Seplat Energy trades near ₦11,486, up about 98% this year, after production grew 148% and revenue grew 144% in 2025 on the Mobil/MPNU acquisition. Remains a Strong Buy on a five-year cash-flow build toward 200,000 boe/d.

How Tony Elumelu Became Seplat Incoming Chairman The $500 Million Entry Point Everything starts with the money. On December 31, 2025, Heirs Energies, a company owned by Elumelu, acquired a 20% stake in Seplat from Maurel and Prom for $500 million, making Heirs Energies the single largest shareholder in the company and displacing the long-time French investor.  Being the biggest shareholder is the foundation. Money alone does not give you a chairmanship automatically. You need a seat first. Following the acquisition, Elumelu joined Seplat Energy’s board as a Non-Executive Director in January 2026. That is the bridge between investor and governance. The current chairman, Senator Udoma Udo Udoma, who became chairman in April 2024 and oversaw the integration of MPNU and the development of Seplat’s Roadmap 2030 strategy, announced his intention to retire on December 31, 2026.  The board subsequently elected Elumelu as the next chairman of Seplat Energy, effective January 1, 2027.  Also happening simultaneously CEO Roger Brown, who joined Seplat in 2013 and became CEO in 2020, overseeing the MPNU acquisition in 2024, will retire on July 31, 2026. Effiong Okon will succeed him as CEO from August 1, 2026.  So Seplat enters 2027 with a completely new leadership structure. Elumelu as chairman, Okon as CEO. A full reset at the top. The sequence is clean: buy the largest stake, take a board seat, wait for the chair to open, take it. This is like a textbook corporate power consolidation.

Por la foto con Abimael Guzmán, sabemos a dónde pertenece. Estaba actuando durante su tiempo en el MPnu operando para los del Brasil - Luka!?

Key changes 1. CEO succession Outgoing: Mr. Roger Brown retires as CEO and Board Director on 31 July 2026 13 years at Seplat: CFO from 2013 (led dual NGX/LSE listing in 2014), CEO since August 2020 Legacy: Eland Oil and Gas acquisition (2019), transformational MPNU acquisition (2024), built Seplat into one of Africa's leading independents • Incoming: Engr. Effiong Okon becomes CEO and Executive Director on 1 August 2026 35 years industry experience At Seplat since 2018: Operations Director (4 years), then New Energy Director (from July 2022), most recently MD of ANOH Gas Processing Company — delivered first gas in January 2026 Before Seplat: 26 years at Shell across Africa, USA, Europe, Middle East — including VP Cost Leadership & Continuous Improvement (Netherlands), GM Deepwater Production Nigeria (Shell's largest deepwater asset globally) 2. Chairman succession Outgoing: Senator Udoma Udo Udoma, CON, to retire 31 December 2026 Joined board Dec 2023, became Independent Chairman April 2024 Oversaw MPNU integration and the 2030 strategic plan Incoming: Mr. Tony O. Elumelu, CFR, becomes Chairman on 1 January 2027 Joined Seplat board January 2026 Founder and Chairman of Heirs Holdings, which holds 20.07% of Seplat Background across energy, power, banking, insurance, tech

