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Seplat Posts 498% H1 Profit Growth, Set to Sell 10% Stake to NNPC
['Emmanuel Addeh']
THISDAYLIVE
The company attributed the improved output to stronger production from its West, East and Elcrest assets, continued success of its idle well restoration programme and higher natural gas liquids (NGLs) production.
Commenting on the results, outgoing Chief Executive Officer, Roger Brown, said the company entered the second half of the year from a position of considerable strength.
“As I hand over leadership of Seplat, the company is stronger than ever.
Production improved from the first quarter and remains on track to grow further in the second half of 2026 as temporary restrictions are lifted and planned activities are completed,” he said.
Brown noted that higher commodity prices had translated into stronger cash generation, enabling the company to reduce debt significantly while rewarding shareholders.