seplat-energy-9m-2024-results_final_29oct241

Unaudited results for the
nine months ended

30 September 2024
29 October 2024
Reliable energy,
limitless potential
Lagos and London, 29 October 2024: Seplat Energy Plc (“Seplat Energy” or “the Company”), a leading Nigerian
independent energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, announces its
unaudited results for the nine months ended 30 September 2024.
Summary
3Q24 highlights included Abiala first oil, successful turnaround maintenance at Oben gas plant and the first lifting at Bonny
terminal since 2022, continuing the strong operational performance delivered in 2024. Robust cash generation further
improved the balance sheet, with period end net debt down to $270m (0.5x Net Debt/EBITDA). Given the strong underlying
performance of the business the Board has approved a 20% increase in the quarterly dividend to US3.6 cents per share
from 3Q 2024.
Operational highlights
• Working interest production averaged 47,525 boepd (9M 2023: 48,152 boepd), around the midpoint of guidance. Daily
average liquids production increased 6% and gas production decreased by 11% versus 9M 2023. Annual guidance
narrowed to 46,000 - 50,000 boepd (previously 44,000 - 52,000 boepd).
• Oben gas plant turnaround maintenance activity successfully completed, expect higher gas production in 4Q 2024.
• Abiala first oil achieved in September. Exports to commence during Q4 2024, targeting gross production level of c.5,000
bopd in Q1 2025.
• Trans Niger Pipeline (‘TNP’) availability improving, supporting higher OML 53 production, 3Q 2024 production of 2,097
bopd +85% compared to 3Q 2023, and enabling a resumption of OML 53 crude lifting at Bonny Terminal in September.
• Drilling activity increased. Completed nine wells year to date. Seven from the 2024 program, which is on track.
• ANOH Gas project saw completion of the 23km spur line, but the OB3 pipeline experienced further delays due to the
technical challenges associated with the project. NGIC completion date has now moved to end of 2024. Factoring in a
further contingency, in line with our previously stated approach, first gas is now expected during 2Q 2025.
• Carbon intensity of 32.7 kgCO2e/boe (9M 2023: 26.0 kgCO2e/boe) for operated assets. High 3Q 2024 emissions due to
increased flaring during planned maintenance at Oben and following the resumption of operations at Ohaji, OML53. The
anticipated impact of the End of Routine Flaring projects, starting in the second half of 2025, is expected to materially
reduce absolute emissions by up to 70%.
• Safety culture maintained, achieved 8.2-million-man hours without LTI at Seplat operated assets year to date.
Financial highlights
• Revenues of $715.3 million, down 11.7% vs. 9M 2023 ($810.4 million), largely due to overlift reported at 9M 2023.
Adjusting for overlift/underlift 9M 2024 revenue $724 million, +6% compared to 9M 2023 of $683 million
• Average price realisations. Oil: $82.89/bbl (9M 2023: $82.76/bbl); Gas: $3.18/Mscf (9M 2023: $2.87/Mscf).
• Adjusted EBITDA $383.0 million, up 25% from $306.4 million in 9M 2023, driven by higher revenue (adjusted) and lower
costs.
• Cash generated from operations of $423.3 million, up 17% from $362.3 million in 9M 2023.
• Capex of $157.0 million (9M 2023: $125.4 million), reflecting higher drilling activity.
• Balance sheet cash at 9M 2024, $433.9 million (9M 2023: $391.0 million). Net debt at end September, $270 million, down
from $366 million at end June 2024. $38.5 million of Reserve-Based Lending (RBL) borrowings repaid year to date.
Period end Net Debt to EBITDA was 0.5x.
Corporate updates
• Received Ministerial Consent for acquisition of entire issued share capital of Mobil Producing Nigeria Unlimited (‘MPNU’).
• Strong underlying business performance supports increase to core dividend. 3Q 24 dividend raised by 20% to US3.6
cents. Total core dividend declared to date in 2024 $9.6 cents per share.
• 2024 production guidance narrowed to 46,000 - 50,000 boepd (previously 44,000 - 52,000 boepd). Capex now expected
at the top end of the guidance range ($170 million - $200 million).
Seplat Energy Plc | 9M 2024 Financial Results 1

Roger Brown, Chief Executive Officer, said:
“The first nine months of 2024 has seen Seplat Energy deliver a strong operational performance. Production has been
consistent, drilling has improved and our main maintenance activities have been executed successfully. We have brought
two new fields on stream, most recently Abiala, and are approaching completion of the Sapele gas plant. Further delays to
the start up at ANOH are frustrating, but we have been pleased to see the commitment of our government partner in
tackling the technically challenging river crossing. Based on the latest estimates received, and maintaining a cautious
stance on any risk of further delays, we update our guidance for first gas to Q2 2025.
Commodity prices remained supportive, combined with operational uptime and timely cash calls from our joint venture
partner, helped cash generation improve year over year, enhancing our balance sheet position. As a result, we are pleased
to announce a 20% increase in the core quarterly dividend and note that this is reflective of the strength of the underlying
business. The increase does not factor in the organic (ANOH) and inorganic (MPNU) growth opportunities that the
company is currently pursuing.
We were delighted in recent days to receive Ministerial consent for the acquisition of MPNU. The transaction will be
transformational for Seplat Energy, and every effort is now on completing the transaction.
Summary of performance
$ million ₦ billion
9M 2024 9M 2023 % change 9M 2024 9M 2023

Revenue** 715.3 810.4 (11.7%) 1,070.9 478.1
Gross profit 355.0 416.3 (14.7%) 531.5 245.6
EBITDA * 383.0 306.4 25.0% 573.4 180.8
Operating profit (loss) 274.8 154.8 77.5% 411.3 91.3
Profit (loss) before tax 245.0 106.5 130% 52.8 46.9
Cash generated from operations 423.3 362.3 16.9% 633.8 213.8
Working interest production (boepd) 47,525 48,152 (1.3)%
Total crude oil lifted (MMbbls) 7.54 8.66 (13.0)%
Average realised oil price ($/bbl) 82.89 82.76 0.2%
Average realised gas price ($/Mscf) 3.18 2.87 10.8%
LTIF 0 0 nm
CO2 emissions intensity from operated assets, kg/boe 32.7 26.0 25.8%
* Adjusted for impairment, fair value loss, unrealised FX gain, profit from JV and decommissioning
**9M 2024 includes underlift of $8.2 million, 9M 2023 includes overlift of $127.8 million
Responsibility for publication

The Board member responsible for arranging the release of this announcement on behalf of Seplat Energy is
Eleanor Adaralegbe, CFO Seplat Energy Plc.
Signed:
Eleanor Adaralegbe
Chief Financial Officer

Important notice
The information contained within this announcement is unaudited and deemed by the Company to constitute inside
information as stipulated under Market Abuse Regulations. Upon the publication of this announcement via Regulatory
Information Services, this inside information is now considered to be in the public domain.
Certain statements included in these results contain forward-looking information concerning Seplat Energy’s strategy,
operations, financial performance or condition, outlook, growth opportunities or circumstances in the countries, sectors, or
markets in which Seplat Energy operates. By their nature, forward-looking statements involve uncertainty because they
depend on future circumstances and relate to events of which not all are within Seplat Energy’s control or can be
predicted by Seplat Energy. Although Seplat Energy believes that the expectations and opinions reflected in such
forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to
have been correct. Actual results and market conditions could differ materially from those set out in the forward-looking
statements. No part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in
Seplat Energy or any other entity and must not be relied upon in any way in connection with any investment decision.
Seplat Energy undertakes no obligation to update any forward-looking statements, whether as a result of new information,
future events or otherwise, except to the extent legally required.

Enquiries:
Seplat Energy Plc
Eleanor Adaralegbe, Chief Financial Officer +234 1 277 0400
James Thompson, Head of Investor Relations +44 203 725 6500
Ayeesha Aliyu, Investor Relations
Chioma Afe, Director, External Affairs & Social Performance
FTI Consulting
Ben Brewerton / Christopher Laing +44 203 727 1000

[email protected]
Citigroup Global Markets Limited
Peter Brown / Peter Catterall +44 207 986 4000
Investec Bank plc
Chris Sim +44 207 597 4000
About Seplat Energy

Seplat Energy Plc (Seplat) is Nigeria’s leading indigenous energy company. Listed on the Nigerian Exchange Limited
(NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL), we are pursuing a Nigeria-focused
growth strategy in oil and gas, as well as developing a Power & New Energy business to lead Nigeria’s energy transition.
Seplat’s energy portfolio consists of seven upstream oil and gas blocks in the prolific Niger Delta region of Nigeria, which
we operate with partners including the Nigerian Government and other oil producers. We also have a revenue interest in
OML 55. In Gas Midstream, we operate a 465MMscfd gas processing plant at Oben, in OML4, and are constructing the
300MMscfd ANOH Gas Processing Plant in OML53 and a new 85MMscfd gas processing plant at Sapele in OML41, to
augment our position as a leading supplier of gas to the domestic power generation market.
For further information please refer to our website, https://www.seplatenergy.com/

Operating review
Group production performance
Working interest production for the nine months ended 30 September 2024
9M 2024 9M 2023
Liquids Gas Total Liquids Gas Total
Seplat % bopd MMscfd boepd bopd MMscfd boepd
OMLs 4, 38 & 41 45% 15,067 103.6 32,928 15,206 116.5 35,289
OPL 283 40% 1,613 - 1,613 1,540 - 1,540
OML 53 40% 1,516 - 1,516 1,154 - 1,154
OML 40 45% 11,468 - 11,468 10,169 - 10,169
Total 29,664 103.6 47,525 28,069 116.5 48,152
Liquid production volumes as measured at the LACT (Lease Automatic Custody Transfer) unit for OMLs 4, 38 and 41; OML 40 and OPL 283 flow station.
Gas conversion factor of 5.8 boe per scf.
Volumes stated are subject to reconciliation and may differ from sales volumes within the period.
During the first nine months of 2024, the Company reported total working interest production of 47,525 boped, a 1.3%
decline in 9M 2024 (9M 2023: 48,152 boepd)), but around the mid-point of initial 2024 guidance (44,000 - 52,000 boepd).
The oil & gas mix was 62% and 38% respectively. Within this, daily average working interest oil production increased by
6% while working interest gas production fell 11%. Gas production was lower due to a combination of gas well availability
and the two-week shutdown of the Oben gas plant which successfully carried out planned maintenance activities.
Total production deferment in the period was 24% (9M 2023: 31%), a significant improvement on the prior year
performance driven by improved asset availability.
Working interest production by quarter
Q1 2024 Q2 2024 Q3 2024
Liquids Gas Total Liquids Gas Total Liquids Gas Total
Seplat % bopd MMscfd boepd bopd MMscfd boepd bopd MMscfd boepd
OMLs 4, 38 & 41 45% 15,089 109.5 33,961 15,483 107.9 34,085 14,633 93.6 30,763
OML 40 45% 12,470 - 12,470 10,593 10,593 11,343 - 11,343
OML 53 40% 1,263 - 1,263 1,181 1,181 2,097 - 2,097
OPL 283 40% 1,575 - 1,575 1,699 1,699 1,565 - 1,565
Total 30,397 109.5 49,269 28,956 107.9 47,558 29,638 93.6 45,768
Liquid production volumes as measured at the LACT (Lease Automatic Custody Transfer) unit for OMLs 4, 38 and 41; OML 40 and OPL 283 flow station.
Gas conversion factor of 5.8 boe per scf.
Volumes stated are subject to reconciliation and may differ from sales volumes within the period
Upstream business performance

Total liquids production increased by 6% to 8.13 MMbbls in 9M 2024, compared to 7.66 MMbbls in 9M 2023.
Summary of the contribution from each asset is highlighted below:
Western Assets
In OMLs 4, 38, & 41, working interest liquids production was stable at 15,067 bopd (9M 2023: 15,206 bopd). Delivery of our
2024 drilling program is on track and will support production in subsequent quarters.
We continue to benefit from the availability of multiple export routes for our Western Assets. In the third quarter we
experienced some downtime on our main export routes. In August the Amukpe Escravos pipeline (‘AEP’) experienced 14
days of downtime, while in September the Trans Forcados pipeline (‘TFP’) experienced 13 days of downtime. However, on
both occasions the alternative evacuation route was available, ensuring minimal disruption to operations.
Elcrest
Our operations in OML 40 continued to record strong growth during the period. Average daily working interest production
rose 12.8% to 11,468 bopd (9M 2023: 10,169 bopd). The solid growth in production has being supported by timely delivery
of new wells, and improved export route availability experienced in the year to date.

Abiala marginal field
Abiala is a marginal field located in the OML 40 area, in which Elcrest (45% owned by Seplat Energy) owns a 95% equity
farm-in and is the operator. It represents one of the growth projects expected to be brought online in 2024. The progress so
far is in line with our plan to focus on low-cost development with early monetisation opportunities that leverage existing
contractual positions to accelerate the field’s development.
We are pleased to report first oil, via an extended well test (‘EWT’), from Abiala-01 was achieved on 15th September. The
second producing well, Abiala-02 well has been completed with well clean-up currently in progress. Evacuation of the
crude for sale is expected to commence at the end of October 2024, and the Company expects the field to reach a gross
production rate of c.5,000 bopd by Q1 2025.
Eastern Assets
On OML 53, following the resumption of pipeline operations, daily working interest production rose 31.4% to 1,516 bopd in
9M 2024 (9M 2023: 1,154 bopd), while 3Q24 production was up 85% on the equivalent period in 2023, highlighting the
benefit of TNP availability. At Ohaji, evacuation has primarily been to the nearby Waltersmith Refinery in the year to date,
though the split has been balanced between the TNP and Waltersmith in 3Q24. TNP has been available since April 2024,
and the Company lifted its first shipment, of 200,000 barrels, from bonny terminal for the first time in 32 months in
September.
We continue to see limited production from our Jisike field, with a daily working interest production of 332 bopd in 9M 2024
(9M 2023: nil).
In OPL 283, daily working interest production rose 4.7% to 1,613 bopd in 9M 2024, from 1,540 bopd in 9M 2023.
Trans Niger Pipeline (‘TNP’) Update
Ongoing operational improvements and enhanced security measures have been implemented to stabilise the TNP, which
has previously encountered challenges due to oil theft and vandalism. As a result, operations are currently restricted to
daylight hours. The line operator, Shell Petroleum Development Company (SPDC) continues to execute workstreams
needed to resume 24-hour operations on Zone-6 of the line. These workstreams are expected to be completed in Q4 2024
which would allow us resume 24-hour injection into the line.
The following wells- Ohaji-7, Ohaji-8 and Ohaji-9, in OML 53 which were shut in when evacuation was constrained have
been cleaned up and are ready to commence production once stability has been achieved on the TNP.
TNP is also the primary export route for condensate production for ANOH Gas Processing Company (AGPC), which will
evacuate condensate into the TNP from the ANOH gas plant.
Drilling
For 2024, the Company’s drilling program is expected to deliver 13 new wells (11 oil wells and 2 gas wells). The 2024
drilling program continues to address normal production decline and, along with the completion of maintenance activities,
support long-term production levels from the assets.
In our 6M 2024 results, we reported completion of four wells (Ovhor-21, Ovhor-22, Abiala-1 W/O and Sapele-38) from our
2024 drilling program and two wells (Okporhuru-9 and Sapele-37) from our 2023 drilling program. We also stated that
Ovhor-21 was onstream and producing at a gross rate of 2,300 bopd. We can now report that Ovhor-22 is onstream and
producing at a gross rate of 1,250 bopd while well testing is ongoing at Abiala-1 W/O.
In the third quarter, we completed the drilling of three additional wells from our 2024 drilling plan. The wells that were
completed include Oben-55, Oben-54, and Abiala-2. The completed wells are expected to come onstream in October, with
expected combined gross oil & gas production of 4,500 bopd and 23 MMscfd respectively. Two wells (Ovhor-23 & Ovhor-
24) billed for completion in Q3 2024 will now be moved Q4 2024. Drilling has commenced in Ovhor-23 using the Imperial
rig, with the rig scheduled to move to Ovhor-24 following completion of drilling in Ovhor-23.
In the final quarter of the year, we plan to drill six wells (including two wells from Q3) to complete our 2024 drilling program.
The wells to be drilled include Ovhor-23 (ongoing), Ovhor-24, Oben-56 (ongoing), Oben-57, GB-12 (ongoing), and GB-13.
Drilling is the major contributing factor in our 2024 capex plans. A high rate of drilling activity alongside management of
some well complexity are the principal drivers for group capex now being anticipated at the top of the original guidance
range.

Midstream Gas business performance
During the period, the average working interest gas production volume fell 11.1% to 103.6 MMscfd in 9M 2024, from 116.5
MMscfd in 9M 2023. The decline in gas production year to date has been driven by a combination of gas well availability at
the start of 2024 and in 3Q by the planned two-week shutdown of the Oben gas plant for mandatory maintenance1.
Total gas sales for the period were 28.4 Bcf (9M 2023: 31.8 Bcf), contributing 38% of the Company’s produced volumes
and 13% of total revenue.
The business continues to pursue growth opportunities to maximise the utilisation of the Oben gas plant. New customers
are being brought onboard to high grade the GSA customer base and improve revenue generation.
Oben Gas Plant
The turnaround maintenance (TAM) activities of the Oben gas plant were successfully carried out during August. The TAM
was completed ahead of schedule with the gas plant restarted on August 28th, one day ahead of plan. Alongside
mandatory activities, a number of additional activities were delivered concurrently, such as; debottlenecking of condensate
separators, conversion of in-let valves to support lower pressure production, tie-ins for western assets flares out projects,
an upgrade of the gas metering system and a power upgrade for a new 1.2MVA gas Gen Set, one of our diesel
displacement initiatives.
Following completion of the TAM activities, gas production has stabilised around 260 MMscfd gross (c.117 MMscf/d net
working interest).
ANOH Gas Processing Plant
In Q3 2024, AGPC achieved 13.6 million man-hours without Lost Time Injury. We continued to make progress on the gas
plant construction, pre-commissioning works and operational readiness towards first gas.
The upstream wells and facilities achieved ready for start-up in early 3Q 2024, which confirmed readiness to deliver wet
gas to the ANOH Gas plant.
During October, our partner, NGIC, achieved pipeline commissioning of the 23.3 km Spur line, following completion of all
pre-commissioning activities including pipeline cleaning, debris removal, defect testing, hydrotesting, dewatering and
drying. The line is now ready to transport processed lean gas into the OB3 pipeline.
In our 6M 2024 results, we reported that tunnelling operations on the OB3 pipeline had reached 1.12km of the 1.85km river
crossing. Subsequently, OB3 pipeline experienced further technical and mechanical challenges. The setbacks required
import of additional equipment, to reinforce the hardware required for micro tunnelling and horizontal directional drilling
(HDD), which have been delivered onsite. Our partner, NGIC, also identified new subsurface complexities which required
more grouting works to be completed. Tunnelling works are expected to resume shortly.
Based on the latest guidance from NGIC, the expected OB3 completion date is now end of 2024. As we have done
previously, we have a built in a contingency of up to six months and have now updated our guidance on first gas to Q2
2025.
Sapele Gas Plant
The Sapele Gas Plant is an 85 MMscfd plant, capable of processing both Non-Associated Gas (NAG) and Associated Gas
(AG) which meets export specifications and LPG processing module which would supply LPG to the domestic market. The
project will also contribute significantly to Seplat’s target to end routine flaring by the end of 2025.
Work at the new Sapele Gas Plant has continued through the year. Recent activity includes commissioning work
associated with the initial 30 MMscfd MRU train. The project is now near completion, as such, we retain guidance for first
gas from the first 30 MMscfd module during Q4 2024. Subsequent modules will be commissioned in 2025 to enable the
plant to ramp up to full capacity.
New Energy business

In line with our strategy to support the country’s energy transition, we continue to assess various midstream gas, power,
and renewable investment opportunities that are focused on increasing energy supply and reliability, lowering costs, and
reducing the carbon intensity of Nigeria's electricity consumption.
In the past quarter, we continued to assess viable and scalable opportunities predominantly in the domestic power sector.

