Seplat Energy Plc has announced the discovery of an estimated 157 billion cubic feet (Bcf) of natural gas and 19 million barrels of oil in place at its Aku-01 exploration well in Nigeria, adding to its hydrocarbon resource base and opening up prospects for further exploration.
The discovery, made after the end of September 2026, was disclosed on Thursday, October 29, in the company’s unaudited financial results for the nine months ended September 30, 2026.
The development comes as Seplat reported a pre-tax profit of N1.34 trillion for the nine-month period, representing a 52.75% increase from N878.99 billion recorded in the corresponding period of 2025.
Aku-01 Oil and Gas Discovery
Seplat said the oil discovery at Aku-01 was unexpected, as the original exploration programme was designed around the search for natural gas and did not anticipate finding crude oil.
According to the company, preliminary internal assessments indicate a mid-case gas-in-place resource of 157 Bcf and an oil-in-place resource of 19 million barrels.
“Post period end, the Company successfully discovered oil and gas in the Aku-01 exploration well. Preliminary internal estimates indicate a mid-case gas in-place resource of 157 Bcf and oil in-place resource of 19 MMbbls. Encouragingly, an oil discovery was not part of the original well plan,” the company stated.
The estimates represent hydrocarbons in place and do not necessarily translate into commercially recoverable reserves. Further technical evaluation will be required to establish how much of the discovered resources can be economically produced.
Seplat said work was underway to complete the exploration well for potential future production. The company also plans to connect the well to existing infrastructure to support early commercial development of the discovered resources. Seplat holds a 40% operated interest in Petroleum Prospecting Licence (PPL) 2A25, where the Aku-01 discovery was made.
The latest discovery could strengthen the company’s exploration portfolio, although its eventual contribution to production and earnings will depend on further appraisal, development decisions and the commercial viability of the resources.
The planned connection of Aku-01 to existing infrastructure could also help reduce the time and investment required to bring commercially recoverable hydrocarbons into production, subject to the outcome of technical assessments and development work.
