the acquisition of Mobil Producing Nigeria Unlimited (MPNU), now renamed Seplat Energy Producing Nigeria Unlimited (SEPNU).

According to the report, Seplat’s onshore assets averaged 48,618 barrels of oil equivalent per day (boepd) in 2024, reflecting a 2% increase from the 47,758 boepd recorded in 2023.

The integration of SEPNU added an annualized average of 4,329 kboepd, pushing total production to 52,947 boepd.

Following the acquisition, Seplat’s independently audited 2P reserves surged by 85% to 886 million barrels of oil equivalent (MMboe), up from 478 MMboe in 2023. The company’s total 2P+2C reserves also climbed by 125% to 1,217 MMboe.

For 2025, Seplat Energy has set a production target of 120-140 kboepd, with Seplat Onshore projected to contribute 48-56 kboepd and SEPNU expected to provide 72-84 kboepd.

Initial capital expenditure (capex) guidance is forecast between $260 million and $320 million, aimed at funding 13 new onshore wells and offshore projects, including the replacement of an inlet gas exchanger on the East Area Project (EAP) NGL project.

Reflecting on the year’s progress, Roger Brown remarked, “In addition to progressing our existing onshore projects, we completed the acquisition of SEPNU, which adds scale and potential for growth.”