HSE performance
In 9M 2024, the Company achieved a total of 8.2 million manhours without any Lost Time Injury (LTI) in its operated assets,
which reflects the Company's strong focus on safety and the dedication of its workforce to maintaining a secure work
environment. This brings aggregate LTI free manhours to 18.8 million with over 717 days since last LTI was recorded (13
October 2022). In addition, the Total Recordable Incident Rate (TRIR) was 0.487 with three Medical Treatment Case (MTC)
reported during this period. Furthermore, no Tier 2 Process Safety Loss of Primary Containment (LOPC) incident was
recorded during the period.
Ending routine flaring

The carbon intensity recorded for the period was 32.7 kg CO2/boe, higher than the 26.0 kg CO2/boe recorded in 9M 2023.
The significant increase in carbon intensity was primarily driven by increased production from our Eastern assets following
reinstatement of TNP Zone 6. Wells in our Eastern asset are gas-rich which leads to emission of associated gas as
production increases. The shutdown of the Oben Gas Plant during the TAM activities carried out in August led to higher
emissions during the two-week period, also contributing to higher carbon intensity compared to last year.
The Company continues to progress efforts to secure evacuation options for unprocessed associated gas from the Sapele
Flow Station. Alongside this, work continues on the construction of the Sapele Integrated Gas Plant (SIGP), which is
scheduled to be fully complete in 1H 2025 (details in earlier sections). Once operational, SIGP offtake has the potential to
materially reduce Group Scope 1 emissions. Other ongoing key flare-out projects, including the Western Asset Flares Out
(installation of VRU compressors), Sapele LPG Storage & Offloading Facility, Oben LPG Project and Ohaji Flares Out
Project. The Company is on track to end routine flaring of gas in 2H 2025.
Proposed acquisition of MPNU

On 22 October 2024, we reported that we had received confirmation from the Nigerian Upstream Petroleum Regulatory
Commission (NUPRC) that Ministerial consent has been granted by the Honourable Minister of Petroleum Resources in
Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil
Producing Nigeria Unlimited (MPNU).
Following receipt of Ministerial consent the Company is now working to complete the transaction. This includes four main
work streams, which are all at an advanced stage of completion. 1) Nigerian regulatory process: Work is ongoing to finalise
the transaction documentation in order to complete the transfer of MPNU to the Seplat Group, 2) UK Prospectus: Given the
transaction is classed as a reverse takeover (‘RTO’) under UK listing rules, the company is required to publish a full
prospectus. The prospectus process is underway with the UK Financial Conduct Authority (‘FCA’). 3) Operational
Readiness: Seplat Energy has various teams engaged to ensure a smooth transition of MPNU into the Seplat Group. 4)
Financing the transaction: Seplat Energy plans to fund the transaction via equity cash, our undrawn RCF and a new debt
facility.
Outlook
Following robust performance year to date, and after adjusting for the revised start-up of the ANOH gas project, we narrow
our production guidance to 46,000-50,000 boepd (previously 44,000-52,000 boepd). The mid-point of guidance is
unchanged.
Year to date, drilling activity and cost has been towards the upper end of original expectations. Our 2024 drilling program is
on track to deliver the wells which will support production in the quarters ahead. As such, we now expect full year capex to
be at the top end of previous guidance range ($170 million - $200 million).
Over the coming months, the Company is looking to deliver a number of key milestones including; completion of the MPNU
acquisition, first gas at ANOH and Sapele Gas Plant, crude evacuation from Abiala, completion of a number of End of
Routine Flaring projects and unrestricted 24-hour operations on the TNP pipeline.

Financial review
Revenue
Oil
In the first nine months of 2024, Brent crude oil benchmark price averaged $81.79/bbl, down 2% on the average in the first
six months of 2024, after weaker pricing in 3Q 2024, but flat on 9M 2023’s average of $81.96/bbl. A confluence of
continued management of crude oil output by OPEC+ member nations, elevated geopolitical tensions and mixed
macroeconomic developments have all contributed to keeping average prices around similar levels to last year.
The Company continues to benefit from oil price realisations at a modest premium to Brent, realising $82.89/bbl, an
average premium to Brent of $1.10/bbl. Our realised price was relatively flat compared to the equivalent figure in 9M 2023
($82.76/bbl).
Total crude revenues declined 12.7% to $625.2 million in 9M 2024, from $716.4 million in 9M 2023. The decline is largely
attributed to lower liftings in the period, with total crude lifted in 9M 2024 13% lower at 7.54 MMbbl vs. the 8.66 MMbbl lifted
in 9M 2023.
9M 2024 crude revenue excludes an underlift of 7 kbbl (valued at $0.5 million), while 9M 2023 includes an overlift volume
of 1.28 MMbbl (valued at $127.8 million).
After adjusting for underlift at 9M 2024, crude oil revenue was $633.4 million, which is 7.6% higher than the adjusted 9M
2023 crude oil revenue of $588.5 million, this reflects slightly higher oil production and realised pricing in the period.
Gas
Gas revenue fell by 4.0% to $90.2 million in 9M 2024 (compared to $94.0 million in 9M 2023). The reduction in gas
revenue was due to lower production, partially offset by higher gas price realisations.
Production in 9M 2024 fell 10.7% to 28.4 Bscf, from 31.8 Bscf in 9M 2023. This was partially offset by the average realised
gas price, which rose by 10.8% to $3.18/Mscf in 9M 2024, from $2.87/Mscf in 9M 2023. The average realised gas price
improvement reflects the impact of price escalations on a gas contract which took effect in the period. In addition, higher
prices for DGDO gas contracts (increased from $2.18/MMBtu to $2.42/MMBtu in April 2024) contributed to the realised gas
price during the period.
Total Oil & Gas Sales
Revenue from combined oil and gas sales in 9M 2024 was $715.3 million, an 11.7% decrease from the $810.4 million
achieved in 9M 2023.
Gross profit
Gross profit fell 14.7% to $355.0 million in 9M 2024, from the $416.3 million recorded in 9M 2023. The decline was largely
driven by the lower reported revenue in the period (due to overlifts in 9M 2023), an increase in direct operating costs, due
to higher gas flaring penalty (9M 2024: $19.2 million vs 9M 2023: $4.4 million), net off by reduction in Royalty charges. The
reduced royalty charge follows an agreement with JV partners to share liftings via Walter smith refinery (“WSR”). In the
period from 2022 to the agreement in 2024, only Seplat was lifting crude via WSR. We remain focused on delivering our
routine flare reduction projects, slated to come online in H2 2025. Upon completion, these projects will substantially
minimise gas flares penalties and concurrently support revenue growth. Adjusting for Gas flare penalty fees driven by
higher government tariffs from mid-2023, production costs are 8.4% lower year on year.
Adjusting gross profit for underlift/overlift, we recorded a 25.9% growth to $363.3 million in 9M 2024 (9M 2023: $288.4
million), primarily driven by lower cost of sales in the period. This translates to an adjusted gross margin of 51% in 9M 2024
(9M 2023: 36%).
Direct operating costs include expenses related to crude-handling charges (CHC), barging/trucking, operations and
maintenance, amounted to $131.8 million in 9M 2024, marking a 3.7% increase from the $127.1 million incurred in 9M
2023.
Considering the cost per barrel equivalent basis, production operating expenses (opex) rose to $10.1/boe in 9M 2024,
compared to $9.7/boe in 9M 2023.
Non-production costs which primarily includes $107.6 million in royalties and $114.1 million in depreciation, depletion, and
amortisation (DD&A), declined from the $141.2 million in royalties and $116.9 million in DD&A reported in 9M 2023.

Operating profit
Operating profit increased by 77.5% to $274.8 million in 9M 2024, from $154.8 million achieved in 9M 2023. In addition to
the contribution from higher adjusted oil revenue, other reasons for increases in operating profit was attributed to the items
below.
Firstly, and under non-cash items is a reversal in the impact of foreign exchange on the income statement as the Company
reports a $17.1 million accounting adjusted FX gain in 9M 2024 (9M 2023: $27.8 million FX loss). In mid 2023 the Naira
began to materially depreciate versus the US Dollar. This depreciation led to the Company recording an FX loss in 9M
2023 following revaluation of the Naira financial asset balances on our books. Conversely, in the second quarter, we
received approvals from our JV partner on OML 53, NUIMS to net off outstanding cash calls with the overlift volumes on
the asset. The subsequent redenomination of overlift liabilities in Naira led to an accounting adjusted FX gain of $17.1
million in 9M 2024. Partly net off from this increase is an impairment of $7.4 million on the Turnkey rigs after the successful
sale of the rigs were consummated in Q3, 2024. (See section on cash flow from investing activities below)
In addition, the Company reported a decline in General and Administrative (G&A) expenses. G&A expenses amounted to
$95.9 million, 8.3% lower than the $104.5 million incurred in 9M 2023. The decrease in G&A costs was mainly due to lower
spending on Professional and Consulting fees, reflecting lower litigation costs compared to 9M 2023 when the company
had to manage an unprecedented and intense period of minority shareholder actions through the courts. Seplat remains
committed to minimising G&A expenses and continues to implement measures to manage all costs.
After adjusting for non-cash items such as impairment, fair value losses, and exchange gains, the Company reports
adjusted EBITDA for 9M 2024 of $383.0 million, up 25% on the prior period (9M 2023: $306.4 million). This results in an
adjusted EBITDA margin of 53.5% (9M 2023: 37.8%). The increase in adjusted EBITDA reflects the impact of lower non-
production costs, such as royalties during the period.
Taxation
The income tax expense of $209.7 million includes a current tax charge of $65.7 million (9M 2023: $54.3 million) and a
deferred tax charge of $144.0 million (9M 2023: deferred tax credit of $27.3 million). The higher current tax this year
resulted from higher taxable profit due to lower costs for the period.
The deferred tax charge in 9M 2024 was driven by the FX gains and underlift for the period which are excluded from
petroleum profit tax (PPT) calculations, giving rise to the creation of a deferred tax liability. This contrasts with 9M 2023’s
deferred tax credit which arose due to creation of deferred tax assets from the overlift and FX loss recorded in the period.
The effective tax rate for the period was 86% (9M 2023: 25%).
Effective tax rate analysis Income tax expense Tax rate

Profit before tax ($’million) Current Deferred Total ETR Current
(Effective Tax Rate) Tax rate
245.0 65.7 144.0 209.7 86% 27 %
Net result
Profit before tax increased by 129.9%, amounting to $245.0 million, compared to $106.5 million in 9M 2023. However,
primarily due to the significant increase in taxation in 9M 2024 (as explained above), net profit declined 55.7% to $35.3
million in 9M 2024, from $79.5 million in 9M 2023.
The profit attributable to equity holders of the parent company, representing shareholders, was $38.7 million in 9M 2024,
which resulted in basic earnings per share of $0.07/share for the period (9M 2023: $0.07/share).
Cash flows from operating activities

During the period, the Company generated $423.3 million in cash from its operations, a 16.8% increase from the $362.3
million generated in 9M 2023, driven by improved receivables collection. During the quarter, we continued to receive cash
call payments from our JV partners. On our NEPL/Seplat JV and NEPL/Elcrest JV balance, we received an aggregate cash
call amount of $341.4 million, lowering the aggregate receivables balance at period end to $47.5 million. At the end of 9M
2024, we had no receivables outstanding from our JV partner on OML 53.
Net cash flow from operating activities amounted to $361.8 million in 9M 2024, compared to $296.3 million in 9M 2023.
Cash tax payments of $64.0 million (9M 2023: $60.5 million) and hedge premiums paid of $4.1 million (9M 2023: $3.9
million) during the current period, were broadly stable on the prior period.

Cash flows from investing activities
The total net cash outflow from investing activities was $126.8 million, which increased from the $110.4 million recorded in
9M 2023, the increase was due to increased capex, partially offset by receipts from disposal of assets. We received $5.4
million in respect of the divestment from Ubima and $10.9 million from our financial interest in OML 55. The $6.1 million
proceeds from disposal of other PPE represents the initial cash payment agreed for the sale of Turnkey rigs (formerly
known as Cardinal drilling rigs). We made the strategic decision to sell the Turnkey drilling rigs in order to concentrate on
our core strengths and long-term objectives. The Turnkey rigs were sold for $12.3 million, with final payments expected by
April 2025.
The capital expenditure on oil & gas assets during the period was $153.6 million, including $114.2 million invested in
drilling activities and $39.4 million invested in engineering & gas projects. Total capex (including other fixed assets) was
$157.0 million.
Cash flows from financing activities

Net cash outflows from financing activities were $198.8 million, which increased from the $168.6 million recorded in 9M
2023. The increase was driven largely by principal repayments on loans of $38.5 million (9M 2023: $22.0 million) related to
the Eland Senior RBL facility and share purchases for the Company’s LTIP of $19.3 million (9M 2023: $nil).
Elsewhere, $62.5 million for interest on loans and borrowings, reflecting the cost of servicing the Company's debt
obligations, were modestly higher versus the prior period, while commitment fee and associated transaction costs of $6.9
million were modestly lower.
The Company paid $70.6 million in dividends to investors during the period, down from $76.1 million in the prior period due
to the magnitude of the special dividend paid for 2023 (FY 2022 special dividend paid in 2023 was US$5.0 cents while FY
2023 special dividend paid in 2024 was US$3.0 cents).
Liquidity
Net debt reconciliation at 30 $ million Coupon Maturity
Sept 2024
(unaudited)
Senior notes* 644.4 7.75% April 2026
Westport RBL* 10.3 SOFR rate+8% March 2026
Off-take facility* 49.1 SOFR rate+10.5% April 2027
Total borrowings 703.8
Cash and cash equivalents 433.9
(exclusive of restricted cash)
Net debt 270.0
* including amortised interest
The balance sheet remains healthy with a solid liquidity position. Seplat Energy ended the year with gross debt of $703.8
million (with maturities in 2026 and 2027) and cash at bank of $433.9 million, leaving net debt at $270.0 million. We also
ended 9M 2024 with a restricted cash balance of $24.4 million including $2.4 million and $21.0 million set aside in the
stamping reserve and debt service reserve accounts for the revolving credit facility.
As the Company continuously reviews its funding and maturity profile, it continues to monitor the market in ensuring that it
is well positioned for any refinancing and or buyback opportunities for the current debt facilities – including potentially the
$650 million 7.75% 144A/Reg S bond maturing in 2026.
Post reporting period, Fitch Ratings published its rating action commentary on Seplat Energy, revising the outlook on our
Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'B-'. Fitch also affirmed that the
upgrade to a positive outlook reflects that an upgrade of Nigeria's Long-Term IDR could result in an upward revision of the
country ceiling, which would no longer constrain Seplat's Long-Term IDR at the current level.
Dividend
Following board consideration and approval, we are pleased to announce a 20% increase in our quarterly core dividend
payment to US3.6 cents per share from 3Q 24, this level has been committed for 4Q 24 as well, as such the total core
dividend to be declared in respect of 2024 will be US 13.2 cents per share, a 10% increase on 2023. The dividend increase
is due to the strength of the underlying business and does not factor in the potential enhancement in the shareholder

returns policy that may be supported by the organic (ANOH) and inorganic (MPNU) growth opportunities that the Company
is currently pursuing.
In line with the company’s quarterly dividend policy, the board has approved a Q3 2024 dividend of US3.6 cents per share
(subject to appropriate WHT) which will be paid to shareholders whose name appear in the register of members as at the
close of business 12 November 2024. This brings total dividends announced for the 2024 financial reporting cycle to US9.6
cents per share.
Hedging
Seplat’s hedging policy aims to guarantee appropriate levels of cash flow assurance in times of oil price weakness and
volatility. Total volumes hedged for 2024 amount to 6.0 MMbbls with the average cost to hedge these volumes for 2024
being $0.81/bbl. In line with our policy to target hedging two quarters in advance, we have hedged additional 1.5 MMbbls
at a strike price of $55 for Q1 2025. The Board and management team closely monitor prevailing oil market dynamics and
will consider further measures to provide appropriate levels of cash flow assurance in times of oil price weakness and
volatility.
Oil Hedges
(Brent Deferred Premium Put Options) Unit Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Volumes hedged MMbbls 1.5 1.5 1.5 1.5 1.5

Price hedged US$/bbl 65.0 55.0 60.0 60.0 55.0
Put cost US$/bbl 1.08 0.86 0.86 0.44 1.03

Unaudited condensed
consolidated interim
financial statements for
the nine months ended
30 September 2024 (NGN)
29 October 2024
Reliable energy,
limitless potential

Condensed consolidation interim statement of profit or loss
and other comprehensive income
For the nine months ended 30 September 2024
9 Months
9 Months ended ended 3 Months ended 3 Months ended
30 Sept 2024 30 Sept 2023 30 Sept 2024 30 Sept 2023
Unaudited Unaudited Unaudited Unaudited
Notes ₦ million ₦ million ₦ million ₦ million
Revenue from contracts with customers 8 1,070,897 478,130 495,845 199,796
Cost of sales 8 (539,379) (232,514) (211,814) (94,765)
Gross profit 531,518 245,616 284,031 105,031
Other income/(loss) 10 32,084 (89,762) (88,526) (43,540)
General and administrative expenses 11 (143,538) (61,673) (66,334) (28,165)
Impairment losses on financial assets 12 (4,001) (633) (2,419) (1,090)
Fair value losses 13 (4,723) (2,227) (589) (1,126)
Operating profit 411,340 91,321 126,163 31,110
Finance income 14 11,702 3,709 4,295 1,666
Finance costs 14 (86,956) (32,078) (32,839) (13,250)
Finance cost - net 14 (75,254) (28,369) (28,544) (11,584)
Share of profit/(loss) from joint venture
accounted for using the equity method 30,625 (98) 25,044 (122)
Profit before taxation 366,711 62,854 122,663 19,404
Income tax expense 15 (313,935) (15,926) (137,947) (14,507)
Profit/(loss) for the year 52,776 46,928 (15,284) 4,897
Attributable to:
Equity holders of the parent 57,888 23,879 2,303 1,751
Non-controlling interests (5,112) 23,049 (17,587) 3,146
52,776 46,928 (15,284) 4,897
Earnings per share for the period

Basic earnings per share (₦) 25 98.37 40.58 3.91 2.98
Diluted earnings per share (₦) 25 98.37 40.58 3.91 2.98

9 Months
9 Months ended 3 Months ended 3 Months ended
ended
30 Sept 2024 30 Sept 2024 30 Sept 2023
30 Sept 2023
Notes ₦ million ₦ million ₦ million ₦ million
Profit/(loss) for the year 52,776 46,928 (15,284) 4,897
Other comprehensive income:

Items that may be reclassified to profit or
loss (net of tax):
Foreign currency translation difference 1,253,259 547,128 231,232 3,197
Total comprehensive income for the
period (net of tax) 1,306,035 594,056 215,948 8,094
Attributable to:
Equity holders of the parent 1,311,147 571,007 233,535 4,948
Non-controlling interests (5,112) 23,049 (17,587) 3,146
1,306,035 594,056 215,948 8,094
The above condensed consolidated interim statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.