MR. ROGER BROWN, CHIEF EXECUTIVE OFFICER, said: “It has been the greatest pleasure to be part of Seplat Energy's growth since joining in 2013 as CFO and having led the Company as CEO since August 2020. I am immensely proud that we have built a Company that has now become synonymous with financial resilience, balanced capital allocation, strong corporate governance and shareholder reward. The Company is a strong and reliable partner to Government and is well placed to support Nigeria in its ambitious growth targets. I want to personally thank the Board, Management and the entire workforce for all the support they have given me over the years, and I look forward to watching the Company grow from strength to strength." SENATOR UDOMA UDO UDOMA, CHAIRMAN OF SEPLAT ENERGY, commented: “On behalf of the entire Company, I wish to express our sincerest thanks to Roger for his exceptional contribution to the development of Seplat Energy into a leading African independent energy company. His legacy was cemented in the transformational acquisition of MPNU in 2024 and in the Roadmap 2030 strategy that we set out in 2025. Roger has been ever present in Seplat Energy's journey and under his leadership, Seplat Energy has materially outperformed the sector and delivering exceptional returns to shareholders; he leaves us well-placed to continue to deliver for all our stakeholders. I would also like to welcome Mr. Okon as our incoming CEO. He has extensive operational experience that will support our ambitious growth aspirations.” MR. EFFIONG OKON, INCOMING CHIEF EXECUTIVE OFFICER, said: “I am delighted to be taking on this appointment at an important juncture. My immediate focus will be on ensuring the Company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio.” MR. TONY O. ELUMELU, INCOMING CHAIRMAN OF SEPLAT ENERGY, commented: “I am honoured to succeed Senator Udoma as Chairman in January 2027 and to lead the Board through Seplat Energy’s next phase of growth. I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture of execution and governance aligns strongly with my own values. I thank Senator Udoma and Roger for their stewardship and look forward to delivering further value for shareholders. I also congratulate Mr. Okon on his appointment as Chief Executive Officer. His deep industry experience gives me great confidence that Seplat Energy is well positioned for its next chapter of growth.” - ENDS –

OFFICIAL STATEMENT: 9 June 2026: The Board of Seplat Energy PLC ('Seplat Energy' or the 'Company') today announces Board and executive management changes that will further support the Company's growth, whilst emphasising continuity in strategy and governance. CHIEF EXECUTIVE OFFICER SUCCESSION: After successfully leading the Company during a period of significant strategic expansion and transformation, including the acquisition of Mobil Producing Nigeria Unlimited ('MPNU'), Mr. Roger Brown will retire as Chief Executive Officer and as a Board Director on 31 July 2026. During Mr. Brown's 13-year tenure, initially as the Company's CFO through its landmark dual listing in 2014 and for the past 6 years as CEO, Seplat Energy has grown significantly through a combination of financial discipline, asset development and successful acquisitions, including Eland Oil and Gas in 2019 and the transformational acquisition of MPNU in 2024. Under Mr. Brown’s leadership, Seplat Energy has established itself as one of Africa's leading independent energy companies, with a strong pipeline of organic growth projects. The Board is pleased to announce the appointment of Engr. Effiong Okon as Chief Executive Officer and Executive Director commencing 1 August 2026. An accomplished leader with over 35 years of global industry expertise, he brings a formidable track record of operational excellence and strategic execution. He is deeply familiar with the organization having been with the Company since 2018, initially serving on Seplat Energy’s Board as Operations Director for four years, then as our New Energy Director and most recently as Managing Director of ANOH Gas Processing Company (‘AGPC’), where he successfully drove the project’s execution to achieve first gas in January 2026. Prior to joining Seplat Energy, Engr. Effiong cultivated a globally diverse operations portfolio during a distinguished career at Royal Dutch Shell spanning Africa, the USA, Europe, and the Middle East (full CV below). CHAIRMAN SUCCESSION PLAN: The Board also announces that the Chairman, Senator Udoma Udo Udoma, CON, has given notice of his intention to retire at the end of the year on 31 December 2026. Senator Udoma joined the Board in December 2023 and became Independent Chairman in April 2024. Since assuming the role, he has also worked closely with the Board and Management to oversee the successful integration of MPNU and setting out the 2030 strategic plan for the Company. Through his leadership and guidance, the Company has continued to thrive and play an increasingly important role in Nigeria’s energy sector. The Board has accordingly elected Mr. Tony O. Elumelu, CFR, as the next Chairman of Seplat Energy, effective 1 January 2027. Mr. Elumelu, who joined the Board in January 2026, is the Founder and Chairman of Heirs Holdings, which has a 20.07% shareholding in Seplat Energy. Heirs Holdings is a diversified investment company, with interests across strategic sectors of the African economy, including energy, power, banking, insurance, technology, real estate, hospitality, and healthcare. Mr. Elumelu has a multi-decade track record of value creation in listed and non-listed entities. Mr. Elumelu is also a distinguished philanthropist, globally recognised as one of the leading voices on Africa's transformation and governance agenda. The Board believes this succession plan will support the Company’s strategic vision as it executes delivery of its 2030 plan and strives to accelerate the growth projects in its portfolio. Congratulations @TonyOElumelu

