Seplat Energy’s subsidiaries conclude conversion to Petroleum Industry Act

Seplat Energy Plc has announced that its subsidiaries Seplat West Limited and Seplat East Onshore Limited, have completed the conversion of their operated onshore assets to the Petroleum Industry Act fiscal regime replacing the Petroleum Profit Tax regime.

The conversion relates to assets formerly held under OML’s 4, 38 & 41 and 53, which in the first nine months of 2025, averaged working interest production of 42,591 boepd, representing approximately 31% of the Company’s Total production. The PIA supports increased investment, production growth, and improved operational efficiency, all aligned with Seplat’s strategy. The anticipated impact of the conversion was incorporated into the company’s medium-term guidance presented at the Capital Markets Day in September 2025. Seplat continues to target the conversion of its offshore assets to the PIA by 2027.

Following the execution of the Conversion Contracts in February 2023 in compliance with the PIA, Seplat and its Joint Venture (“JV”) partners have now completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). New Petroleum Mining Lease (“PML”) and Petroleum Prospecting License (“PPL”) numbers have now been issued, and subject to the regulatory guidance, operations under the PIA are expected to commence from 1 January 2026.

Roger Brown, Chief Executive Officer of Seplat Energy stated thus:

“Conversion to the PIA fiscal regime has been an important focus for Seplat and we are delighted to have delivered, along with our respective JV partners, the conversion of our onshore operated assets to the PIA regime within the timeline outlined at our recent Capital Markets Day.

“We recognise the enhanced value creation opportunities that we can benefit from, post conversion. PIA conversion was factored into our recent medium-term guidance and lays a path to improved profitability and cashflow margins in our onshore business.”