Condensed consolidated interim statement of financial
position
As at 30 September 2024
30 Sept 2024 31 Dec 2023
Unaudited Audited
Notes ₦ million ₦ million
Assets
Non-current assets
Oil & gas properties 16 2,690,705 1,465,352
Other Property, plant and Equipment 17,455 25,744
Right-of-use assets 30,473 1,946
Intangible assets 178,662 106,583
Other Assets 145,397 91,478
Investment accounted for using equity method 390,445 200,937
Long-term prepayments 54,152 37,979
Deferred tax assets 15 343,102 261,530
Total non-current assets 3,850,391 2,191,549
Current assets
Inventories 78,781 47,154
Trade and other receivables 17 539,637 368,898
Prepayments 21,111 9,477
Contract asset 18 11,536 7,240
Restricted cash 20.2 39,075 24,311
Cash and cash equivalents 20 694,610 404,825
Total current assets 1,384,750 861,905
Total assets 5,235,141 3,053,454
Equity and liabilities

Equity
Issued Share Capital 21 297 297
Share Premium 21 90,138 90,138
Share Based Payment Reserve 21 3,022 12,255
Treasury shares 21.4 (7,585) (1,612)
Capital Contribution 5,932 5,932
Retained Earnings 182,884 230,708
Foreign currency translation reserve 2,504,386 1,251,127
Non-controlling interest 18,678 23,790
Total shareholder's equity 2,797,752 1,612,635
Non-current liabilities
Interest bearing loans and borrowings 22 971,571 599,434
Lease liability 18,012 —
Provision for decommissioning obligation 215,617 117,489
Deferred tax liability 15 265,496 88,381
Defined benefit plan 10,788 1,810
Total non-current liabilities 1,481,484 807,114
Current liabilities
Lease liability 9,590 1,207
Derivative financial liability 19 1,002 1,444
Trade and other payables 23 663,861 480,136
Current tax liabilities 125,552 70,653
Total current liabilities 955,905 633,705
Total liabilities 2,437,389 1,440,819
Total shareholders' equity and liabilities 5,235,141 3,053,454
The above condensed consolidated interim statement of financial position should be read in conjunction with the
accompanying notes.

position
The financial statements of Seplat Energy Plc and its subsidiaries (the Group) for the nine months ended 30 September
2024 were authorised for issue in accordance with a resolution of the Directors on 29 October 2024 and were signed on its
behalf by:
U. U. Udoma R.T Brown E. Adaralegbe

FRC/2013/NBA/00000001796 FRC/2014/PRO/DIR/00000017939 FRC/2017/ICAN/00000017591
Chairman Chief Executive Officer Chief Financial Officer
29 October 2024 29 October 2024 29 October 2024

Condensed consolidated interim statement of changes in equity
Share Foreign
Issued Based Currency Non-
Share Share Payment Treasury Capital Retained Translation controlling Total
Capital Premium Reserve shares Contribution Earnings Reserve interest Equity
₦ million ₦ million ₦ million ₦ million ₦ million ₦ million ₦ million ₦ million ₦ million
At 1 January 2023 297 91,317 5,936 (1,612) 5,932 241,386 447,014 (2,963) 787,307
Profit for the period – – – – – 23,879 – 23,049 46,928
Other Comprehensive income – – – – – – 547,128 – 547,128
Total comprehensive income for
the period – – – – – 23,879 547,128 23,049 594,056
Transactions with owners in their
capacity as owners:
Dividend paid – – – – – (44,891) – – (44,891)
Share based payments – – 4,533 – – – – – 4,533
Vested shares 3 903 (906) – – – – – –
Total 3 903 3,627 – – (44,891) – – (40,358)
At 30 Sept 2023
(unaudited) 300 92,220 9,563 (1,612) 5,932 220,374 994,142 20,086 1,341,005
At 1 January 2024 297 90,138 12,255 (1,612) 5,932 230,708 1,251,127 23,790 1,612,635
Profit/(loss) for the period – – – – – 57,888 – (5,112) 52,776
Other Comprehensive income – – – – – – 1,253,259 – 1,253,259
Total comprehensive
income/(loss) for the period – – – – – 57,888 1,253,259 (5,112) 1,306,035
Transactions with owners in their
capacity as owners:
Dividend paid – – – – – (105,712) – – (105,712)
Share based payments – – 13,687 – – – – – 13,687
Vested shares 33 22,887 (22,920) – – – – – –
Issued vested shares (33) (22,887) – 22,920 – – – – –
Share re-purchase – – – (28,893) – – – – (28,893)
Total – – (9,233) (5,973) – (105,712) – – (120,918)
At 30 Sept 2024
(unaudited) 297 90,138 3,022 (7,585) 5,932 182,884 2,504,386 18,678 2,797,752
The above condensed consolidated interim statement of changes in equity should be read in conjunction with the accompanying
notes.

Condensed consolidated interim statement of cash flows
9 Months 9 Months
ended 30 ended
Sept 2024 30 Sept 2023
Unaudited Unaudited
Cash generated from operations 24 633,757 213,751
Income tax paid (95,877) (35,707)
Restricted cash 3,931 1,639
Contribution to plan assets – (3,282)
Hedge premium paid (6,190) (2,316)
Net cash inflows from operating activities 535,621 174,085
Payment for acquisition of oil and gas properties 16 (229,957) (72,385)
Proceeds from disposal of oil and gas properties* 8,023 5,134
Payment for acquisition of other property, plant and equipment (5,132) (1,599)
Proceeds from disposal of other property, plant and equipment** 9,196 –
Receipts from other asset*** 16,312 –
Interest received 14 11,702 3,709
Net cash outflows used in investing activities (189,856) (65,141)

Repayments of loans and borrowings 22 (57,650) (12,980)
Dividend paid 26 (105,712) (44,891)
Shares purchased -LTIP scheme 21.3 (28,893) –
Interest paid on lease liability (1,362) (135)
Lease payment - principal portion (73) (2,193)
Payments of other financing charges**** 22 (10,400) (5,008)
Interest paid on loans and borrowings 22 (93,590) (34,278)
Net cash outflows used in financing activities (297,680) (99,485)
Net increase in cash and cash equivalents 48,085 9,459

Cash and cash equivalents at beginning of the year 404,825 180,786
Effects of exchange rate changes on cash and cash equivalents 241,699 105,738
Cash and cash equivalents at end of the period 20 694,609 295,983
*Proceeds from disposal of oil and gas properties relates to the disposal of Ubima field
**Proceeds from the disposal of other property, plant and equipment relates to the disposal of the Turnkey rigs
***Receipt from other assets relates to proceeds from financial interest from OML 55.
****Other financing charges of ₦10.4 billion relate to commitment fees and other transaction costs incurred on interest
bearing loans and borrowings ($350 million Revolving Credit Facility, $110 million Reserved Based Lending Facility and
$50 million Junior Facility).
The above condensed consolidated interim statement of cash flows should be read in conjunction with the accompanying
notes.

Notes to the condensed consolidated interim financial
statements
2. Corporate structure and business
Seplat Energy Plc (formerly called Seplat Petroleum Development Company Plc, hereinafter referred to as ‘Seplat’ or the
‘Company’), the parent of the Group, was incorporated on 17 June 2009 as a private limited liability company and re-
registered as a public company on 3 October 2014, under the Companies and Allied Matters Act, CAP C20, Laws of the
Federation of Nigeria 2004. The Company commenced operations on 1 August 2010. The Company is principally engaged
in oil and gas exploration and production and gas processing activities. The Company’s registered address is: 16a Temple
Road (Olu Holloway), Ikoyi, Lagos, Nigeria.
The Company acquired, pursuant to an agreement for assignment dated 31 January 2010 between the Company, SPDC,
TOTAL and AGIP, a 45% participating interest in OML 4, OML 38 and OML 41 located in Nigeria.
On 7 November 2010, Newton Energy Limited (‘Newton Energy’), an entity previously beneficially owned by the same
shareholders as Seplat, became a subsidiary of the Company. On 1 June 2013, Newton Energy acquired from Pillar Oil
Limited (‘Pillar Oil’) a 40% Participant interest in producing assets: the Umuseti/Igbuku marginal field area located within
OPL 283 (the ‘Umuseti/Igbuku Fields’).
On 27 March 2013, the Group incorporated a subsidiary, MSP Energy Limited. The Company was incorporated for oil and
gas exploration and production.
On 11 December 2013, the Group incorporated a new subsidiary, Seplat East Swamp Company Limited with the principal
activity of oil and gas exploration and production.
On 11 December 2013, Seplat Gas Company Limited (‘Seplat Gas’) was incorporated as a private limited liability company
to engage in oil and gas exploration and production and gas processing.
On 21 August 2014, the Group incorporated a new subsidiary, Seplat Energy UK Limited (formerly called Seplat Petroleum
Development UK Limited). The subsidiary provides technical, liaison and administrative support services relating to oil and
gas exploration activities.
In 2015, the Group purchased a 40% participating interest in OML 53, onshore northeastern Niger Delta (Seplat East
Onshore Limited), from Chevron Nigeria Ltd for $259.4 million.
On the 20 January 2017, the Group incorporated a new subsidiary, ANOH Gas Processing Company Limited. The principal
activity of the Company is the processing of gas from OML 53 using the ANOH gas processing plant. The Group divested
some of its ownership interest in this Company to Nigerian Gas Processing and Transportation Company (NGPTC) which
was effective from 18 April 2019, hence this investment qualifies as a joint arrangement and has continued to be
recognised as investment in joint venture.
On 16 January 2018, the Group incorporated a subsidiary, Seplat West Limited (‘Seplat West’). Seplat West was
incorporated to manage the producing assets of Seplat Plc.
On 31 December 2019, Seplat Energy Plc, acquired 100% of Eland Oil and Gas Plc’s issued and yet to be issued ordinary
shares. Eland is an independent oil and gas company that holds interest in subsidiaries and joint ventures that are into
production, development and exploration in West Africa, particularly the Niger Delta region of Nigeria.
On acquisition of Eland Oil and Gas Plc (Eland), the Group acquired indirect interest in existing subsidiaries of Eland.
Eland Oil & Gas (Nigeria) Limited, is a subsidiary acquired through the purchase of Eland and is into exploration and
production of oil and gas.
Westport Oil Limited, which was also acquired through purchase of Eland is a financing company.
Elcrest Exploration and Production Company Limited (Elcrest) who became an indirect subsidiary of the Group purchased
a 45 percent interest in OML 40 in 2012. Elcrest is a Joint Venture between Eland Oil and Gas (Nigeria) Limited (45%) and
Starcrest Nigeria Energy Limited (55%). It has been consolidated because Eland is deemed to have power over the
relevant activities of Elcrest to affect variable returns from Elcrest at the date of acquisition by the Group. (See details in
Note 4.1.v) The principal activity of Elcrest is exploration and production of oil and gas.

statements
Wester Ord Oil & Gas (Nigeria) Limited, who also became an indirect subsidiary of the Group acquired a 40% stake in a
licence, Ubima, in 2014 via a joint operations agreement. The principal activity of Wester Ord Oil & Gas (Nigeria) Limited is
exploration and production of oil and gas. In 2022, Wester Ord Oil and Gas (Nigeria) divested it's interest in Ubima.
Other entities acquired through the purchase of Eland are Tarland Oil Holdings Limited (a holding company), Brineland
Petroleum Limited (dormant company) and Destination Natural Resources Limited (dormant company).
On 1 January 2020, Seplat Energy Plc transferred its 45% participating interest in OML 4, OML 38 and OML 41
(“transferred assets”) to Seplat West Limited. As a result, Seplat ceased to be a party to the Joint Operating Agreement in
respect of the transferred assets and became a holding company. Seplat West Limited became a party to the Joint
Operating Agreement in respect of the transferred assets and assumed its rights and obligations.
On 20 May 2021, following a special resolution by the Board in view of the Company’s strategy of transitioning into an
energy Company promoting renewable energy, sustainability, and new energy, the name of the Company was changed
from Seplat Petroleum Development Company Plc to Seplat Energy Plc under the Companies and Allied Matters Act 2020.
On 7 February 2022, the Group incorporated a subsidiary, Seplat Energy Offshore Limited. The Company was
incorporated for oil and gas exploration and production.
On 5 July 2022, the Group incorporated a subsidiary, Turnkey Drilling Services Limited. The Company was incorporated for
the purpose of drilling chemicals, material supply, directional drilling, drilling support services and exploration services.
On 26 April 2023, Seplat Gas Company Limited was changed to Seplat Midstream Company Limited. This subsidiary was
incorporated to engage in oil and gas exploration and production and gas processing. The company is yet commence
operations.
On 14 June 2023, the Group entered into a joint venture agreement with Pol Gas Limited which birthed Pine Gas
Processing Limited. Both parties subscribed to equal proportion of ordinary shares. The Company was incorporated for
processing natural gas, storage, marketing, transportation, trading, supply and distribution of natural gas and petroleum
products derived from natural gas. The company is yet to commence operations.
On 7 August 2024, the Group incorporated a subsidiary, Seplat Energy Investment Limited. The Company was
The Company together with its subsidiaries as shown below are collectively referred to as the Group.
Subsidiary Date of Country of Percentage Principal activities Nature of
incorporation incorporation holding holding
and place of
business
Newton Energy
Limited 1 June 2013 Nigeria 99.9% Oil & gas exploration and production Direct
Technical, liaison and administrative
Seplat Energy UK support services relating to oil & gas
Limited 21 August 2014 United Kingdom 100% exploration and production Direct
Seplat East Onshore
Limited 12 December 2014 Nigeria 99.9% Oil & gas exploration and production Direct
Seplat East Swamp
Company Limited 11 December 2013 Nigeria 99.9% Oil & gas exploration and production Direct
Seplat West Limited 16 January 2018 Nigeria 99.9% Oil & gas exploration and production Direct
Eland Oil & Gas
Limited 28 August 2009 United Kingdom 100% Holding company Direct
Eland Oil & Gas Oil and Gas Exploration and
(Nigeria) Limited 11 August 2010 Nigeria 100% Production Indirect
Elcrest Exploration
and Production Nigeria Oil and Gas Exploration and
Limited 6 January 2011 Nigeria 45% Production Indirect
Westport Oil Limited 8 August 2011 Jersey 100% Financing Indirect
Tarland Oil Holdings
Limited 16 July 2014 Jersey 100% Holding Company Indirect

Brineland Petroleum
Limited 18 February 2013 Nigeria 49% Dormant Indirect
Wester Ord Oil & Gas Oil and Gas Exploration
(Nigeria) Limited 18 July 2014 Nigeria 100% and Production Indirect
Wester Ord Oil and
Gas Limited 16 July 2014 Jersey 100% Holding Company Indirect
Seplat Energy Oil and Gas exploration and
Offshore Limited 7 February 2022 Nigeria 100% production Direct
Oil and Gas exploration and
MSP Energy Limited 27 March 2013 Nigeria 100% production Direct
Turnkey Drilling
Services Limited 5 July 2022 Nigeria 100% Drilling services Direct
Seplat Midstream Oil and Gas exploration and
Company Limited 11 December 2013 Nigeria 100 % production and gas processing Direct
Seplat Energy Oil and gas exploration and
Investment Limited 7 August 2024 Nigeria 100 % production Direct
3. Significant changes in the current accounting period

The following significant changes occurred during the reporting period ended nine months ended 30 September 2024:
• On 1 April 2024, Mr. Udoma Udo Udoma became Independent Non-Executive Chairman and Mr. Bello Rabiu became
Senior Independent Non-Executive Director of the Seplat Energy Board.
• On 1 May 2024, Mrs. Eleanor Adaralegbe joined the Board of Seplat as an Executive Director and succeeded Mr. Emeka
Onwuka as Chief Financial Officer on 21 May 2024.
Targeting completion by year end 2024.
4. Summary of significant accounting policies
4.1 Introduction to summary of significant accounting policies

This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial
statements. These accounting policies have been applied to all the periods presented, unless otherwise stated. The
Consolidated financial statements are for the Group consisting of Seplat Energy Plc and its subsidiaries.
4.2 Basis of preparation

The consolidated financial statements of the Group for the nine months ended 30 September 2024 have been prepared in
accordance with International Financial Reporting Standards ("IFRS") and interpretations issued by the IFRS
Interpretations Committee (IFRS IC). The financial statements comply with IFRS as issued by the International Accounting
Standards Board (IASB). Additional information required by National regulations is included where appropriate.
The financial statements comprise the statement of profit or loss and other comprehensive income, the statement of
financial position, the statement of changes in equity, the statement of cash flows and the notes to the financial statements.
The financial statements have been prepared under the going concern and historical cost convention, except for financial
instruments measured at fair value on initial recognition, derivative financial instruments, and defined benefit plans – plan
assets measured at fair value. The financial statements are presented in Nigerian Naira, and all values are rounded to the
nearest million (₦ million) and thousand, except when otherwise indicated.
Nothing has come to the attention of the directors to indicate that the Group will not remain a going concern for at least
twelve months from the date of these financial statements.
The accounting policies adopted are consistent with those of the previous financial year end, except for the adoption of
new and amended standard which are set out below.

statements
4.3 New and amended standards adopted by the Group
The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning
on or after 1 January 2024. The Group has not early adopted any other standard, interpretation or amendment that has
been issued but is not yet effective.
a) Amendments to IAS 1: Classification of Liabilities as Current or Non-current

In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the
requirements for classifying liabilities as current or non-current.
The amendments clarify:
▪ What is meant by a right to defer settlement.
▪ That a right to defer must exist at the end of the reporting period
▪ That classification is unaffected by the likelihood that an entity will exercise its deferral right.
▪ That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not
impact its classification.
In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is
classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within
twelve months.
The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied
retrospectively. The amendments are not expected to have a material impact on the Group’s financial statements.
b) Amendments to IFRS 16: Lease Liability in a Sale and Leaseback

In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in
measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any
amount of the gain or loss that relates to the right of use it retains.
retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier
application is permitted and that fact must be disclosed.
The amendments are not expected to have a material impact on the Group’s financial statements.
c) Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7

In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such
arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in
understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity
risk.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2024. Early adoption is
permitted, but will need to be disclosed.

statements
4.4 Standards issued but not yet effective

The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the
Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards and
interpretations, if applicable, when they become effective. Details of these new standards and interpretations are set out
below:
a) Amendments to IFRS 10 and IAS 28: Selection or contribution of assets between an investor or
joint venture
The IASB has made limited scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in
Associates and Joint Ventures.
The amendments clarify the accounting treatment for sales or contribution of assets between an investor and their
associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold
or contributed to an associate or joint venture constitute a "business' (as defined in IFRS 3 Business Combinations).
Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or
contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor
only to the extent of the other investor's interests in the associate or joint venture. The amendments apply prospectively.
b) IFRS 19 - Subsidiaries without Public Accountability: Disclosures

In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements
while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be
eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public
accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available
for public use, which comply with IFRS accounting standards.
IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted.
c) IFRS 18 - Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces
new requirements for presentation within the statement of profit or loss, including specified totals and subtotals.
Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five
categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.
It also requires disclosure of newly defined management-defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and disaggregation of financial information based on the
identified ‘roles’ of the primary financial statements (PFS) and the notes.
IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January
2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
d) Lack of exchangeability - Amendments to IAS 21

In August 2023, the IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to specify
how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when
exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial
statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect,
the entity’s financial performance, financial position and cash flows.
permitted, but will need to be disclosed. When applying the amendments, an entity cannot restate comparative information.

statements
4.5 Basis of consolidation
The condensed consolidated interim financial statements comprise the financial statements of the Company and its
subsidiaries as at 30 September 2024.
This basis of consolidation is the same adopted for the last audited financial statements as at 31 December 2023.
4.6 Functional and presentation currency

Items included in the financial statements of each of the Group’s subsidiaries are measured using the currency of the
primary economic environment in which the subsidiaries operate (‘the functional currency’), which is the US dollar except
the UK subsidiary which is the Great Britain Pound. The consolidated financial statements are presented in Nigerian Naira.
i. Transaction and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated in foreign currencies at year end are generally recognised in
profit or loss. They are deferred in equity if attributable to net investment in foreign operations.
Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance
costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within
other income or other expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the
date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported
as part of the fair value gain or loss or other comprehensive income depending on where fair value gain or loss is reported.
ii. Group companies

The results and financial position of foreign operations that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
• assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the
reporting date.
• income and expenses for statement of profit or loss and other comprehensive income are translated at average exchange
rates (unless this is not - a reasonable approximation of the cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at the dates of the transactions), and all resulting exchange
differences are recognised in other comprehensive income.
On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign
operation is recognised in profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign
operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.
5. Significant accounting judgements, estimates and assumptions

The preparation of the Group’s consolidated historical financial information requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future
periods.

statements
5.1 Judgements
In the process of applying the Group’s accounting policies, management has made the following judgements, which have
the most significant effect on the amounts recognised in the consolidated historical financial information:
a) OMLs 4, 38 and 41
OMLs 4, 38, 41 are grouped together as a cash generating unit for the purpose of impairment testing. These three OMLs
are grouped together because they each cannot independently generate cash flows. They currently operate as a single
block sharing resources for generating cash flows. Crude oil and gas sold to third parties from these OMLs are invoiced
when the Group has an unconditional right to receive paymen t.
b) Deferred tax asset

Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax
benefit through future taxable profits is probable.
c) Foreign currency translation reserve