2/ Revenue hit $2.73 billion in 2025 — up 144% YoY. The MPNU offshore acquisition wasn't just a deal, it was a transformation. Seplat went from 52,947 boepd in 2024 to 131,506 boepd in 2025.

Our Integrated Annual Report for 2025 is now live! The Report reflects a defining year of growth, transformation and delivery at scale. Alongside key milestones across our onshore operations, 2025 marked the successful completion of the MPNU acquisition -the largest transaction in our history, significantly expanding our scale, strengthening our offshore portfolio and positioning us for long-term growth.

Our Integrated Annual Report for 2025 is now live! The Report reflects a defining year of growth, transformation and delivery at scale. Alongside key milestones across our onshore operations, 2025 marked the successful completion of the MPNU acquisition -the largest transaction in our history, significantly expanding our scale, strengthening our offshore portfolio and positioning us for long-term growth.

this is some 1/100 guntank r44 type of color seperation. but the guntank gets a pass cause its like 4 inches tall and the MPnu is like 8 inches tall

Seplat Energy Inaugurated The ₦10,000 Club: The Elumelu Masterclass. NGX Oil and Gas has a new king. This week, Seplat Energy officially crossed the ₦10,000 per share mark, making it the first stock in Nigerian history to hit a five-figure price. Beyond the landmark figure, it’s a masterclass in timing and fundamentals. Just three months ago, Tony Elumelu (via Heirs Energies & Heirs Holdings) acquired a 20% stake when the price was under ₦6,000. That $500 million bet is now worth roughly $920 million on the NGX. That's an ~80% gain in about 100 days. The Numbers Validating Elumelu's Move Two months after the acquisition was announced, the FY 2025 Audited Results were released showing that the growth was already baked into the engine. Elumelu bought into more than the name "Seplat" ; he bought a money printing machine. Revenue Explosion: Revenue hit $2.7 billion in 2025, up 144% from the previous year. Production Power: Following the Mobil (MPNU) deal, daily production skyrocketed by 148% to average 131,506 barrels of oil equivalent per day (boepd). Cash Flow: Operations generated $1.16 billion in cash, a massive 276% jump YoY. The Hedge: Why the Market Loves Seplat In a volatile Naira environment, Seplat is the ultimate Safe Haven. Dollar Dividends: Seplat declared a total 2025 dividend of USD 25 cents per share — a 52% increase from 2024. The Logic: You buy with Naira, but you earn in Dollars. As the Naira shifts, your dividend value in local currency naturally grows. It’s a built-in hedge for the Nigerian investor. What to Watch (The 2026 Outlook) The climb to ₦10,000 was fueled by the Mobil acquisition, but the next leg depends on two things: 1. ANOH Gas Plant: First gas was achieved in January 2026. This adds a steady, long-term revenue stream beyond just crude oil. 2. Production Guidance: Seplat is targeting 35k–155k boepd for 2026, a further 10% increase. The Wolf’s Verdict Skeptics say Elumelu got in before the market woke up. The Wolf says he just knew how to read a balance sheet. With Net Debt down 25% and production at all-time highs, Seplat is a Nigerian energy champion. At ₦10,000, retail investors are largely priced out, making this a Whale’s Playground. But if you’re looking for the ultimate proxy for Nigerian energy and Dollar earnings, the King still sits on the throne. The game is the game. 🐺

From this Reuters report. It appears this is a result of stalled 2026 CBA from the MPNU acquisition. I mean it is 2 years already, last one they did was 2024 which set out comp structure

