Oct 29, 2026 · 3 min · 3 segments
Despite some headwinds, Seplat reported a strong set of results for the period to September and is on track for a stellar year. Production continues to increase quarter-on-quarter with production…
Ceplat is a dual UK-Nigeria enlisted oil company operating solely in Nigeria, with a market cap now approaching 5 billion sterling.
Despite some headwinds, CEPLAT has reported a strong set of results for the period to September and is on track for a stellar year.
Production continues to increase quarter on quarter, averaging 156,000 barrels of oil equivalent per day in the third quarter, and full year guidance has been narrowed up to 145,000 to 155,000, the upper end of the previous range.
Helped by an average realised oil price of just over $96 per barrel, a significant premium to Brent, revenue for the nine months rose 27% year-on-year to $2.8 billion, despite an underlift of over $100 million.
Operating profit increased 50% to $1067 million, with net profit up 174% to $260 million.
Net cash generation was impacted by negative working capital and higher cash taxes, resulting in a 9% YOY reduction in net cash generation to $922 million for the nine months.
Despite those headwinds, CEPLAT was still comfortably free cash flow positive, net of lower than budgeted capex, with net debt reduced to $235 million and leverage cut to just 0.14 times.
The advanced payment facility has since been paid off and cancelled, meaning all debt raised to acquire MPNU in 2024 has now been repaid.
The quarterly dividend was hiked 58% sequentially to $0.19, taking the total announced for the year to $0.40, against the full-year target of $0.45.
In addition, CEPLAT expects to return around half the proceeds of the 10% CEP new disposal to NNPC, representing a further $0.233 in prospective dividends, with the transaction expected to close this quarter.
Offshore drilling has been delayed as the rig was not available, and Sepplett is pursuing alternatives.
But on a more positive note, the Yaku 1 exploration well discovered just under 50 million barrels of oil equivalent in place, including an unexpected oil leg.
We have raised our full-year Brent assumption to $93 per barrel from $80, lifting our net profit forecast by 25% to $423 million.
Ceplat is a dual UK-Nigeria enlisted oil company operating solely in Nigeria, with a market cap now approaching 5 billion sterling.
Despite some headwinds, CEPLAT has reported a strong set of results for the period to September and is on track for a stellar year.
Production continues to increase quarter on quarter, averaging 156,000 barrels of oil equivalent per day in the third quarter, and full year guidance has been narrowed up to 145,000 to 155,000, the upper end of the previous range.
Helped by an average realised oil price of just over $96 per barrel, a significant premium to Brent, revenue for the nine months rose 27% year-on-year to $2.8 billion, despite an underlift of over $100 million.
Operating profit increased 50% to $1067 million, with net profit up 174% to $260 million.
Net cash generation was impacted by negative working capital and higher cash taxes, resulting in a 9% YOY reduction in net cash generation to $922 million for the nine months.
Despite those headwinds, CEPLAT was still comfortably free cash flow positive, net of lower than budgeted capex, with net debt reduced to $235 million and leverage cut to just 0.14 times.
The advanced payment facility has since been paid off and cancelled, meaning all debt raised to acquire MPNU in 2024 has now been repaid.
The quarterly dividend was hiked 58% sequentially to $0.19, taking the total announced for the year to $0.40, against the full-year target of $0.45.
In addition, CEPLAT expects to return around half the proceeds of the 10% CEP new disposal to NNPC, representing a further $0.233 in prospective dividends, with the transaction expected to close this quarter.
Offshore drilling has been delayed as the rig was not available, and Sepplett is pursuing alternatives.
But on a more positive note, the Yaku 1 exploration well discovered just under 50 million barrels of oil equivalent in place, including an unexpected oil leg.
We have raised our full-year Brent assumption to $93 per barrel from $80, lifting our net profit forecast by 25% to $423 million.
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