The Group has used the CBN rate to translate its Dollar currency to its Naira presentation currency. Management has
determined that this rate is available for immediate delivery. If the rate was 10% higher or lower, revenue in Naira would
have increased/decreased by ₦107.1 billion (2023: ₦48 billion). See Note 30 for the applicable translation rates.
d) Consolidation of Elcrest
On acquisition of 100% shares of Eland Oil and Gas Plc, the Group acquired indirect holdings in Elcrest Exploration and
Production (Nigeria) Limited. Although the Group has an indirect holding of 45% in Elcrest, Elcrest has been consolidated
as a subsidiary for the following basis:
• Eland Oil and Gas Plc has controlling power over Elcrest due to its representation on the board of Elcrest, and
clauses contained in the Share Charge agreement and loan agreement which gives Eland the right to control 100% of the
voting rights of shareholders.
• Eland Oil and Gas Plc is exposed to variable returns from the activities of Elcrest through dividends and interests.
• Eland Oil and Gas Plc has the power to affect the amount of returns from Elcrest through its right to direct the
activities of Elcrest and its exposure to returns.
e) Revenue recognition
Performance obligations
The judgments applied in determining what constitutes a performance obligation will impact when control is likely to pass
and therefore when revenue is recognised i.e. over time or at a point in time. The Group has determined that only one
performance obligation exists in oil contracts which is the delivery of crude oil to specified ports. Revenue is therefore
recognised at a point in time.
For gas contracts, the performance obligation is satisfied through the delivery of a series of distinct goods. Revenue is
recognised over time in this situation as gas customers simultaneously receive and consume the benefits provided by the
Group’s performance. The Group has elected to apply the ‘right to invoice’ practical expedient in determining revenue from
its gas contracts. The right to invoice is a measure of progress that allows the Group to recognise revenue based on
amounts invoiced to the customer. Judgement has been applied in evaluating that the Group’s right to consideration
corresponds directly with the value transferred to the customer and is therefore eligible to apply this practical expedient.

statements
Significant financing component

The Group has entered into an advance payment contract with Mercuria for future crude oil to be delivered. The Group has
considered whether the contract contains a financing component and whether that financing component is significant to the
contract, including both of the following;
1. The difference, if any, between the amount of promised consideration and cash selling price and;
2. The combined effect of both the following:
• The expected length of time between when the Group transfers the crude to Mercuria and when payment for the
crude is received and;
• The prevailing interest rate in the relevant market.
The advance period is greater than 12 months. In addition, the interest expense accrued on the advance is based on a
comparable market rate. Interest expense has therefore been included as part of finance cost.
Transactions with Joint Operating arrangement (JOA) partners
The treatment of underlift and overlift transactions is judgmental and requires a consideration of all the facts and
circumstances including the purpose of the arrangement and transaction. The transaction between the Group and its JOA
partners involves sharing in the production of crude oil, and for which the settlement of the transaction is non-monetary.
The JOA partners have been assessed to be partners not customers. Therefore, shortfalls or excesses below or above the
Group’s share of production are recognised in other income/ (expenses) - net.
Exploration and evaluation assets

The accounting for exploration and evaluation (‘E&E’) assets require management to make certain judgements and
assumptions, including whether exploratory wells have discovered economically recoverable quantities of reserves.
Designations are sometimes revised as new information becomes available. If an exploratory well encounters hydrocarbon,
but further appraisal activity is required in order to conclude whether the hydrocarbons are economically recoverable, the
well costs remain capitalised as long as sufficient progress is being made in assessing the economic and operating viability
of the well. Criteria used in making this determination include evaluation of the reservoir characteristics and hydrocarbon
properties, expected additional development activities, commercial evaluation and regulatory matters. The concept of
‘sufficient progress’ is an area of judgement, and it is possible to have exploratory costs remain capitalised for several
years while additional drilling is performed or the Group seeks government, regulatory or partner approval of development
plans.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker.
The Board of directors has appointed a Senior leadership team to assess the financial performance and position of the
Group and makes strategic decisions. The Senior leadership team consist of Chief Executive Officer; Chief Financial
Officer; Chief Operating Officer; Director New Energy; Technical Director; Managing Director, Seplat West; Managing
Director, Seplat East; Managing Director, Elcrest Exploration and Production Limited; Director Legal; Director, Corporate
Services; Director, External Affairs and Social Performance, Managing Director, ANOH Gas Processing Company (AGPC);
Director , Strategy, Planning and Business Development. See further details in note 7.

statements
5.2 Estimates and assumptions
The key assumptions concerning the future and the other key source of estimation uncertainty at the reporting date that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are described below. The Group based its assumptions and estimates on parameters available when the
consolidated financial statements were prepared. Existing circumstances and assumptions about future developments may
change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are
reflected in the assumptions when they occur.
The following are some of the estimates and assumptions made:
a) Defined benefit plans

The cost of the defined benefit retirement plan and the present value of the retirement obligation are determined using
actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments
in the future. These include the determination of the discount rate, future salary increases, mortality rates and changes in
inflation rates.
Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to
changes in these assumptions. The parameter most subject to change is the discount rate. In determining the appropriate
discount rate, management considers market yield on federal government bonds in currencies consistent with the
currencies of the post-employment benefit obligation and extrapolated as needed along the yield curve to correspond with
the expected term of the defined benefit obligation.
The rates of mortality assumed for employees are the rates published in 67/70 ultimate tables, published jointly by the
Institute and Faculty of Actuaries in the UK.
b) Oil and gas reserves

Proved oil and gas reserves are used in the units of production calculation for depletion as well as the determination of the
timing of well closure for estimating decommissioning liabilities and impairment analysis. There are numerous uncertainties
inherent in estimating oil and gas reserves. Assumptions that are valid at the time of estimation may change significantly
when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production
costs or recovery rates may change the economic status of reserves and may ultimately result in the reserves being
restated.
c) Share-based payment reserve

Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model,
which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate
inputs to the valuation model including the expected life of the share award or appreciation right, volatility and dividend
yield and making assumptions about them. The Group measures the fair value of equity-settled transactions with
employees at the grant date.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. Such estimates and assumptions are continually evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
d) Provision for decommissioning obligations

Provisions for environmental clean-up and remediation costs associated with the Group’s drilling operations are based on
current constructions, technology, price levels and expected plans for remediation. Actual costs and cash outflows can
differ from estimates because of changes in public expectations, prices, discovery and analysis of site conditions and
changes in clean-up technology.

statements
e) Property, plant and equipment
The Group assesses its property, plant and equipment, including exploration and evaluation assets, for possible
impairment if there are events or changes in circumstances that indicate that carrying values of the assets may not be
recoverable, or at least at every reporting date.
If there are low oil prices or natural gas prices during an extended period, the Group may need to recognise significant
impairment charges. The assessment for impairment entails comparing the carrying value of the cash-generating unit with
its recoverable amount, that is, higher of fair value less cost to dispose and value in use. Value in use is usually determined
on the basis of discounted estimated future net cash flows. Determination as to whether and how much an asset is
impaired involves management estimates on highly uncertain matters such as future commodity prices, the effects of
inflation on operating expenses, discount rates, production profiles and the outlook for regional market supply-and-demand
conditions for crude oil and natural gas.
During the year, the Group carried out an impairment assessment on OML 4,38 and 41, OML 56, OML 53, and OML 40.
The Group used the higher of the fair value less cost to dispose and the value in use in determining the recoverable
amount of the cash-generating unit. In determining the value, the Group uses a forecast of the annual net cash flows over
the life of proved plus probable reserves, production rates, oil and gas prices, future costs (excluding (a) future
restructurings to which the entity is not yet committed; or (b) improving or enhancing the asset’s performance) and other
relevant assumptions based on the year-end Competent Persons Report (CPR). The pre-tax future cash flows are adjusted
for risks specific to the forecast and discounted using a pre-tax discount rate which reflects both current market
assessment of the time value of money and risks specific to the asset.
Management considers whether a reasonable possible change in one of the main assumptions will cause an impairment
and believes otherwise.
f) Useful life of other property, plant and equipment

The Group recognises depreciation on other property, plant and equipment on a straight-line basis in order to write-off the
cost of the asset over its expected useful life. The economic life of an asset is determined based on existing wear and tear,
economic and technical ageing, legal and other limits on the use of the asset, and obsolescence. If some of these factors
were to deteriorate materially, impairing the ability of the asset to generate future cash flow, the Group may accelerate
depreciation charges to reflect the remaining useful life of the asset or record an impairment loss.
g) Income taxes
The Group is subject to income taxes by the Nigerian tax authority, which does not require significant judgement in terms of
provision for income taxes, but a certain level of judgement is required for recognition of deferred tax assets. Management
is required to assess the ability of the Group to generate future taxable economic earnings that will be used to recover all
deferred tax assets. Assumptions about the generation of future taxable profits depend on management’s estimates of
future cash flows. The estimates are based on the future cash flow from operations taking into consideration the oil and
gas prices, volumes produced, operational and capital expenditure.
h) Impairment of financial assets

The loss allowances for financial assets are based on assumptions about risk of default, expected loss rates and maximum
contractual period. The Group uses judgement in making these assumptions and selecting the inputs to the impairment
calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates at the end of
each reporting period.

statements
i) Intangible assets
The contract based intangible assets (licence) were acquired as part of a business combination. They are recognised at
their fair value at the date of acquisition and are subsequently amortised on a straight-line bases over their estimated
useful lives which is also the economic life of the asset. The fair value of contract based intangible assets is estimated
using the multi period excess earnings method. This requires a forecast of revenue and all cost projections throughout the
useful life of the intangible assets. A contributory asset charge that reflects the return on assets is also determined and
applied to the revenue but subtracted from the operating cash flows to derive the pre-tax cash flow. The post-tax cashflows
are then obtained by deducting out the tax using the effective tax rate.
Discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the
time value of money. The discount rate calculation is based on the specific circumstances of the Group and its operating
segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and
equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is
based on the interest-bearing borrowings the Group is obliged to service.

statements
6. Financial risk management
6.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks such as market risk (including foreign exchange risk, interest
rate risk and commodity price risk), credit risk and liquidity risk. The Group’s risk management programme focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance.
Risk management is carried out by the treasury department under policies approved by the Board of Directors. The Board
provides written principles for overall risk management,as well as written policies covering specific areas, such as foreign
exchange risk, interest rate risk, credit risk and investment of excess liquidity
Risk Exposure arising from Measurement Management
Market risk – foreign exchange Future commercial Cash flow forecasting Match and settle
transactions Sensitivity analysis foreign
Recognised financial assets denominated
and liabilities not cash inflows with
denominated in US dollars. the relevant cash
outflows to
mitigate any
potential foreign
exchange risk.
Market risk – interest rate Long term borrowings at Sensitivity analysis None
variable rate
Market risk – commodity prices Derivative financial Sensitivity analysis Oil price hedges
instruments
Credit risk Cash and bank balances, Ageing analysis Diversification of
trade receivables and Credit ratings bank deposits
derivative financial
instruments.
Liquidity risk Borrowings and other Rolling cash flow forecasts Availability of
liabilities committed credit
lines and
borrowing
facilities
6.1.1 Credit risk

Credit risk refers to the risk of a counterparty defaulting on its contractual obligations resulting in financial loss to the
Group. Credit risk arises from cash and bank balances as well as credit exposures to customers (i.e., Mercuria, Shell
western, Pillar, Azura, Geregu Power, Sapele Power and Nigerian Gas Marketing Company (NGMC) receivables), and
other parties (i.e., NUIMS receivables, NEPL receivables and other receivables)
a) Risk management
The Group is exposed to credit risk from its sale of crude oil to Mercuria and Shell western. There is a 30-day payment
term after Bill of Lading date in the off-take agreement with Mercuria (OMLs 4, 38 &41) which expired in November 2024.
The Group also has an off-take agreement with Shell Western Supply and Trading Limited which expires in 2027. The
Group is exposed to further credit risk from outstanding cash calls from Nigerian National Petroleum Corporation
Exploration Limited (NEPL) and Nigerian National Petroleum Corporation (NNPC).
In addition, the Group is exposed to credit risk in relation to the sale of gas to its customers.
The credit risk on cash and bank balances is managed through the diversification of banks in which the balances are held.
The risk is limited because the majority of deposits are with banks that have an acceptable credit rating assigned by an

statements
international credit agency. The Group’s maximum exposure to credit risk due to default of the counterparty is equal to the
carrying value of its financial assets.
b) Estimation uncertainty in measuring impairment loss
The table below shows information on the sensitivity of the carrying amounts of the Group’s financial assets to the
methods, assumptions and estimates used in calculating impairment losses on those financial assets at the end of the
reporting period. These methods, assumptions and estimates have a significant risk of causing material adjustments to the
carrying amounts of the Group’s financial assets.
i. Significant unobservable inputs
The table below demonstrates the sensitivity of the Groups’s profit before tax to movements in the probability of default
(PD) and loss given default (LGD) for financial assets, with all other variables held constant:
Effect on other
Effect on profit before components of equity
tax before tax
30 September 2024 30 September 2024
₦ million ₦ million
Increase/decrease in loss given default

+10% (118) –
-10% 118 –
Effect on other
tax before tax
31 December 2023 31 December 2023

+10% (104) –
-10% 104 –
The table below demonstrates the sensitivity of the Group’s profit before tax to movements in probabilities of default, with
all other variables held constant
Effect on other
tax before tax
Increase/decrease in probability of default

+10% (124) –
-10% 124 –

statements
Effect on other
tax before tax

+10% (109) –
-10% 109 –
The table below demonstrates the sensitivity of the Group’s profit before tax to movements in the forward-looking
macroeconomic indicators, with all other variables held constant:
Effect on other
tax before tax
Increase/decrease in forward looking macroeconomic indicators

+10% (124) –
-10% 124 –
Effect on other
tax before tax

+10% (37) –
-10% 37 –
6.1.2 Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages
liquidity risk by ensuring that sufficient funds are available to meet its commitments as they fall due.
The Group uses both long-term and short-term cash flow projections to monitor funding requirements for activities and to
ensure there are sufficient cash resources to meet operational needs. Cash flow projections take into consideration the
Group’s debt financing plans and covenant compliance. Surplus cash held is transferred to the treasury department which
invests in interest bearing current accounts and time deposits.
The following table details the Group’s remaining contractual maturity for its non-derivative financial liabilities with agreed
maturity periods. The table has been drawn based on the undiscounted cash flows of the financial liabilities based on the
earliest date on which the Group can be required to pay.

statements
Effective Less than 1-2 2-3 3-5

30 Sept 2024 interest rate 1 year years years years Total
% ₦ million ₦ million ₦ million ₦ million ₦ million
Non-derivatives
Fixed interest rate borrowings

650 million Senior notes 7.75% 40,326 1,121,321 — — 1,161,647
Variable interest rate borrowings (bank

loans) :
The Mauritius Commercial Bank Ltd 8% + SOFR 24,601 6,572 — — 31,173
Stanbic IBTC Bank Plc 8% + SOFR 25,113 6,709 — — 31,822
Standard Bank of South Africa 8% + SOFR 14,351 3,834 — — 18,184
First City Monument Ltd (FCMB) 8% + SOFR 6,406 1,712 — — 8,118
10.5% +
Shell Western Supply & Trading Limited SOFR 2,884 2,884 19,050 — 24,818
Total variable interest borrowings 73,356 21,711 19,050 — 114,116
Other non-derivatives
Trade and other payables 663,861 — — — 663,861
Lease liability 9,590 18,012 — — 27,602
673,451 18,012 — — 691,463
Total 787,133 1,161,044 19,050 — 1,967,226

statements

31 December 2023 interest rate 1 year years years years Total
% ₦ million ₦ million ₦ million ₦ million ₦ million
Non-derivatives

650 million Senior notes 7.75% 45,838 45,306 607,259 — 698,403

loans) :
The Mauritius Commercial Bank Ltd 8% + SOFR 15,426 13,782 3,688 — 32,896
Stanbic IBTC Bank Plc 8% + SOFR 15,749 14,068 3,764 — 33,581
Standard Bank of South Africa 8% + SOFR 8,999 8,039 2,150 — 19,188
First City Monument Ltd (FCMB) 8% + SOFR 4,018 3,589 960 — 8,567
10.5% +
Shell Western Supply & Trading Limited SOFR 1,595 1,590 1,590 10,685 15,460
Total variable interest borrowings 45,787 41,068 12,152 10,685 109,692
Trade and other payables 480,136 — — — 480,136
Lease liabilities 1,207 — — — 1,207
481,343 — — — 481,343
Total 572,968 86,374 619,411 10,685 1,289,438
*Trade and other payables (exclude non-financial liabilities such as provisions, taxes, pension and other non-contractual payables)

statements
6.1.3 Fair value measurements

Set out below is a comparison by category of carrying amounts and fair value of all financial instruments:
Carrying amount Fair value
30 Sept 2024 31 Dec 2023 30 Sept 2024 31 Dec 2023
₦ million ₦ million ₦ million ₦ million

Financial assets measured at amortised cost
Trade and other receivables 283,342 249,938 283,342 249,938
Contract asset 11,536 7,240 11,536 7,240
Cash and cash equivalents 694,610 404,825 694,610 404,825
989,488 662,003 989,488 662,003
Financial liabilities
Interest bearing loans and borrowings 1,126,880 679,367 1,109,788 688,438
Trade and other payables 566,728 349,998 566,728 349,997
1,693,608 1,029,364 1,693,608 1,038,435
Financial liabilities at fair value
Derivative financial instruments (1,002) (1,444) (1,002) (1,444)
(1,002) (1,444) (1,002) (1,444)
In determining the fair value of the interest-bearing loans and borrowings, non-performance risks of the Group as at year-
end were assessed to be insignificant.
*Trade and other payables (excluding non-financial liabilities such as provisions, taxes, pension and other non-contractual
payables), trade and other receivables (excluding prepayments), contract assets and cash and bank balances are financial
instruments whose carrying amounts as per the financial statements approximate their fair values. This is mainly due to
their short-term nature.
6.1.4 Fair Value Hierarchy

As at the reporting period, the Group had classified its financial instruments into the three levels prescribed under the
accounting standards. There were no transfers of financial instruments between fair value hierarchy levels during the year.
• Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
• Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable.
unobservable.
The fair value of the financial instruments is included at the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date.
The fair value of the Group’s derivative financial instruments has been determined using a proprietary pricing model that
uses marked to market valuation. The valuation represents the mid-market value and the actual close-out costs of trades
involved. The market inputs to the model are derived from observable sources. Other inputs are unobservable but are
estimated based on the market inputs or by using other pricing models. The derivative financial instruments are in level 2.

statements
The valuation process

The finance & planning team of the Group performs the valuations of financial and non-financial assets required for
financial reporting purposes, including level 3 fair values. This team reports directly to the General Manager (GM)
Commercial who reports to the Chief Financial Officer (CFO) and the Audit Committee (AC). Discussions of valuation
processes and results are held between the GM and the valuation team at least once every quarter, in line with the Group’s
quarterly reporting periods.
7. Segment reporting
Business segments are based on the Group’s internal organisation and management reporting structure. The Group’s
business segments are the two core businesses: Oil and Gas. The Oil segment deals with the exploration, development
and production of crude oil while the Gas segment deals with the production and processing of gas. These two reportable
segments make up the total operations of the Group.
For the nine months ended 30 September 2024, revenue from the gas segment of the business constituted 13% (2023:
12%) of the Group’s revenue. Management is committed to continued growth of the gas segment of the business, including
through increased investment to establish additional offices, create a separate gas business operational management
team and procure the required infrastructure for this segment of the business. The gas business is positioned separately
within the Group and reports directly to the (chief operating decision maker). As the gas business segment’s revenues,
results and cash flows are largely independent of other business units within the Group, it is regarded as a separate
segment.
The result is two reporting segments, Oil and Gas. There were no inter-segment sales during the reporting periods under
consideration, therefore all revenue was from external customers.
Amounts relating to the gas segment are determined using the gas cost centres, with the exception of depreciation.
Depreciation relating to the gas segment is determined by applying a percentage which reflects the proportion of the Net
Book Value of oil and gas properties that relates to gas investment costs (i.e., cost for the gas processing facilities).
The Group accounting policies are also applied in the segment reports.
7.1 Segment profit disclosure
9 Months 9 Months 3 Months 3 Months

ended 30 ended ended ended
Sept 2024 30 Sept 2023 30 Sept 2024 30 Sept 2023
Oil (29,642) 47,761 (39,790) (1,291)
Gas 82,418 (833) 24,507 6,188
Total profit/(loss) for the period 52,776 46,928 (15,283) 4,897

statements

Oil ₦ million ₦ million ₦ million ₦ million
Revenue from contracts with customers
Crude oil sales (Note 8) 935,891 422,683 444,361 176,777
Cost of sales and general and administrative expenses (660,436) (282,824) (256,131) (198,113)
*Other income/(losses) 54,767 (50,356) (73,154) 41,646
Operating profit before impairment 330,222 89,503 115,076 20,310
Impairment/(losses) 6,041 701 (891) (405)
Finance income (Note 14) 11,702 3,709 4,295 1,666
Finance costs (Note 14) (86,957) (32,078) (32,840) (13,250)
Fair value (7,679) (2,227) (3,538) (1,125)
Income tax expense (Note 15) (282,972) (11,847) (121,893) (8,488)
(Loss)/profit for the period (29,642) 47,761 (39,790) (1,291)
*The other income for the current period relates to foreign exchange gain of ₦48 billion, underlift of ₦12 billion, tariff
income of ₦5 billion and loss on disposal of other PPE of (₦10 billion) recorded during the period.
During the reporting period, impairment losses recognised in the oil segment relate to trade receivables and other
receivables (Pillar, Pan Ocean, Oghareki, Summit, NEPL and NUIMS).

