Roger Brown, Chief Executive Officer of Seplat Energy Plc, has acquired 50,000 ordinary shares in the company, reinforcing his stake in the London- and Lagos-listed oil and gas group.
The purchase, executed on March 11 at a price of 169.79 pence per share, equates to an investment of approximately £84,895. Following the transaction, Brown now holds a total of 4,203,776 shares, representing a 0.7144% voting interest in the company.
Seplat Energy, a key player in Nigeria’s oil and gas sector, has faced regulatory and governance challenges in recent years, including scrutiny over its leadership structure. Brown’s move to increase his holding signals confidence in the company’s prospects amid ongoing industry volatility.
The transaction was disclosed in line with both Nigerian and UK market regulations, including Rule 17.15(c) of the Nigerian Exchange’s Issuers’ Rulebook and Article 19(3) of the UK Market Abuse Regulations.
Strategic Growth and Financial Maneuvers
Brown’s share purchase follows a series of major corporate developments for Seplat Energy, as the company aggressively expands its footprint in Nigeria’s upstream sector.
In December 2024, Seplat finalized its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil in a deal valued at $1.28 billion. The transaction, which had been delayed for more than two years due to regulatory hurdles, grants Seplat a 40% operated interest in four oil mining leases, the Qua Iboe export terminal, and a majority stake in the Bonny River natural gas liquids recovery plant. The move is expected to more than double Seplat’s production capacity to around 120,000 barrels of oil equivalent per day.
To finance the acquisition, Seplat utilized a combination of cash reserves and debt facilities. The company ended 2024 with gross debt of $1.37 billion, up from $755.4 million in 2023, and cash at bank totaling $469.9 million, slightly higher than the previous year’s $450.1 million.
Despite the capital-intensive transaction, Seplat has maintained a strong balance sheet, with its pro forma net debt to EBITDA ratio remaining close to its pre-acquisition level of 0.8x as of mid-2024.
Seplat’s share price has remained stable despite industry-wide challenges, with the company focusing on expanding its gas operations and maintaining its position as Nigeria’s leading independent energy player. Brown’s latest share acquisition underscores his commitment to Seplat’s strategy as it navigates shifting regulatory and investment landscapes.