NGX Spotlight: Seplat Energy Plc (SEPLAT) 7-Year Analysis Seplat has entered a new league following the 2025 MPNU asset integration. It’s no longer just a "growth" stock—it’s a massive Cash Machine. The Highlights: Revenue Explosion: Jumped 144% to $2.73B in 2025 (Exxon effect). Growth Engine: Revenue CAGR hit 25.5% over 7 years. Total 2025 payout surged 67% to 25.0 US cents. Debt-to-Equity ratio stands at 0.42x despite massive acquisitions. Dividend Yield: Currently 3.8% at ₦9,099/share (Higher for long-term holders!). Seplat is the ultimate Naira Hedge. With record production and $USD earnings, it’s arguably the strongest value play on the NGX today. Retweet for someone who needs to see this. Follow @themoneyafrica for more #NGX #SeplatEnergy #InvestingNigeria #StockMarket #Dividends

BUSINESS NEWS: Seplat Energy grows FY’25 pre-tax profit by 86.7% as revenue hits $2.726bn Energy Plc has released its results for the year ended December 2025. The results were released on the Nigerian and the London Stock Exchanges. The company reported profit before tax (PBT) growth by 86.7 percent to $497.8 million as against preceding year’s $266.7million. Gross profit was up 156.4 percent, from $352.4 million in 2024 to $904.5 million in 2025. company recorded total completion payments to Exxon Mobil at $326.2 million. No MPNU contingent consideration payable to ExxonMobil for 2025. Balance sheet remains robust, net debt at year end 2025 of $673.3 million down 25 percent YoY (YE 2024: $897.8 million). Net Debt/EBITDA 0.53x Total dividend declared for 2025 USD 25.0c/shr, equivalent to $150 million and a 52 percent increase on 2024, reflecting the strength of balance sheet, strong underlying free cash flow generation and continued confidence in our outlook. 2026 Outlook & Guidance. Production guidance of 135-155 kboepd, mid-point represents a circa 10 percent increase on 2025. Crude & Condensate: flat YoY; new well inventory offset by planned downtime for strategic maintenance and integrity activities. NGL: 85 percent YoY, effective 1Q 2026 with EAP complete. Gas: 30 percent YoY, ANOH contribution, YoY growth on Sapele IGP and completion of Oso-BRT phase 1, which is on track for 3Q 2026 and targets a doubling of offshore gas sales to 240 MMScf/d gross.

Best to my knowledge.. when seplat acquired MPNU, most contract staff on some projects with exxon were earning less then seplat contract staff.. There was a tussle from the exxon mobil contract staff to increase salary so as to match the seplat own It took some months but seplat eventually did that A new offer letter with increase rate were sent out. Most got almost 100% - 300% of their old rate

ExxonMobil Graduate Internship Application is Currently Open ExxonMobil is a major upstream operator in Nigeria, focusing on deepwater oil and gas production through affiliates like Esso Exploration and Production Nigeria Limited (EEPNL) and Mobil Producing Nigeria Unlimited (MPNU). While historically a top producer, the company is shifting focus toward high-value deepwater assets, with a planned $1.5 billion investment in fields like Owowo and Erha. ExxonMobil Nigeria is currently recruiting for graduate interns to bring their ideas to help create sustainable solutions that will improve quality of life and meet society’s evolving needs. As a Graduate Intern, you will participate in the Company’s one year graduate internship program which is an opportunity given to Nigerian undergraduate students and recent graduates/post-graduates as part of our Corporate Social Responsibility (CSR) and contribution to capability development in Nigeria. These programs afford participants additional exposure/hands-on experience and training in their area of interest. Eligibility Requirement: 1️⃣Must be a Nigerian citizen 2️⃣Minimum of Second Class Upper (2:1) in Accounting / Business Management / Social Science/Engineering/ Law degree or other related degrees 3️⃣NYSC Completion (Discharge or Exemption Certificate) 4️⃣Not more than 2 years post NYSC completion Kindly apply via lnkd.in/eE6sb8ir P.S: I did my undergraduate internship here and it shaped my professional journey. The dedication and action shown by the management of ExxonMobil towards learning is incredible! Via @coachtheyoung