Gas ₦ million ₦ million ₦ million ₦ million
Gas sales (Note 7) 135,006 55,447 51,483 15,389
*Other losses (22,684) (39,408) (15,372) (1,332)
Operating profit/loss before impairment 92,797 4,680 17,042 10,642
Impairment (10,041) (1,334) (1,526) (518)
Share of profit/(loss) from joint venture accounted for using the
equity method 30,625 (98) 25,044 (108)
Profit/(loss) for the period 82,418 (833) 24,507 6,188
*Other losses relates to foreign exchange losses recognised in the reporting period
Impairment losses recognised in the gas segment relates to Geregu Power, Sapele Power and NGMC. See Note 11 for
further details. In addition, the Gas segment suffered foreign exchange losses arising from devaluation and therefore 2023
operating profit has been impacted by volatility in Naira exchange to the USD.

statements
7.1.1 Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of commodities at a point in time or over time and from different geographical
regions.
9 Months 9 Months 9 Months

ended ended ended
ended 30 ended 30 ended 30
30 Sept 30 Sept 30 Sept
Sept 2024 Sept 2024 Sept 2024
2023 2023 2023
Oil Gas Total Oil Gas Total

₦ million ₦ million ₦ million ₦ million ₦ million ₦ million
Geographical markets
Bahamas 358,062 – 358,063 143,908 – 143,908
Nigeria 50,457 135,006 185,463 36,241 55,447 91,688
Italy 94,511 – 94,511 2,634 – 2,634
Switzerland 223,869 – 223,869 159,905 – 159,905
Barbados 55,229 – 55,229 13,919 – 13,919
England 153,761 – 153,761 66,076 – 66,076
Revenue from contracts with customers 935,890 135,006 1,070,897 422,683 55,447 478,130
Timing of revenue recognition

At a point in time 935,891 – 935,891 422,683 — 422,683
Over time – 135,006 135,006 — 55,447 55,447
Revenue from contracts with customers 935,891 135,006 1,070,897 422,683 55,447 478,130
3 Months 3 Months 3 Months 3 Months 3 Months 3 Months

ended ended ended ended ended ended
30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept
2024 2024 2024 2023 2023 2023

Bahamas 183,542 – 183,542 66,371 – 66,371
Nigeria 13,040 51,483 64,523 13,091 23,019 36,110
Italy 8,409 – 8,409 362 – 362
Switzerland 125,011 – 125,011 81,158 – 81,158
Barbados 29,398 – 29,398 6,702 – 6,702
England 84,960 – 84,960 9,093 – 9,093
Revenue from contracts with customers 444,360 51,483 495,843 176,777 23,019 199,796

At a point in time 444,360 – 444,360 176,777 176,777
Over time 51,483 51,483 23,019 23,019

statements
The Group’s transactions with its major customer, Mercuria, constitutes more than 20% (₦223.9 billion) of the total revenue
from the oil segment and the Group as a whole. Also, the Group’s transactions with Geregu Power, Sapele Power, NGMC
and Azura (₦135 billion) accounted for most of the revenue from gas segment.
7.1.2 Impairment reversal/(losses) on financial assets by reportable segments

ended ended ended
2023 2023 2023
Impairment reversal/(losses) recognised during
the period 6,041 (10,041) (4,001) 701 (1,334) (633)
6,041 (10,041) (4,001) 701 (1,334) (633)

2024 2024 2024 2023 2023 2023
Impairment reversal/(losses) recognised during
the period (891) (1,526) (2,419) (405) (518) (923)
(891) (1,526) (2,419) (405) (518) (923)
7.2 Segment assets

Segment assets are measured in a manner consistent with that of the financial statements. These assets are allocated
based on the operations of the reporting segment and the physical location of the asset. The Group had no non-current
assets domiciled outside Nigeria.
Oil Gas Total

₦ million ₦ million ₦ million
Total segment assets

30 September 2024 4,178,143 1,056,998 5,235,141
31 December 2023 2,458,176 595,278 3,053,454
7.3 Segment liabilities

Segment liabilities are measured in a manner consistent with that of the financial statements. These liabilities are allocated
based on the operations of the segment.
Oil Gas Total

Total segment liabilities
30 September 2024 1,869,579 567,810 2,437,389
31 December 2023 1,069,025 371,794 1,440,819

statements
8. Revenue from contract with customers

Crude oil sales 935,891 422,683 444,362 176,777
Gas sales 135,006 55,447 51,483 23,019
1,070,897 478,130 495,845 199,796
The major off-takers for crude oil are Mercuria, ENI, Shell West and Chevron. The major off-takers for gas are Geregu
Power, Sapele Power, MSN Energy Resources Limited, Nigerian Gas Marketing Company and Azura. ENI,MSN Energy
Resources Limited,
9. Cost of Sales

*Royalties 161,106 83,298 64,274 35,402
Depletion, Depreciation and Amortisation 170,805 68,964 62,845 27,615
Crude handling fees 74,154 27,547 30,800 10,408
Nigeria Export Supervision Scheme (NESS) fee 635 476 301 190
Niger Delta Development Commission 9,465 4,776 3,727 1,688
Barging/Trucking 15,495 6,822 4,532 3,314
Operations & Maintenance Costs 107,719 40,631 45,335 16,148
539,379 232,514 211,814 94,765
*Royalties have been adjusted by ₦39.9 billion to reflect NUIMS portion linked to its share of production via the
Waltersmith refinery in 2023.
Operational & maintenance expenses relates mainly to maintenance costs, warehouse operations expenses, security
expenses, community expenses, clean-up costs, direct staff costs, fuel supplies and catering services. Also included in
operational and maintenance expenses is gas flare penalty charge of ₦29.8 billion (2023: ₦2.6 billion). The significant
increase in gas flare penalty is attributable to an upward review of gas flare tariff by the government.
Barging and Trucking costs relates to costs on the OML 40 Gbetiokun.

statements
10. Other income/(loss)
Underlift/(Overlifts) 12,285 (75,431) (63,793) (45,222)
Gain/(loss) on foreign exchange 25,562 (16,375) (15,768) 834
Loss on disposal of property, plant & equipment (11,150) – (11,150) –
Tariffs 4,696 1,677 1,885 555
Others 690 367 299 293
32,083 (89,762) (88,527) (43,540)
Underlifts/Overlifts are shortfalls/surplus’ of crude lifted below/above the share of production. It may exist when the crude
oil lifted by the Group during the period is less/more than its ownership share of production. The shortfall/surplus is initially
measured at the market price of oil at the date of lifting and recognised as other income/loss. At each reporting period, the
shortfall/surplus is remeasured at the current market value. The resulting change, as a result of the remeasurement, is also
recognised in profit or loss as other income/loss.
Foreign currency gain during the period is primarily driven by the revaluation of Naira denominated crude oil sales to
Waltersmith Refinery included in overlift.
Loss on disposal of property, plant & equipment relates to the loss on the sale of the Turnkey rigs.
Tariffs which is a form of crude handling fee, relate to income generated from the use of the Group’s pipeline.
Others represents other income, joint venture billing interest and joint venture billing finance fees.
11. General and administrative expenses

Depreciation of other property, plant and equipment 8,453 1,734 6,420 870
Depreciation of right-of-use assets 5,911 1,814 2,586 731
Professional & Consulting Fees 37,209 22,042 15,100 7,915
Auditor's remuneration 891 234 577 37
*Directors' emoluments (executive) 4,678 1,458 1,480 644
**Directors' emoluments (non - executive) 5,527 1,708 1,805 520
Employee benefits 43,203 20,825 15,901 9,164
***Share-based benefits 13,687 4,533 6,670 3,463
Flights and other travel costs 9,862 2,974 3,761 1,409
Other general expenses 14,117 4,351 12,034 3,412
143,538 61,673 66,334 28,165
Directors’ emoluments have been split between executive and non-executive directors.
*The increase in Executive Directors’ emoluments for the current period, mostly relates to 2023 bonuses under accrued
following better performance in 2023.
**The increase in emoluments for Non-Executive Directors in the current period, in comparison to the prior period is
attributed to exit payments made to retired Non-Executive Directors included in 2024 performance.

statements
***The increase in share-based benefits for the current period, compared to the previous period, is attributable to the
increase in share price in the nine months of 2024 relative to prior period.
11.1 Below are details of non-audit services provided by the auditors:

Entity Service PwC office Fees (N'million) Year
Seplat Energy Plc Remuneration committee advice PwC UK 100.8 2024
12. Impairment loss on assets

Impairment loss on financial assets-net (Note 12.1) 4,001 633 2,419 1,090
4,001 633 2,419 1,090
12.1 Impairment losses/(reversal) on financial assets - net

Impairment losses/(reversal) on:

NUIMS receivables (1,139) 267 (897) 227
NEPL receivables (5,449) (496) (483) (68)
Trade receivables
(Geregu power, Sapele Power and NGMC) 10,909 862 3,747 931
Other trade receivables (320) – 52 –
Total impairment loss allowance 4,001 633 2,419 1,090
13. Fair value gain/(loss)

Realised fair value loss on crude oil hedges (6,288) (2,316) (2,319) (922)
Unrealised fair value gain/(loss) on crude oil hedges 1,565 89 1,730 (204)
(4,723) (2,227) (589) (1,126)
Fair value loss on derivatives represents changes in the fair value of hedging receivables and premium on hedging
charged to profit or loss.

statements
14. Finance income/(cost)
9 Months
ended ended ended
ended 30
Sept 2024
2023 2024 2023
Finance Income
Interest income 11,702 3,709 4,295 1,666
Finance Charges
Interest on bank loan (75,405) (28,616) (29,472) (11,773)
Other financing charges (4,137) – (369) –
Interest on lease liabilities (1,363) (135) (558) (58)
Unwinding of discount on provision for decommissioning (6,052) (3,327) (2,441) (1,419)
(86,957) (32,078) (32,840) (13,250)
Finance (cost) - net (75,255) (28,369) (28,545) (11,584)
Finance income represents interest on short-term fixed deposits.
15. Taxation
The Income tax expense is recognised based on management’s estimate of the weighted average effective annual income
tax rate expected for the full financial year in line with the requirements of the standard. The annual tax rate used for the
nine months ended 30 September 2024 is 85% for crude oil activities and 30% for gas activities.
The major components of income tax expense in the condensed consolidated interim statement are shown below:
Income tax expense
3 Months
ended
ended 30 ended ended
30 Sept
Sept 2024 30 Sept 2023 30 Sept 2024
2023
Current tax:
Current tax expense on profit for the year 82,843 26,488 (3,311) 13,323
Education Tax 14,475 5,299 9,718 2,557
NASENI Levy 960 224 308 91
Police Levy 15 3 4 1
Total current tax 98,293 32,014 6,719 15,972
Deferred tax:
Deferred tax expense/(credit) in profit or loss (Note 15.1) 215,642 (16,088) 131,228 (1,465)
Total tax expense/(credit) in profit or loss 313,935 15,926 137,947 14,507
Effective tax rate 86 % 25 % 122 % 115 %

The income tax expense of ₦314 billion for the interim period includes a current tax charge of ₦98 billion and a deferred
tax charge of ₦216 billion based on the effective tax rate (ETR) of 86%.

statements
15.1 Deferred tax
The analysis of deferred tax assets and deferred tax liabilities is as follows:
Balance as
(Charged) at 30
Balance as at 1 /credited to Exchange September
January 2024 profit or loss difference 2024
Deferred tax assets 261,530 (114,499) 196,070 343,102
Deferred tax liabilities (88,382) (101,143) (75,972) (265,496)
173,148 (215,642) 120,098 77,606
In line with the requirements of IAS 12, the Group offset the deferred tax assets against the deferred tax liabilities arising
from similar transactions.
16. Oil and gas properties

During the nine months ended 30 September 2024, the Group invested ₦230 billion (Dec 2023: ₦67.3 billion) on additions
to oil and gas properties.

statements
17. Trade and other receivables
30 Sept 31 Dec
2024 2023
Trade receivables (Note 17.1) 138,857 92,741
Nigerian National Petroleum Corporation Exploration Limited (NEPL) receivables (Note 17.2) 76,096 112,054
NNPC Upstream Investment Management Services (NUIMS) receivables (Note 17.3) (1,448) 18,415
*Underlift 21,084 –
Advances to suppliers-others 29,799 3,568
Advance for New Business (Note 17.6) 205,412 115,392
Receivables from ANOH (Note 17.5) 1,055 565
Other receivables (Note 17.4) 68,782 26,163
539,637 368,898
*Underlifts are shortfalls of crude lifted below the share of production. It may exist when the crude oil lifted by the Group
during the period is less than its ownership share of production. The shortfall is initially measured at the market price of oil
at the date of lifting and recognised as other income.
17.1 Trade receivables

Included in trade receivables is an amount due from Geregu Power of ₦17.9 billion (Dec 2023: ₦11.7 billion), Sapele
Power ₦11.2 billion (Dec 2023: ₦5.5 billion), MSN Energy ₦20.2 billion (Dec 2023: ₦3.3 billion) and Nigerian Gas
Marketing Company ₦0.5 billion (Dec 2023: ₦1.2 billion), Transcorp Power ₦2.3 billion (Dec 2023: nil), Azura Power ₦4.8
billion (Dec 2023: nil) totalling ₦56.9 billion (Dec 2023: ₦21.7 billion) with respect to the sales of gas.
Also included in trade receivables are receivables due from Pillar of ₦39.0 billion (Dec 2023: ₦5.9 billion), Mercuria nil (Dec
2023: ₦4.2 billion), Shell Western ₦24.9 billion (Dec 2023: ₦63.2 billion) and Waltersmith of ₦9.4 billion (Dec 2023: ₦11
billion) for sale of crude and ₦34.3 billion (Dec 2023: ₦1.9 billion) for others.
Reconciliation of trade receivables
9 Months
ended 30 Sept
2024 31 Dec 2023
Balance as at 1 January 107,871 30,462
Additions during the year 1,149,038 913,583
Receipt for the year (1,085,794) (619,033)
Exchange difference (6,597) (217,141)
Gross carry amount 164,518 107,871
Less: Impairment allowance (25,661) (15,130)
Balance as at the end of the period 138,857 92,741

statements
Reconciliation of impairment allowance on trade receivables

9 Months
ended 30 31 Dec
Sept 2024 2023
Loss allowance as at 1 Jan 15,130 10,982
Increase in loss allowance 10,909 2,140
Translation impact (12,098) (7,221)
Exchange difference 11,720 9,229
Loss allowance as at the end of the period 25,661 15,130
*Translation impact relates to remeasurement of ECL on receivables denominated in Naira.
17.2 NEPL receivables

The outstanding cash calls due to Seplat from its JOA partner, NEPL is ₦76.1 billion (Dec 2023: ₦112.1 billion).
Reconciliation of NEPL receivables
9 Months
ended 30 31 Dec
Sept 2024 2023
Additions during the year 419,662 309,094
Receipts during the year (511,037) (207,716)
Exchange difference 52,390 (26,810)
Gross carrying amount 77,436 116,421
Less: impairment allowance (1,340) (4,367)
Reconciliation of impairment allowance on NEPL receivables

9 Months
ended 30 31 Dec
Sept 2024 2023
Increase in loss allowance (5,449) 1,228

statements
17.3 NUIMS receivables

Reconciliation of NUIMS receivables
9 Months
ended 30 31 Dec
Sept 2024 2023
Gross carrying amount (1,448) 19,099
Less: impairment allowance – (684)
Balance as at the end of the period (1,448) 18,415
Reconciliation of impairment allowance on NUIMS receivables

9 Months
ended 30 31 Dec
Sept 2024 2023
Loss allowance as at 1 Jan 684 380
Increase in loss allowance (1,139) 229
Translation impact – (286)
Exchange difference 455 361
Loss allowance as at the end of the period – 684
17.4 Other receivables

Reconciliation of other receivables
9 Months
ended 30 31 Dec
Sept 2024 2023
Receipts during the year 46,430 (16,986)
Addition during the year (15,102) 11,617
Balance as at end of the period 68,782 26,163

statements
Reconciliation of impairment allowance on other receivables

9 Months
ended 30 31 Dec
Sept 2024 2023
Loss allowance as at 1 January 48,564 25,612
Increase in loss allowance during the period (320) 868
Foreign exchange revaluation impact 2,883 (3,025)
Loss allowance as at end of the period 89,190 48,564
Other receivables include sundry receivables, WHT receivables, staff receivables, Nigerian Gas Company (NGC) VAT
receivables, Oghareki CHC receivables. Non-financial assets recognised under other receivables such as WHT
receivables and NGC VAT receivables have not been subjected to impairment.
*Foreign exchange revaluation impact relates to the revaluation of receivable balances denominated in currencies other
than the US Dollars. These balances are required to be revalued at the end of every reporting period.
17.5 Receivables from joint venture (ANOH)

9 Months
ended 30 31 Dec
Sept 2024 2023
Receivables from joint venture (ANOH) ₦ million ₦ million
Additions during the year 809 1,242
Receipts for the year (623) (917)
Exchange difference 1,015 479
Less: Impairment reversal/(charge) (6,138) (5,427)
Balance as at 30 September 1,055 565
ANOH receivable of $31.98 million due from ANOH has been fully provided for and currently has a nil effect on trade and
other receivable.
Reconciliation of impairment allowance on receivables from joint venture (ANOH)

9 Months
ended 30 31 Dec
Sept 2024 2023
Loss allowance as at 1 January 5,427 132
Increase in loss allowance during the period – 3,768
Exchange difference 711 1,527
17.6 Advances for New Business

Advances for new business include deposit for investment of ₦205.4 billion (Dec 2023: ₦115.4 billion) towards the
acquisition of the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware.

statements
18. Contract assets
9 Months
ended 30 31 Dec
Sept 2024 2023
Revenue on gas sales 11,992 7,496
Impairment loss on contract assets (456) (256)
11,536 7,240
A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a
customer. The Group has recognised an asset in relation to a contract with Geregu Power, Sapele Power, Azura, NGMC,
Transcorp Power, MSN Energy and Asherxino Limited for the delivery of gas supplies and Waltersmith for delivery of oil
which these customers have received but which has not been invoiced as at the end of the reporting period.
The terms of payments relating to the contract is between 30- 45 days from the invoice date. While that of oil sales is 10
days from the invoice date. However, invoices are raised after delivery between 14-21 days when the receivable amount
has been established and the right to the receivables crystalises. The right to the unbilled receivables is recognised as a
contract asset. At the point where the certificates are received and upon volume reconciliations with offtakers, this will be
reclassified from contract assets to trade receivables.
18.1 Reconciliation of contract assets

The movement in the Group’s contract assets is as detailed below:
9 Months
ended 30 31 Dec
Sept 2024 2023
Balance as at 1 January 2024 7,496 3,493
Additions during the period 236,929 104,819
Amounts billed during the period (238,193) (104,476)
Gross revenue on gas sales 11,992 7,496
Impairment (456) (256)
19. Derivative financial instruments

The Group uses its derivatives for economic hedging purposes and not as speculative investments. Derivatives are
measured at fair value through profit or loss. They are presented as current liability to the extent they are expected to be
settled within 12 months after the reporting period.
The fair value has been determined using a proprietary pricing model which generates results from inputs. The market
inputs to the model are derived from observable sources. Other inputs are unobservable but are estimated based on the
market inputs or by using other pricing models.

