Seplat targets new oil, gas exploration well in 2027 following Aku-01 discovery

Seplat Energy Plc is preparing to drill another exploration well in 2027 after its Aku-01 well encountered oil and gas in five reservoir intervals in Imo State.

The company disclosed this in its unaudited financial and operational results for the nine months ended September 30, 2026.

According to Seplat, the discovery was made in Petroleum Prospecting Licence (PPL) 2A25 and has helped reduce exploration risks across four nearby prospects.

The company intends to drill one of the identified prospects next year as part of efforts to further assess the area’s hydrocarbon potential.

Preliminary internal estimates put the resources in place at approximately 157 billion cubic feet of gas and 19 million barrels of oil.

However, the estimates represent the volume of hydrocarbons believed to be present in the reservoirs and do not necessarily indicate the quantities that can be commercially recovered.

Seplat said it was evaluating the Aku-01 discovery for possible future production, including connecting the well to existing infrastructure to support early commercialisation, subject to further technical assessment and development decisions.

The discovery represents a development in the company’s exploration activities as it seeks to expand its oil and gas resource base in Nigeria.

Beyond the exploration update, Seplat reported an average working-interest production of 144,999 barrels of oil equivalent per day during the first nine months of 2026, compared with 135,636 barrels of oil equivalent per day in the corresponding period of 2025.

Its third-quarter production also increased to 155,801 barrels of oil equivalent per day, representing a 13 per cent rise from the 137,888 barrels recorded in the same period last year.

Financially, the company recorded revenue of $2.764 billion for the nine-month period, up 27 per cent from $2.177 billion in 2025.

Adjusted earnings before interest, taxes, depreciation and amortisation increased by 38 per cent to $1.53 billion, while net income rose to $260.2 million.

The planned 2027 well is expected to provide further information about the area’s oil and gas potential and could open additional opportunities for Seplat’s future production growth.