S'court dismisses N1.4bn compensation award against Mobil over land acquisition in Akwa Ibom The supreme court has struck out a N1.4 billion compensation suit filed against Mobil Producing Nigeria Unlimited (MPNU) over alleged acquisition of community land in Akwa Ibom state. In a judgment delivered on Thursday, the court dismissed an appeal that sought to challenge the jurisdictional decision of the Calabar division of the court of appeal. The apex court also held that the federal high court had no jurisdiction to hear claims involving land disputes and compensation arising from compulsory acquisition and unexhausted improvements. thecable.ng/scourt-dismisses…

Ithu mela thuki vidratha punjab maharashtra bihar MPnu... ipadi RG palikudila thaldringa nadathunga. Sirapa TN pannunga all the best

Tony Elumelu just pulled off a masterpiece. While the market was distracted by the holidays, he signed a deal that effectively makes him the new King of Nigerian Oil. Heirs Energies acquiring a 20.07% stake in SEPLAT isn't just an "investment"—it’s a hostile-friendly takeover of the indigenous energy crown. Here is why this move is historic and why the race to ₦10,000 is officially on.👇 Tony Elumelu has entered the building. Heirs Energies just acquired the entire 20.07% stake (120.4M shares) in $SEPLAT previously held by the French firm Maurel & Prom. Value of the deal? Approximately $500 Million (₦750 Billion). This is the single largest equity trade in the history of the Nigerian energy sector. The Whale Logic: Why SEPLAT? Elumelu doesn't buy hope; he buys cash flow. SEPLAT is no longer just an oil company; it is a money-printing machine. Following the transformational MPNU (Mobil) acquisition in late 2024, SEPLAT’s production has skyrocketed from ~50k to over 130,000 barrels per day. The First 5-Figure Stock Quest Can SEPLAT be the first NGX stock to hit ₦10,000? Currently trading around ₦5,800 - ₦6,000, it’s already the most expensive stock on the exchange. But with the Otedolas and Elumelus of the world fighting for seats on the board, the scarcity factor alone could push this to 5 figures by 2026. The Dividend Machine Investors love SEPLAT for one reason: USD-linked dividends. The company just adopted a new policy: • Core Dividend: US 5 cents per quarter. • Special Dividend: US 2.5 cents (paid recently). In a devaluing Naira environment, SEPLAT is the ultimate hedge. You earn in Dollars, spent in Naira. The Production Powerhouse Combined, the "Elumelu-Seplat" ecosystem now controls a staggering volume of Nigeria's energy: • Seplat: ~286k boepd. • Heirs Energies: ~70k boepd. Total: 356,000 barrels of oil equivalent per day. That is roughly 15-20% of Nigeria’s entire daily production capacity. Elumelu is now operating like a petrostate. The Synergy Play Elumelu already owns OML 17. By taking this massive stake in SEPLAT, he is consolidating the indigenous Blue Chip oil space. He’s moving from being just an operator to the landlord. He now has a say in the gas that feeds his power plants (Transcorp Power). Vertical integration at its finest. The Risks (The Wolf’s Reality Check) Is there a catch? • Oil Volatility: A crash in Brent Crude below $50 hurts the thesis. • Security: Niger Delta security remains a source of worry for production stability. • Liquidity: At ₦6,000/share, retail investors are being priced out. This is becoming a Whale-only playground. The Wolf’s Verdict Otedola cashed out of Power to buy Banks. Elumelu cashed into Oil to buy the future. SEPLAT is no longer just a stock; it’s a proxy for the Nigerian Dollar. If you want to own the "New Nigeria" energy landscape, SEPLAT is the only serious play left on the board... Until Dangote Refinery enters the room. The game is the game. 🐺