statements
30 Sept 31 Dec
2024 2023
Opening Balance (1,444) (954)
Unrealised fair value (Note13) 1,565 587
Premium Accrued (644) (240)
Prior year - premium paid 546 —
Exchange difference (1,025) (837)
(1,002) (1,444)
20. Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise of cash at bank, cash on hand and short-term
deposits with a maturity of three months or less.
30 Sept 31 Dec
2024 2023
Cash on hand – –
Short-term fixed deposits 58,791 91,411
Cash at bank 636,212 313,635
Gross cash and cash equivalents 695,003 405,046
Loss allowance (393) (221)
Net cash and cash equivalents 694,610 404,825
20.1 Reconciliation of impairment allowance on cash and cash equivalents

30 Sept 31 Dec
2024 2023
Loss allowance as at 1 January 221 110
Decrease in loss allowance during the period (1) –
Exchange difference 173 111
Loss allowance as at the end of the period 393 221
20.2 Restricted cash
30 Sept 2024 31 Dec 2023

39,074 24,311

statements
20.3 Movement in restricted cash
30 Sept 2024 31 Dec 2023

(Decrease)/increase in restricted cash (2,027) 2,027
Exchange difference (12,736) 11,578
(14,763) 13,605
Included in the restricted cash balance is ₦3.9 billion and ₦33.7 billion set aside in the stamping reserve account and debt
service reserve account respectively for the revolving credit facility. The amount is to be used for the settlement of all fees
and costs payable for the purposes of stamping and registering the Security Documents at the stamp duties office and at
the Corporate Affairs Commission (CAC).
Also included in the restricted cash balance is ₦0.4 billion for unclaimed dividend and a garnishee order of ₦0.8 billion.
These amounts are subject to legal restrictions and are therefore not available for general use by the Group.
21. Share capital

21.1 Authorised and issued share capital
30 Sept 2024 31 Dec 2023

Authorised ordinary share capital
588,444,561 ordinary shares denominated in Naira of 50 kobo per share 297 297
Issued and fully paid

588,444,561 (Dec 2023:588,444,561) issued shares
denominated in Naira of 50 kobo per share 297 297
Fully paid ordinary shares carry one vote per share and the right to dividends. There were no restrictions on the Group’s
share capital.
21.2 Movement in share capital and other reserves
Share
Issued based
Number of share Share payment Treasury
shares capital premium reserve shares Total
Shares ₦ million ₦ million ₦ million ₦ million ₦ million
Opening balance as at 1 January 2024 588,444,561 297 90,138 12,255 (1,612) 101,078
Additions to share based during the period – – – 13,687 – 13,687
Vested shares during the period 18,643,732 33 22,887 (22,920)
Issued vested shares (18,643,732) (33) (22,887) – 22,920 –
Share repurchased – – – – (28,893) (28,893)
Closing balance as at 30 September
2024 588,444,561 297 90,138 3,022 (7,585) 85,872
Shares repurchased for employees during the year of ₦28.9 billion (2023: ₦0.98 million) relates to 9.3 million shares
purchased for Company’s Long-Term Incentive Plan. The shares are held by the Trustees under the Trust for the benefit of
the Company’s employee beneficiaries covered under the Trust.

statements
21.3 Employee share-based payment scheme
As at 30 September 2024, the shares awards granted by the Group to Executive Directors and confirmed employees which
are yet to vest is 53,624,002 shares (Dec 2023: 56,047,932 shares).
21.4 Treasury shares

This relates to shares purchased from the market to fund the Group’s Long-Term Incentive Plan. The programme
commenced from 1 March 2021 and are held by the Trustees under the Trust for the benefit of the Group’s employee
beneficiaries covered under the Trust.
22. Interest bearing loans and borrowings
22.1 Reconciliation of interest bearings loans and borrowings

Below is the reconciliation on interest bearing loans and borrowings for 30 September 2024:
Borrowings Borrowings
due within due above
1 year 1 year Total
Balance as at 1 January 2024 80,265 599,434 679,699
Interest accrued 75,405 – 75,405
Interest capitalised 9,117 – 9,117
Other financing charges (commitment fees) – – –
Principal repayment (57,650) – (57,650)
Interest repayment (93,590) – (93,590)
Other financing charges (10,400) – (10,400)
Transfers 89,290 (89,290) –
Exchange differences 63,463 461,427 524,890
Carrying amount as at 30 September 2024 155,900 971,571 1,127,471
Interest bearing loans and borrowings is made up of ₦1.13 trillion, relating to EIR interest bearing loans and ₦591.00
million relating to accrued commitment fees on the undrawn $350 million Revolving Credit Facility (RCF).
*Other financing charges relates commitment fees for the $350 million revolving credit facility and the Junior facilities.
Below is the reconciliation on interest bearing loans and borrowings 31 December 2023:
due within due above
1 year 1 year Total
Interest capitalized 10,675 – 10,675
Other financing charges (Commitment fees) 5,052 – 5,052
Transfers 19,301 (19,301) –
Exchange differences 37,234 307,586 344,820
Balance as at 31 December 2023 80,265 599,434 679,699

statements
22.2 Amortised cost of borrowings
9 Months
ended 30 Sept
2024 31 Dec 2023
Senior loan notes 1,031,703 588,351
Senior reserve-based lending (RBL) facility 79,583 81,838
Junior reserve-based lending (RBL) facility 15,594 9,197
1,126,880 679,367
$650 million Senior notes – April 2021
In March 2021, the Group offered 7.75% senior notes with an aggregate principal of $650 million due in April 2026. The
notes, which were priced on 25 March and closed on 1 April 2021, were issued by the Group in March 2021 and
guaranteed by certain of its subsidiaries.
The gross proceeds of the Notes were used to redeem the existing $350 million 9.25% senior notes due in 2023, to repay
in full drawings of $250 million under the existing $350 million revolving credit facility for general corporate purposes, and
to pay transaction fees and expenses. The amortised cost for the senior notes as at the reporting period is ₦1.03 trillion
(Dec 2023: ₦0.59 trillion) although the principal is $650 million.
$110 million Senior reserve-based lending (RBL) facility – March 2021
The Group through its subsidiary Westport on 28 November 2018 entered into a five-year loan agreement with interest
payable semi-annually. The RBL facility has an initial contractual interest rate of 8% + USD LIBOR, now SOFR (Secured
Overnight Financing Rate), which came into effect in August 2023. and a final settlement date of March 2026.
The original facility of $90 million was increased to $ 100 million on 4 February in 2020 and then again to $ 110 million on
24 May 2021.
The RBL is secured against the Group’s producing assets in OML 40 via the Group’s shares in Elcrest, and by way of a
debenture which creates a charge over certain assets of the Group, including its bank accounts.
The available facility is capped at the lower of the available commitments and the borrowing base. At the 2024 autumn
redetermination which was finalized in early October, the technical and modelling bank calculated a borrowing base of
$54.61 million. This was capped at the current available commitment level of $49.5 million.
$50 million Junior reserved based lending (RBL) facility – July 2021
In July 2021, the Group through its subsidiary Westport raised a $50 million offtake facility also secured on Elcrest’s assets,
including OML 40, in addition to the Senior Reserved Based Lending Facility. The offtake facility has a 6-year tenor,
maturing in 2027. As of the period under review, $11 million has been drawn on this facility. The amortised cost for this as
at the reporting period is $9.7 million (Dec 2023: $10.2 million), although the principal outstanding is $11 million, with the
facility size having reduced to $40 million as at 30 September 2024.
The margin is 2% over the then-prevalent senior margin (resulting in a margin of SOFR, including the CAS, plus 10%).
LIBOR rates were replaced by the financial institutions to Secured Overnight Financing Rate (SOFR) plus a credit
adjustment spread (CAS) in June 2023.
$350 million Revolving credit facility – September 2022
Seplat Energy Plc’s $350 million revolving credit facility was refinanced on 30 September 2022 and is currently undrawn
(the "RCF"). The RCF carries interest of 5% over the base rate (SOFR plus applicable credit adjustment spread). The
RCF is scheduled to mature in June 2025 but includes an automatic maturity extension until December 2026 once a
refinancing of the existing $650 million bond due in April 2026 is implemented. The structure of the RCF amortization
profile is currently linked to a bond refinancing so that the bank lenders would be repaid prior to the bond becoming due.

statements
As the MPNU transaction is yet to be completed, the refinancing of the $650 million bond has not yet occurred. The RCF
was amended in August 2024 to ensure that the full $350 million is available for drawing and an immediate repayment
would not be required.
23. Trade and other payables
30 Sept 2024 31 Dec 2023

Trade payable 161,765 109,046
Accruals and other payables 371,347 176,416
NDDC levy 6,688 6,897
Royalties payable 26,936 57,638
Overlift payable 97,125 130,139
663,861 480,136
Included in accruals and other payables are field accruals of ₦139.8 billion (Dec 2023: ₦72 billion), deferred revenue of
₦0.5 billion (Dec 2023: ₦0.36 billion) and other vendor payables of ₦106.2 billion (Dec 2023: ₦72 billion). Royalties
payable include accruals in respect of crude oil and gas production for which payment is outstanding at the end of the
period.
Overlifts are excess crude lifted above the share of production. It may exist when the crude oil lifted by the Group during
the period is above its ownership share of production. Overlifts are initially measured at the market price of oil at the date of
lifting and recognised in profit or loss. At each reporting period, overlifts are remeasured at the current market value. The
resulting change, as a result of the remeasurement, is also recognised in profit or loss and any amount unpaid at the end
of the year is recognised in overlift payable.

statements
24. Computation of cash generated from operations

9 Months
9 Months
ended
ended 30
30 Sept
Sept 2024
2023
Profit before tax 366,711 62,854

Adjusted for:
Depletion, depreciation and amortisation 179,258 70,698
Depreciation of right-of-use asset 5,912 1,814
Impairment losses on financial assets 12.1 4,000 633
Loss on disposal of other property, plant and equipment 11,150 –
Interest income 14 (11,702) (3,709)
Interest expense on bank loans 22 79,541 28,616
Interest on lease liabilities 1,362 135
Unwinding of discount on provision for decommissioning 6,053 3,327
Unrealised fair value loss/(gain) on derivatives financial instrument 13 (1,564) (89)
*Realised fair value loss on derivatives 13 6,288 2,316
Unrealised foreign exchange (gain)/loss 10 (25,562) 16,375
Share based payment expenses 21.3 13,688 4,533
Share of (loss)/ profit from joint venture (30,625) 98
Defined benefit plan 22.4 7,074 1,365
Changes in working capital: (excluding the effects of exchange differences)
Trade and other receivables 105,443 (18,619)
Inventories 4,823 (297)
Contract assets 1,264 (86)
Trade and other payables (97,970) 36,712
Cash generated from operations 633,757 213,751
25. Earnings/(Loss) per share EPS/(LPS)

Basic
Basic EPS/(LPS) is calculated on the Group’s profit after taxation attributable to the parent entity, which is based on the
weighted average number of issued and fully paid ordinary shares at the end of the year.
Diluted
Diluted EPS/(LPS) is calculated by dividing the profit after taxation attributable to the parent entity by the weighted average
number of ordinary shares outstanding during the year plus all the dilutive potential ordinary shares (arising from
outstanding share awards in the share-based payment scheme) into ordinary shares.

statements
ended 30 Sept ended ended ended
2024 30 Sept 2023 30 Sept 2024 30 Sept 2023
Profit for the period 57,888 23,879 2,303 1,751

(Loss)/profit attributable to Non-controlling interests (5,112) 23,049 (17,587) 3,146
Profit for the year 52,776 46,928 (15,284) 4,897
Shares ‘000 Shares ‘000 Shares ‘000 Shares ‘000

Weighted average number of ordinary shares in issue 588,445 588,445 588,445 588,445
Outstanding share based payments (shares) – – – –
Weighted average number of ordinary shares adjusted for
the effect of dilution 588,445 588,445 588,445 588,445
Basic earnings per share for the period ₦ ₦ ₦ ₦

Basic (loss)/earnings per share 98.37 40.58 3.91 2.98
Diluted (loss)/earnings per share 98.37 40.58 3.91 2.98
Profit used in determining basic/diluted earnings per share 57,888 23,879 2,303 1,751
The weighted average number of issued shares was calculated as a proportion of the number of months in which they
were in issue during the reporting period.
26. Proposed dividend

The Group’s directors proposed an interim dividend of 3.6 cents per share for the reporting period (2023: 3 cents)
27. Related party relationships and transactions

The Group is controlled by Seplat Energy Plc (the parent Company). A.B.C Orjiako (SPDCL(BVI)) and members of his
family holds an interest in the Parent company. The remaining shares in the parent Company are widely held.
The goods and services provided by the related parties relates to prior year and are disclosed below.
i. Shareholders of the parent company

Amaze Limited: Dr. A.B.C Orjiako is a director and shareholder of Amaze Limited. The company provided consulting
services to Seplat in 2023. Services provided to the Group during the period amounted to nil (Dec 2023: ₦528.3 million).
28. Commitments and contingencies
28.1 Contingent liabilities

The Group is involved in a number of legal suits as defendant. The estimated value of the contingent liabilities for the nine
months ended 30 September 2024 is ₦384 million (Dec 2023: ₦198 million). The contingent liability for the year is
determined based on possible occurrences, though unlikely to occur. No provision has been made for this potential liability
in these financial statements. Management and the Group’s solicitors are of the opinion that the Group will suffer no loss
from these claims.
Under the OML 40 Joint Operating Agreement (‘JOA’), the Group is responsible for its share of expenditures incurred on
OML 40 in respect of its participating interest, on the basis that the operator’s estimated expenditures are reasonably
incurred based on the approved work program and budget. From time to time, management disputes such expenditures on
the basis that they do not meet these criteria, and when this occurs management accrues at the period end for its best
estimate of the amounts payable to the operator. Consequently, the amounts recognised as accruals as of 30 September
2024 reflect management’s best estimate of amounts that have been incurred in accordance with the JOA and that will
ultimately be paid to settle its obligations in this regard.

statements
However, management recognises there are a range of possible outcomes, which may be higher or lower than the
management’s estimate of accrued expenditure. It is estimated that around ₦7.29 billion (Dec 2023: ₦4.84 billion) of
possible expenditure currently remains under dispute. Management considers the merits for these cost items which
remains under dispute.
Management considers the merits for these cost items which remains rejected to be very high, but in recognition of
possible range of outcomes has included them in the contingent liability.
29. Events after the reporting period

Subsequent to the reporting period, the Group received Ministerial Consent for the acquisition of the entire issued share
capital of Mobil Producing Nigeria Unlimited (‘MPNU’). The transaction will be transformational for Seplat Energy, and
every effort is now on completing the transaction.
30. Exchange rates used in translating the accounts to Naira

The table below shows the exchange rates used in translating the accounts into Naira
Basis 30 Sept 2024 30 Sept 2023 31 Dec 2023
N/$ N/$ N/$
Property, plant & equipment –
Historical rate Historical Historical Historical
opening balances
Property, plant & equipment –
Average rate 1,497.05 590.02 656.64
additions
Property, plant & equipment -
Closing rate 1601.03 756.96 899.39
closing balances
Current assets Closing rate 1601.03 756.96 899.39
Current liabilities Closing rate 1601.03 756.96 899.39
Equity Historical rate Historical Historical Historical
Income and Expenses: Overall Average rate 1,497.05 590.02 656.64
The Naira has witnessed a significant devaluation from Q3-2023 to Q3-2024. The closing and average rates between the
periods have changed significantly with a 112% and 154% devaluation in the exchange rates. This devaluation leads to an
increase in net assets presented in the Naira financial statements.

Unaudited condensed
consolidated interim
financial statements for
the nine months ended
30 September 2024 (USD)
29 October 2024
Reliable energy,
limitless potential

9 Months
ended
30 Sept 2024 30 Sept 2024 30 Sept 2023
30 Sept 2023
Notes $'000 $'000 $'000 $'000
Revenue from contracts with customers 8 715,339 810,367 293,697 263,351
Cost of sales 8 (360,294) (394,075) (120,118) (123,371)
Gross profit 355,045 416,292 173,579 139,980
Other income/(loss) 10 21,431 (152,136) (67,003) (61,294)
General and administrative expenses 11 (95,881) (104,526) (39,275) (38,677)
Impairment losses on financial assets 12 (2,672) (1,073) (1,512) (1,971)
Fair value losses 13 (3,155) (3,776) (124) (1,612)
Finance income 14 7,817 6,287 2,386 2,271
Finance costs 14 (58,085) (54,366) (18,405) (17,362)
Finance cost - net 14 (50,268) (48,079) (16,019) (15,091)
Share of profit/(loss) from joint venture
accounted for using the equity method 20,457 (166) 16,365 (213)
Income tax expense 15 (209,703) (26,991) (80,665) (24,203)
Profit/(loss) for the year 35,254 79,545 (14,654) (3,081)
Attributable to:
Equity holders of the parent 38,668 40,480 (2,093) (3,031)
Non-controlling interests (3,414) 39,065 (12,561) (50)
35,254 79,545 (14,654) (3,081)
Earnings per share for the period

Basic earnings/(loss) per share ($) 25 0.07 0.07 0.00 (0.01)
Diluted earnings/(loss) per share ($) 25 0.07 0.07 0.00 (0.01)

9 Months
ended
30 Sept 2024 30 Sept 2024 30 Sept 2023
30 Sept 2023
Notes $'000 $'000 $'000 $'000
Profit/(loss) for the year 35,254 79,545 (14,654) (3,081)
Other comprehensive income:

Items that may be reclassified to profit or
loss (net of tax):
Foreign currency translation difference — — — —
Total comprehensive income for the
period (net of tax) 35,254 79,545 (14,654) (3,081)
Attributable to:
Equity holders of the parent 38,668 40,480 (2,093) (3,031)
Non-controlling interests (3,414) 39,065 (12,561) (50)
35,254 79,545 (14,654) (3,081)
The above condensed consolidated interim statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.

position
30 Sep 2024 31 Dec 2023
Unaudited Audited
Notes $'000 $'000
Assets
Non-current assets
Oil & gas properties 16 1,680,608 1,629,271
Other Property, plant and Equipment 10,902 28,624
Right-of-use assets 19,033 2,164
Intangible assets 111,593 118,506
Other Assets 90,815 101,711
Investment accounted for using equity method 243,871 223,414
Long-term prepayments 33,824 42,227
Deferred tax assets 15 214,300 290,784
Total non-current assets 2,404,946 2,436,701
Current assets
Inventories 49,206 52,428
Trade and other receivables 17 337,059 410,165
Contract asset 18 7,205 8,049
Restricted cash 20.2 24,405 27,031
Cash and cash equivalents 20 433,859 450,109
Total current assets 864,920 958,318
Total assets 3,269,866 3,395,019
Equity and liabilities

Equity
Issued Share Capital 21 1,864 1,864
Share Premium 21 520,431 520,431
Share Based Payment Reserve 21 28,348 34,515
Treasury shares 21.4 (8,276) (4,286)
Capital Contribution 40,000 40,000
Retained Earnings 1,141,505 1,173,450
Foreign currency translation reserve 2,816 2,816
Non-controlling interest 20,823 24,237
Total shareholder's equity 1,747,511 1,793,027
Non-current liabilities
Lease liabilities 11,250 —
Provision for decommissioning obligation 134,674 130,631
Deferred tax liabilities 15 165,828 98,267
Defined benefit plan 6,739 2,013
Total non-current liabilities 925,334 897,398
Current liabilities
Lease liabilities 5,990 1,342
Derivatives financial instruments 19 626 1,606
Trade and other payables 23 414,610 533,845
Current tax liabilities 78,420 78,557
Total current liabilities 597,021 704,594
Total liabilities 1,522,355 1,601,992
Total shareholders' equity and liabilities 3,269,866 3,395,019

position
The above condensed consolidated interim statement of financial position should be read in conjunction with the
accompanying notes.
The financial statements of Seplat Energy Plc and its subsidiaries (the Group) for the nine months ended
30 September 2024 were authorised for issue in accordance with a resolution of the Directors on 29 October 2024 and
were signed on its behalf by:
U. U. Udoma R.T Brown E. Adaralegbe

FRC/2013/NBA/00000001796 FRC/2014/PRO/DIR/00000017939 FRC/2017/ICAN/00000017591
Chairman Chief Executive Officer Chief Financial Officer
29 October 2024 29 October 2024 29 October 2024

Condensed consolidated interim statement of changes in equity
Share Foreign
Issued Based Currency Non-
Share Share Payment Treasury Capital Retained Translation controlling
Capital Premium Reserve shares Contribution Earnings Reserve interest Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 January 2023 1,864 522,227 24,893 (4,915) 40,000 1,189,697 2,622 (16,505) 1,759,883
Profit for the period – – – – – 40,480 – 39,065 79,545
Total
comprehensive
income for the
period – – – – – 40,480 – 39,065 79,545
Transactions with owners in their capacity as owners:
Dividends – – – – – (76,084) – – (76,084)
Share based
payments (Note 21) – – 7,682 – – – – – 7,682
Vested shares
(Note 21) 5 1,531 (1,536) – – – – – –
Total 5 1,531 6,146 – – (76,084) – – (68,402)
At 30 September
2023
(unaudited) 1,869 523,758 31,039 (4,915) 40,000 1,154,093 2,622 22,560 1,771,026
At 1 January 2024 1,864 520,431 34,515 (4,286) 40,000 1,173,450 2,816 24,237 1,793,027
Profit for the period – – – – – 38,668 – (3,414) 35,254
Total
comprehensive
income/(loss) for
the period – – – – – 38,668 – (3,414) 35,254
Transactions with owners in their capacity as owners: – – – – –
Dividend paid – – – – – (70,613) – – (70,613)
Share based
payments (Note 21) – – 9,143 – – – – – 9,143
Vested Shares
(Note 21) 22 15,288 (15,310) – – – – – –
Issued vested
shares (22) (15,288) – 15,310 – – – – –
Share re-purchase – – – (19,300) – – – – (19,300)
Total – – (6,167) (3,990) – (70,613) – – (80,770)
At 30 September
2024
(unaudited) 1,864 520,431 28,348 (8,276) 40,000 1,141,505 2,816 20,823 1,747,511
The above condensed consolidated interim statement of changes in equity should be read in conjunction with the accompanying
notes.

Condensed consolidated interim statement of cash flows
9 Months
9 Months ended 30
ended
Sept 2024
30 Sept 2023
Unaudited Unaudited
Notes $'000 $'000
Cash generated from operations 24 423,337 362,288
Income tax paid (64,044) (60,518)
Contribution to plan assets – (4,336)
Hedge premium paid (4,135) (3,926)
Net cash inflows from operating activities 357,784 296,286
Payment for acquisition of oil and gas properties 16 (153,607) (122,683)
Proceeds from disposal of oil and gas properties* 5,359 8,701
Payment for acquisition of other property, plant and equipment (3,428) (2,710)
Proceeds from disposal of other property, plant and equipment** 6,143 –
Receipts from other asset*** 10,896 –
Interest received 14 7,817 6,287
Net cash outflows used in investing activities (126,820) (110,405)

Repayments of loans and borrowings 22 (38,509) (22,000)
Dividend paid 26 (70,613) (76,084)
Shares purchased -LTIP scheme 21.3 (19,300) –
Interest paid on lease liability (910) (228)
Lease payment - principal portion (49) (3,717)
Payments of other financing charges**** 22 (6,947) (8,488)
Interest paid on loans and borrowings 22 (62,516) (58,097)
Net cash outflows used in financing activities (198,844) (168,614)
Net increase in cash and cash equivalents 32,120 17,267

Cash and cash equivalents at beginning of the year 450,109 404,336
Effects of exchange rate changes on cash and cash equivalents (48,370) (30,592)
Cash and cash equivalents at end of the period 20 433,859 391,011
*Proceeds from disposal of oil and gas properties relates to the disposal of Ubima field
**Proceeds from the disposal of other property, plant and equipment relates to the disposal of the Turnkey rigs
***Receipt from other assets relates to proceeds from financial interest from OML 55..
****Other financing charges of $6.9 million relate to commitment fees and other transaction costs incurred on interest
bearing loans and borrowings ($350 million Revolving Credit Facility, $110 million Reserved Based Lending Facility and
$50 million Junior Facility).
The above condensed consolidated interim statement of cash flows should be read in conjunction with the accompanying
notes.

statements
2. Corporate structure and business

Seplat Energy Plc (formerly called Seplat Petroleum Development Company Plc, hereinafter referred to as ‘Seplat’ or the
‘Company’), the parent of the Group, was incorporated on 17 June 2009 as a private limited liability company and re-
registered as a public company on 3 October 2014, under the Companies and Allied Matters Act, CAP C20, Laws of the
Federation of Nigeria 2004. The Company commenced operations on 1 August 2010. The Company is principally engaged
in oil and gas exploration and production and gas processing activities. The Company’s registered address is: 16a Temple
Road (Olu Holloway), Ikoyi, Lagos, Nigeria.
The Company acquired, pursuant to an agreement for assignment dated 31 January 2010 between the Company, SPDC,
TOTAL and AGIP, a 45% participating interest in OML 4, OML 38 and OML 41 located in Nigeria.
On 7 November 2010, Newton Energy Limited (‘Newton Energy’), an entity previously beneficially owned by the same
shareholders as Seplat, became a subsidiary of the Company. On 1 June 2013, Newton Energy acquired from Pillar Oil
Limited (‘Pillar Oil’) a 40% Participant interest in producing assets: the Umuseti/Igbuku marginal field area located within
OPL 283 (the ‘Umuseti/Igbuku Fields’).
On 27 March 2013, the Group incorporated a subsidiary, MSP Energy Limited. The Company was incorporated for oil and
gas exploration and production.
On 11 December 2013, the Group incorporated a new subsidiary, Seplat East Swamp Company Limited with the principal
activity of oil and gas exploration and production.
On 11 December 2013, Seplat Gas Company Limited (‘Seplat Gas’) was incorporated as a private limited liability company
to engage in oil and gas exploration and production and gas processing.
On 21 August 2014, the Group incorporated a new subsidiary, Seplat Energy UK Limited (formerly called Seplat Petroleum
Development UK Limited). The subsidiary provides technical, liaison and administrative support services relating to oil and
gas exploration activities.
In 2015, the Group purchased a 40% participating interest in OML 53, onshore northeastern Niger Delta (Seplat East
Onshore Limited), from Chevron Nigeria Ltd for $259.4 million.
On the 20 January 2017, the Group incorporated a new subsidiary, ANOH Gas Processing Company Limited. The principal
activity of the Company is the processing of gas from OML 53 using the ANOH gas processing plant. The Group divested
some of its ownership interest in this Company to Nigerian Gas Processing and Transportation Company (NGPTC) which
was effective from 18 April 2019, hence this investment qualifies as a joint arrangement and has continued to be
recognised as investment in joint venture.
On 16 January 2018, the Group incorporated a subsidiary, Seplat West Limited (‘Seplat West’). Seplat West was
incorporated to manage the producing assets of Seplat Plc.
On 31 December 2019, Seplat Energy Plc, acquired 100% of Eland Oil and Gas Plc’s issued and yet to be issued ordinary
shares. Eland is an independent oil and gas company that holds interest in subsidiaries and joint ventures that are into
production, development and exploration in West Africa, particularly the Niger Delta region of Nigeria.
On acquisition of Eland Oil and Gas Plc (Eland), the Group acquired indirect interest in existing subsidiaries of Eland.
Eland Oil & Gas (Nigeria) Limited, is a subsidiary acquired through the purchase of Eland and is into exploration and
production of oil and gas.
Westport Oil Limited, which was also acquired through purchase of Eland is a financing company.
Elcrest Exploration and Production Company Limited (Elcrest) who became an indirect subsidiary of the Group purchased
a 45 percent interest in OML 40 in 2012. Elcrest is a Joint Venture between Eland Oil and Gas (Nigeria) Limited (45%) and
Starcrest Nigeria Energy Limited (55%). It has been consolidated because Eland is deemed to have power over the

statements
relevant activities of Elcrest to affect variable returns from Elcrest at the date of acquisition by the Group. (See details in
Note 4.1.v) The principal activity of Elcrest is exploration and production of oil and gas.
Wester Ord Oil & Gas (Nigeria) Limited, who also became an indirect subsidiary of the Group acquired a 40% stake in a
licence, Ubima, in 2014 via a joint operations agreement. The principal activity of Wester Ord Oil & Gas (Nigeria) Limited is
exploration and production of oil and gas. In 2022, Wester Ord Oil and Gas (Nigeria) divested it's interest in Ubima.
Other entities acquired through the purchase of Eland are Tarland Oil Holdings Limited (a holding company), Brineland
Petroleum Limited (dormant company) and Destination Natural Resources Limited (dormant company).
On 1 January 2020, Seplat Energy Plc transferred its 45% participating interest in OML 4, OML 38 and OML 41
(“transferred assets”) to Seplat West Limited. As a result, Seplat ceased to be a party to the Joint Operating Agreement in
respect of the transferred assets and became a holding company. Seplat West Limited became a party to the Joint
Operating Agreement in respect of the transferred assets and assumed its rights and obligations.
On 20 May 2021, following a special resolution by the Board in view of the Company’s strategy of transitioning into an
energy Company promoting renewable energy, sustainability, and new energy, the name of the Company was changed
from Seplat Petroleum Development Company Plc to Seplat Energy Plc under the Companies and Allied Matters Act 2020.
On 7 February 2022, the Group incorporated a subsidiary, Seplat Energy Offshore Limited. The Company was
On 5 July 2022, the Group incorporated a subsidiary, Turnkey Drilling Services Limited. The Company was incorporated for
the purpose of drilling chemicals, material supply, directional drilling, drilling support services and exploration services.
On 26 April 2023, Seplat Gas Company Limited was changed to Seplat Midstream Company Limited. This subsidiary was
incorporated to engage in oil and gas exploration and production and gas processing. The company is yet commence
operations.
On 14 June 2023, the Group entered into a joint venture agreement with Pol Gas Limited which birthed Pine Gas
Processing Limited. Both parties subscribed to equal proportion of ordinary shares. The Company was incorporated for
processing natural gas, storage, marketing, transportation, trading, supply and distribution of natural gas and petroleum
products derived from natural gas. The company is yet to commence operations.
On 7 August 2024, the Group incorporated a subsidiary, Seplat Energy Investment Limited. The Company was
The Company together with its subsidiaries as shown below are collectively referred to as the Group.
Subsidiary Date of Country of Percentage Principal activities Nature of
incorporation incorporation holding holding
and place of
business
Newton Energy
Limited 1 June 2013 Nigeria 99.9% Oil & gas exploration and production Direct
Technical, liaison and administrative
Seplat Energy UK support services relating to oil & gas
Limited 21 August 2014 United Kingdom 100% exploration and production Direct
Seplat East Onshore
Limited 12 December 2014 Nigeria 99.9% Oil & gas exploration and production Direct
Seplat East Swamp
Company Limited 41619 Nigeria 99.9% Oil & gas exploration and production Direct
Seplat West Limited 16 January 2018 Nigeria 99.9% Oil & gas exploration and production Direct
Eland Oil & Gas
Limited 28 August 2009 United Kingdom 100% Holding company Direct
Eland Oil & Gas Oil and Gas Exploration and
(Nigeria) Limited 11 August 2010 Nigeria 100% Production Indirect
Elcrest Exploration
and Production Nigeria Oil and Gas Exploration and
Limited 6 January 2011 Nigeria 45% Production Indirect
Westport Oil Limited 8 August 2011 Jersey 100% Financing Indirect

Tarland Oil Holdings
Limited 16 July 2014 Jersey 100% Holding Company Indirect
Brineland Petroleum
Limited 18 February 2013 Nigeria 49% Dormant Indirect
Wester Ord Oil & Gas Oil and Gas Exploration
(Nigeria) Limited 18 July 2014 Nigeria 100% and Production Indirect
Wester Ord Oil and
Gas Limited 16 July 2014 Jersey 100% Holding Company Indirect
Seplat Energy Oil and Gas exploration and
Offshore Limited 7 February 2022 Nigeria 100% production Direct
Oil and Gas exploration and
MSP Energy Limited 27 March 2013 Nigeria 100% production Direct
Turnkey Drilling
Services Limited 5 July 2022 Nigeria 100% Drilling services Direct
Seplat Midstream Oil & gas exploration and production
Company Limited 11 December 2013 Nigeria 100 % and gas processing Direct
Seplat Energy Oil and gas exploration and
Investment Limited 7 August 2024 Nigeria 100 % production Direct

statements
3. Significant changes in the current accounting period
The following significant changes occurred during the reporting period ended nine months ended 30 September 2024:
• On 1 April 2024, Mr. Udoma Udo Udoma became Independent Non-Executive Chairman and Mr. Bello Rabiu became
Senior Independent Non-Executive Director of the Seplat Energy Board.
• On 1 May 2024, Mrs. Eleanor Adaralegbe joined the Board of Seplat as an Executive Director and succeeded Mr. Emeka
Onwuka as Chief Financial Officer on 21 May 2024.
Targeting completion by year end 2024.
4. Summary of significant accounting policies
4.1 Introduction to summary of significant accounting policies

This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial
statements. These accounting policies have been applied to all the periods presented, unless otherwise stated. The
Consolidated financial statements are for the Group consisting of Seplat Energy Plc and its subsidiaries.
4.2 Basis of preparation

The consolidated financial statements of the Group nine months ended 30 September 2024 have been prepared in
accordance with International Financial Reporting Standards ("IFRS") and interpretations issued by the IFRS
Interpretations Committee (IFRS IC). The financial statements comply with IFRS as issued by the International Accounting
Standards Board (IASB). Additional information required by National regulations is included where appropriate.
The financial statements comprise the statement of profit or loss and other comprehensive income, the statement of
financial position, the statement of changes in equity, the statement of cash flows and the notes to the financial statements.
The financial statements have been prepared under the going concern and historical cost convention, except for financial
instruments measured at fair value on initial recognition, derivative financial instruments, and defined benefit plans – plan
assets measured at fair value. The financial statements are presented in United States Dollars, and all values are rounded
to the nearest thousand ($'000), except when otherwise indicated.
Nothing has come to the attention of the directors to indicate that the Group will not remain a going concern for at least
twelve months from the date of these financial statements.
The accounting policies adopted are consistent with those of the previous financial year end, except for the adoption of
new and amended standard which are set out below.
4.3 New and amended standards adopted by the Group

The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning
on or after 1 January 2024. The Group has not early adopted any other standard, interpretation or amendment that has
been issued but is not yet effective.
a) Amendments to IAS 1: Classification of Liabilities as Current or Non-current

In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the
requirements for classifying liabilities as current or non-current.
▪ What is meant by a right to defer settlement.
▪ That classification is unaffected by the likelihood that an entity will exercise its deferral right.
▪ That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not
impact its classification.

statements
In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is
classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within
twelve months.
retrospectively. The amendments are not expected to have a material impact on the Group’s financial statements.
b) Amendments to IFRS 16: Lease Liability in a Sale and Leaseback

In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in
measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any
amount of the gain or loss that relates to the right of use it retains.
retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier
application is permitted and that fact must be disclosed.
c) Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7

In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such
arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in
understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity
risk.
permitted, but will need to be disclosed.
4.4 Standards issued but not yet effective

The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the
Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards and
interpretations, if applicable, when they become effective. Details of these new standards and interpretations are set out
below:
a) Amendments to IFRS 10 and IAS 28: Selection or contribution of assets between an investor or
joint venture
The IASB has made limited scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in
Associates and Joint Ventures.
The amendments clarify the accounting treatment for sales or contribution of assets between an investor and their
associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold
or contributed to an associate or joint venture constitute a "business' (as defined in IFRS 3 Business Combinations).
Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or
contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor
only to the extent of the other investor's interests in the associate or joint venture. The amendments apply prospectively.

statements
b) IFRS 19 - Subsidiaries without Public Accountability: Disclosures
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements
while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be
eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public
accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available
for public use, which comply with IFRS accounting standards.
IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted.
c) IFRS 18 - Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces
new requirements for presentation within the statement of profit or loss, including specified totals and subtotals.
Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five
categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.
It also requires disclosure of newly defined management-defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and disaggregation of financial information based on the
identified ‘roles’ of the primary financial statements (PFS) and the notes.
IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January
2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
d) Lack of exchangeability - Amendments to IAS 21

In August 2023, the IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to specify
how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when
exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial
statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect,
the entity’s financial performance, financial position and cash flows.
permitted, but will need to be disclosed. When applying the amendments, an entity cannot restate comparative information.
4.5 Basis of consolidation

The condensed consolidated interim financial statements comprise the financial statements of the Company and its
subsidiaries as at 30 September 2024.
The basis of consolidation is the same adopted for the last audited financial statements as at 31 December 2023.
4.6 Functional and presentation currency

Items included in the financial statements of each of the Group’s subsidiaries are measured using the currency of the
primary economic environment in which the subsidiaries operate (‘the functional currency’), which is the US dollar except
the UK subsidiary which is the Great Britain Pound. The consolidated financial statements are presented in the US Dollars.
i. Transaction and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated in foreign currencies at year end are generally recognised in
profit or loss. They are deferred in equity if attributable to net investment in foreign operations.
Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance
costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within
other income or other expenses.

statements
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the
date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported
as part of the fair value gain or loss or other comprehensive income depending on where fair value gain or loss is reported.
ii. Group companies

The results and financial position of foreign operations that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
• assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the
reporting date.
• income and expenses for statement of profit or loss and other comprehensive income are translated at average exchange
rates (unless this is not - a reasonable approximation of the cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at the dates of the transactions), and all resulting exchange
differences are recognised in other comprehensive income.
On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign
operation is recognised in profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign
operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.
5. Significant accounting judgements, estimates and assumptions

The preparation of the Group’s consolidated historical financial information requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future
periods.
5.1 Judgements
In the process of applying the Group’s accounting policies, management has made the following judgements, which have
the most significant effect on the amounts recognised in the consolidated historical financial information:
a) OMLs 4, 38 and 41
OMLs 4, 38, 41 are grouped together as a cash generating unit for the purpose of impairment testing. These three OMLs
are grouped together because they each cannot independently generate cash flows. They currently operate as a single
block sharing resources for generating cash flows. Crude oil and gas sold to third parties from these OMLs are invoiced
when the Group has an unconditional right to receive paymen t.
b) Deferred tax asset

Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax
benefit through future taxable profits is probable.

statements
c) Consolidation of Elcrest
On acquisition of 100% shares of Eland Oil and Gas Plc, the Group acquired indirect holdings in Elcrest Exploration and
Production (Nigeria) Limited. Although the Group has an indirect holding of 45% in Elcrest, Elcrest has been consolidated
as a subsidiary for the following basis:
• Eland Oil and Gas Plc has controlling power over Elcrest due to its representation on the board of Elcrest, and
clauses contained in the Share Charge agreement and loan agreement which gives Eland the right to control 100% of the
voting rights of shareholders.
• Eland Oil and Gas Plc is exposed to variable returns from the activities of Elcrest through dividends and interests.
• Eland Oil and Gas Plc has the power to affect the amount of returns from Elcrest through its right to direct the
activities of Elcrest and its exposure to returns.
d) Revenue recognition
Performance obligations
The judgments applied in determining what constitutes a performance obligation will impact when control is likely to pass
and therefore when revenue is recognised i.e. over time or at a point in time. The Group has determined that only one
performance obligation exists in oil contracts which is the delivery of crude oil to specified ports. Revenue is therefore
recognised at a point in time.
For gas contracts, the performance obligation is satisfied through the delivery of a series of distinct goods. Revenue is
recognised over time in this situation as gas customers simultaneously receive and consume the benefits provided by the
Group’s performance. The Group has elected to apply the ‘right to invoice’ practical expedient in determining revenue from
its gas contracts. The right to invoice is a measure of progress that allows the Group to recognise revenue based on
amounts invoiced to the customer. Judgement has been applied in evaluating that the Group’s right to consideration
corresponds directly with the value transferred to the customer and is therefore eligible to apply this practical expedient.
Significant financing component
The Group has entered into an advance payment contract with Mercuria for future crude oil to be delivered. The Group has
considered whether the contract contains a financing component and whether that financing component is significant to the
contract, including both of the following;
1. The difference, if any, between the amount of promised consideration and cash selling price and;
2. The combined effect of both the following:
• The expected length of time between when the Group transfers the crude to Mercuria and when payment for the
crude is received and;
• The prevailing interest rate in the relevant market.
The advance period is greater than 12 months. In addition, the interest expense accrued on the advance is based on a
comparable market rate. Interest expense has therefore been included as part of finance cost.
Transactions with Joint Operating arrangement (JOA) partners
The treatment of underlift and overlift transactions is judgmental and requires a consideration of all the facts and
circumstances including the purpose of the arrangement and transaction. The transaction between the Group and its JOA
partners involves sharing in the production of crude oil, and for which the settlement of the transaction is non-monetary.
The JOA partners have been assessed to be partners not customers. Therefore, shortfalls or excesses below or above the
Group’s share of production are recognised in other income/ (expenses) - net.

statements
Exploration and evaluation assets
The accounting for exploration and evaluation (‘E&E’) assets require management to make certain judgements and
assumptions, including whether exploratory wells have discovered economically recoverable quantities of reserves.
Designations are sometimes revised as new information becomes available. If an exploratory well encounters hydrocarbon,
but further appraisal activity is required in order to conclude whether the hydrocarbons are economically recoverable, the
well costs remain capitalised as long as sufficient progress is being made in assessing the economic and operating viability
of the well. Criteria used in making this determination include evaluation of the reservoir characteristics and hydrocarbon
properties, expected additional development activities, commercial evaluation and regulatory matters. The concept of
‘sufficient progress’ is an area of judgement, and it is possible to have exploratory costs remain capitalised for several
years while additional drilling is performed or the Group seeks government, regulatory or partner approval of development
plans.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker.
The Board of directors has appointed a Senior leadership team to assess the financial performance and position of the
Group and makes strategic decisions. The Senior leadership team consist of Chief Executive Officer; Chief Financial
Officer; Chief Operating Officer; Director New Energy; Technical Director; Managing Director, Seplat West; Managing
Director, Seplat East; Managing Director, Elcrest Exploration and Production Limited; Director Legal; Director, Corporate
Services; Director, External Affairs and Social Performance, Managing Director, ANOH Gas Processing Company (AGPC);
Director , Strategy, Planning and Business Development. See further details in note 7.
5.2 Estimates and assumptions

The key assumptions concerning the future and the other key source of estimation uncertainty at the reporting date that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are described below. The Group based its assumptions and estimates on parameters available when the
consolidated financial statements were prepared. Existing circumstances and assumptions about future developments may
change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are
reflected in the assumptions when they occur.
The following are some of the estimates and assumptions made:
a) Defined benefit plans

The cost of the defined benefit retirement plan and the present value of the retirement obligation are determined using
actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments
in the future. These include the determination of the discount rate, future salary increases, mortality rates and changes in
inflation rates.
Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to
changes in these assumptions. The parameter most subject to change is the discount rate. In determining the appropriate
discount rate, management considers market yield on federal government bonds in currencies consistent with the
currencies of the post-employment benefit obligation and extrapolated as needed along the yield curve to correspond with
the expected term of the defined benefit obligation.
The rates of mortality assumed for employees are the rates published in 67/70 ultimate tables, published jointly by the
Institute and Faculty of Actuaries in the UK.

statements
b) Oil and gas reserves
Proved oil and gas reserves are used in the units of production calculation for depletion as well as the determination of the
timing of well closure for estimating decommissioning liabilities and impairment analysis. There are numerous uncertainties
inherent in estimating oil and gas reserves. Assumptions that are valid at the time of estimation may change significantly
when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production
costs or recovery rates may change the economic status of reserves and may ultimately result in the reserves being
restated.
c) Share-based payment reserve

Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model,
which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate
inputs to the valuation model including the expected life of the share award or appreciation right, volatility and dividend
yield and making assumptions about them. The Group measures the fair value of equity-settled transactions with
employees at the grant date.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. Such estimates and assumptions are continually evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
d) Provision for decommissioning obligations

Provisions for environmental clean-up and remediation costs associated with the Group’s drilling operations are based on
current constructions, technology, price levels and expected plans for remediation. Actual costs and cash outflows can
differ from estimates because of changes in public expectations, prices, discovery and analysis of site conditions and
changes in clean-up technology.
e) Property, plant and equipment

The Group assesses its property, plant and equipment, including exploration and evaluation assets, for possible
impairment if there are events or changes in circumstances that indicate that carrying values of the assets may not be
recoverable, or at least at every reporting date.
If there are low oil prices or natural gas prices during an extended period, the Group may need to recognise significant
impairment charges. The assessment for impairment entails comparing the carrying value of the cash-generating unit with
its recoverable amount, that is, higher of fair value less cost to dispose and value in use. Value in use is usually determined
on the basis of discounted estimated future net cash flows. Determination as to whether and how much an asset is
impaired involves management estimates on highly uncertain matters such as future commodity prices, the effects of
inflation on operating expenses, discount rates, production profiles and the outlook for regional market supply-and-demand
conditions for crude oil and natural gas.
During the year, the Group carried out an impairment assessment on OML 4,38 and 41, OML 56, OML 53, and OML 40.
The Group used the higher of the fair value less cost to dispose and the value in use in determining the recoverable
amount of the cash-generating unit. In determining the value, the Group uses a forecast of the annual net cash flows over
the life of proved plus probable reserves, production rates, oil and gas prices, future costs (excluding (a) future
restructurings to which the entity is not yet committed; or (b) improving or enhancing the asset’s performance) and other
relevant assumptions based on the year-end Competent Persons Report (CPR). The pre-tax future cash flows are adjusted
for risks specific to the forecast and discounted using a pre-tax discount rate which reflects both current market
assessment of the time value of money and risks specific to the asset.
Management considers whether a reasonable possible change in one of the main assumptions will cause an impairment
and believes otherwise.

statements
f) Useful life of other property, plant and equipment
The Group recognises depreciation on other property, plant and equipment on a straight-line basis in order to write-off the
cost of the asset over its expected useful life. The economic life of an asset is determined based on existing wear and tear,
economic and technical ageing, legal and other limits on the use of the asset, and obsolescence. If some of these factors
were to deteriorate materially, impairing the ability of the asset to generate future cash flow, the Group may accelerate
depreciation charges to reflect the remaining useful life of the asset or record an impairment loss.
g) Income taxes
The Group is subject to income taxes by the Nigerian tax authority, which does not require significant judgement in terms of
provision for income taxes, but a certain level of judgement is required for recognition of deferred tax assets. Management
is required to assess the ability of the Group to generate future taxable economic earnings that will be used to recover all
deferred tax assets. Assumptions about the generation of future taxable profits depend on management’s estimates of
future cash flows. The estimates are based on the future cash flow from operations taking into consideration the oil and
gas prices, volumes produced, operational and capital expenditure.
h) Impairment of financial assets

The loss allowances for financial assets are based on assumptions about risk of default, expected loss rates and maximum
contractual period. The Group uses judgement in making these assumptions and selecting the inputs to the impairment
calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates at the end of
each reporting period.
i) Intangible assets
The contract based intangible assets (licence) were acquired as part of a business combination. They are recognised at
their fair value at the date of acquisition and are subsequently amortised on a straight-line bases over their estimated
useful lives which is also the economic life of the asset. The fair value of contract based intangible assets is estimated
using the multi period excess earnings method. This requires a forecast of revenue and all cost projections throughout the
useful life of the intangible assets. A contributory asset charge that reflects the return on assets is also determined and
applied to the revenue but subtracted from the operating cash flows to derive the pre-tax cash flow. The post-tax cashflows
are then obtained by deducting out the tax using the effective tax rate.
Discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the
time value of money. The discount rate calculation is based on the specific circumstances of the Group and its operating
segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and
equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is
based on the interest-bearing borrowings the Group is obliged to service.

statements
6. Financial risk management
6.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks such as market risk (including foreign exchange risk, interest
rate risk and commodity price risk), credit risk and liquidity risk. The Group’s risk management programme focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance.
Risk management is carried out by the treasury department under policies approved by the Board of Directors. The Board
provides written principles for overall risk management,as well as written policies covering specific areas, such as foreign
exchange risk, interest rate risk, credit risk and investment of excess liquidity
Risk Exposure arising from Measurement Management
Market risk – foreign exchange Future commercial Cash flow forecasting Match and settle
transactions Sensitivity analysis foreign
Recognised financial assets denominated
and liabilities not cash inflows with
denominated in US dollars. the relevant cash
outflows to
mitigate any
potential foreign
exchange risk.
Market risk – interest rate Long term borrowings at Sensitivity analysis None
variable rate
Market risk – commodity prices Derivative financial Sensitivity analysis Oil price hedges
instruments
Credit risk Cash and bank balances, Ageing analysis Diversification of
trade receivables and Credit ratings bank deposits
derivative financial
instruments.
Liquidity risk Borrowings and other Rolling cash flow forecasts Availability of
liabilities committed credit
lines and
borrowing
facilities
6.1.1 Credit risk

Credit risk refers to the risk of a counterparty defaulting on its contractual obligations resulting in financial loss to the
Group. Credit risk arises from cash and bank balances as well as credit exposures to customers (i.e., Mercuria, Shell
western, Pillar, Azura, Geregu Power, Sapele Power and Nigerian Gas Marketing Company (NGMC) receivables), and
other parties (i.e., NUIMS receivables, NEPL receivables and other receivables)
a) Risk management
The Group is exposed to credit risk from its sale of crude oil to Mercuria and Shell western. There is a 30-day payment
term after Bill of Lading date in the off-take agreement with Mercuria (OMLs 4, 38 &41) which expired in November 2024.
The Group also has an off-take agreement with Shell Western Supply and Trading Limited which expires in 2027.
The Group is exposed to further credit risk from outstanding cash calls from Nigerian National Petroleum Corporation
Exploration Limited (NEPL) and Nigerian National Petroleum Corporation (NNPC).
In addition, the Group is exposed to credit risk in relation to the sale of gas to its customers.
The credit risk on cash and bank balances is managed through the diversification of banks in which the balances are held.
The risk is limited because the majority of deposits are with banks that have an acceptable credit rating assigned by an

statements
international credit agency. The Group’s maximum exposure to credit risk due to default of the counterparty is equal to the
carrying value of its financial assets.
b) Estimation uncertainty in measuring impairment loss
The table below shows information on the sensitivity of the carrying amounts of the Group’s financial assets to the
methods, assumptions and estimates used in calculating impairment losses on those financial assets at the end of the
reporting period. These methods, assumptions and estimates have a significant risk of causing material adjustments to the
carrying amounts of the Group’s financial assets.
i. Significant unobservable inputs
The table below demonstrates the sensitivity of the Group’s profit before tax to movements in the probability of default (PD)
and loss given default (LGD) for financial assets, with all other variables held constant:
Effect on other
tax before tax
30 Sep 2024 30 Sep 2024
$'000 $'000

+10% (74) –
-10% 74 –
Effect on other
tax before tax
31 Dec 2023 31 Dec 2023
$'000 $'000

+10% (158) –
-10% 158 –
The table below demonstrates the sensitivity of the Group’s profit before tax to movements in probabilities of default, with
all other variables held constant
Effect on other
tax before tax
30 Sep 2024 30 Sep 2024
$'000 $'000

+10% (77) –
-10% 77 –

Effect on other
tax before tax
31 Dec 2023 31 Dec 2023
$'000 $'000

+10% (166) –
-10% 166 –
The table below demonstrates the sensitivity of the Group’s profit before tax to movements in the forward-looking
macroeconomic indicators, with all other variables held constant:
Effect on other
tax before tax
30 Sep 2024 30 Sep 2024
$'000 $'000

+10% (77) –
-10% 77 –
Effect on other
tax before tax
31 Dec 2023 31 Dec 2023
$'000 $'000

+10% (57) –
-10% 57 –
6.1.2 Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages
liquidity risk by ensuring that sufficient funds are available to meet its commitments as they fall due.
The Group uses both long-term and short-term cash flow projections to monitor funding requirements for activities and to
ensure there are sufficient cash resources to meet operational needs. Cash flow projections take into consideration the
Group’s debt financing plans and covenant compliance. Surplus cash held is transferred to the treasury department which
invests in interest bearing current accounts and time deposits.
The following table details the Group’s remaining contractual maturity for its non-derivative financial liabilities with agreed
maturity periods. The table has been drawn based on the undiscounted cash flows of the financial liabilities based on the
earliest date on which the Group can be required to pay.

statements

30 Sept 2024 interest rate 1 year years years years Total
% $'000 $'000 $'000 $'000 $'000
Non-derivatives

650 million Senior notes 7.75% 25,188 700,375 – – 725,563

loans) :
The Mauritius Commercial Bank Ltd 8% + SOFR 15,366 4,105 – – 19,471
Stanbic IBTC Bank Plc 8% + SOFR 15,686 4,191 – – 19,877
Standard Bank of South Africa 8% + SOFR 8,963 2,395 – – 11,358
First City Monument Ltd (FCMB) 8% + SOFR 4,001 1,069 – – 5,070
Shell Western Supply & Trading Limited 10.5% +SOFR 1,802 1,802 11,898 – 15,502
Total variable interest borrowings 45,818 13,562 11,898 – 71,278
Trade and other payables 414,610 414,610
Lease liability 5,990 11,250 17,240
420,599 11,250 – – 431,850
Total 491,605 725,187 11,898 – 1,228,690

statements
31 December 2023 interest rate 1 year years years years Total
% $'000 $'000 $'000 $'000 $'000
Non-derivatives

650 million Senior notes 7.75% 50,375 50,375 675,188 – 775,938

loans) :
The Mauritius Commercial Bank Ltd 8% + SOFR 17,153 15,323 4,099 – 36,575
Stanbic IBTC Bank Plc 8% + SOFR 17,511 15,642 4,185 – 37,338
Standard Bank of South Africa 8% + SOFR 10,006 8,938 2,391 – 21,335
First City Monument Ltd (FCMB) 8% + SOFR 4,467 3,990 1,067 – 9,524
Shell Western Supply & Trading Limited 10.5% + 1,773 1,768 1,768 11,881 17,190
SOFR
Total variable interest borrowings 50,910 45,661 13,510 11,881 121,962
Trade and other payables 533,845 533,845
Lease liabilities 1,342 – 1,342
535,187 – – – 535,187
Total 636,472 96,036 688,698 11,881 1,433,087
*Trade and other payables (exclude non-financial liabilities such as provisions, taxes, pension and other non-contractual payables)

statements
6.1.3 Fair value measurements
Set out below is a comparison by category of carrying amounts and fair value of all financial instruments:
Carrying amount Fair value
30 Sept 2024 31 Dec 2023 30 Sept 2024 31 Dec 2023
$'000 $'000 $'000 $'000

Financial assets at amortised cost
Trade and other receivables* 176,975 277,898 176,975 277,898
Contract Asset 7,205 8,049 7,205 8,049
Cash and cash equivalents 433,860 450,109 433,860 450,109
618,040 736,056 618,040 736,056
Financial liabilities
Interest bearing loans and borrowings 703,846 755,362 693,171 765,447
Trade and other payables* 353,946 389,149 353,946 389,149
1,057,792 1,144,511 1,047,117 1,154,596
Financial liabilities at fair value

Derivative financial instruments (626) (1,606) (626) (1,606)
(626) (1,606) (626) (1,606)
In determining the fair value of the interest-bearing loans and borrowings, non-performance risks of the Group as at year-
end were assessed to be insignificant.
*Trade and other payables (excluding non-financial liabilities such as provisions, taxes, pension and other non-contractual
payables), trade and other receivables (excluding prepayments), contract assets and cash and bank balances are financial
instruments whose carrying amounts as per the financial statements approximate their fair values. This is mainly due to
their short-term nature.
6.1.4 Fair Value Hierarchy

As at the reporting period, the Group had classified its financial instruments into the three levels prescribed under the
accounting standards. There were no transfers of financial instruments between fair value hierarchy levels during the year.
• Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
directly or indirectly observable.
unobservable.
The fair value of the financial instruments is included at the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date.
The fair value of the Group’s derivative financial instruments has been determined using a proprietary pricing model that
uses marked to market valuation. The valuation represents the mid-market value and the actual close-out costs of trades
involved. The market inputs to the model are derived from observable sources. Other inputs are unobservable but are
estimated based on the market inputs or by using other pricing models. The derivative financial instruments are in level 2

statements
The valuation process

The finance & planning team of the Group performs the valuations of financial and non-financial assets required for
financial reporting purposes, including level 3 fair values. This team reports directly to the General Manager (GM)
Commercial who reports to the Chief Financial Officer (CFO) and the Audit Committee (AC). Discussions of valuation
processes and results are held between the GM and the valuation team at least once every quarter, in line with the Group’s
quarterly reporting periods.
7. Segment reporting
Business segments are based on the Group’s internal organisation and management reporting structure. The Group’s
business segments are the two core businesses: Oil and Gas. The Oil segment deals with the exploration, development
and production of crude oil while the Gas segment deals with the production and processing of gas. These two reportable
segments make up the total operations of the Group.
For the year ended nine months ended 30 September 2024, revenue from the gas segment of the business constituted
13% (2023: 12%) of the Group’s revenue. Management is committed to continued growth of the gas segment of the
business, including through increased investment to establish additional offices, create a separate gas business
operational management team and procure the required infrastructure for this segment of the business. The gas business
is positioned separately within the Group and reports directly to the (chief operating decision maker). As the gas business
segment’s revenues, results and cash flows are largely independent of other business units within the Group, it is regarded
as a separate segment.
The result is two reporting segments, Oil and Gas. There were no intersegment sales during the reporting periods under
consideration, therefore all revenue was from external customers.
Amounts relating to the gas segment are determined using the gas cost centres, with the exception of depreciation.
Depreciation relating to the gas segment is determined by applying a percentage which reflects the proportion of the Net
Book Value of oil and gas properties that relates to gas investment costs (i.e., cost for the gas processing facilities).
The Group accounting policies are also applied in the segment reports.
7.1 Segment profit disclosure

2024 30 Sept 2023 30 Sept 2024 30 Sept 2023
$'000 $'000 $'000 $'000
Oil (17,825) 82,872 (31,513) (14,829)
Gas 53,079 (3,327) 16,859 11,748
Total profit/(loss) for the period 35,254 79,545 (14,654) (3,081)

statements

2024 30 Sept 2023 30 Sept 2024 30 Sept 2023
Oil $'000 $'000 $'000 $'000
Crude oil sales (Note 8) 625,157 716,391 264,756 233,106
*Other income/(losses) 36,583 (85,346) (57,212) (58,675)
Operating profit before impairment 220,582 153,613 56,590 19,508
Impairment/(losses) 4,035 1,188 (1,048) (953)
Finance income (Note 14) 7,817 6,287 2,385 2,271
Finance costs (Note 14) (58,085) (54,366) (18,404) (17,362)
Fair value gain (3,155) (3,776) (124) (1,612)
(Loss)/profit for the period (17,826) 82,872 (31,514) (14,829)
*The other income/(losses) for the current period relates to foreign exchange gain of $32 million, underlift of $8 million tariff
income of $3m and loss on disposal of PPE of $7 million recorded during the period.

Gas $'000 $'000 $'000 $'000
Gas sales (Note 7) 90,182 93,976 28,941 30,245
*Other losses (15,152) (66,791) (9,791) (2,618)
Operating profit/loss before impairment 60,012 6,017 10,710 (1,018)
Impairment (6,707) (2,261) (464) (1,018)
Share of profit/(loss) from joint venture accounted for using
the equity method 20,457 (166) 16,365 (213)
Profit for the period 53,079 (3,327) 16,859 11,748
*Other losses relates to foreign exchange losses recognised in the reporting period
Impairment losses recognised in the gas segment relates to Geregu Power, Sapele Power and NGMC. See Note 11 for
further details. In addition, the Gas segment suffered foreign exchange losses arising from devaluation and therefore 2023
operating profit has been impacted by volatility in Naira exchange to the USD.

statements
During the reporting period, impairment losses recognised in the oil segment relate to trade receivables and other
receivables (Pillar, Pan Ocean, Oghareki, Summit, NEPL and NUIMS).
7.1.1 Disaggregation of revenue from contracts with customers

The Group derives revenue from the transfer of commodities at a point in time or over time and from different geographical
regions.

ended ended ended
2023 2023 2023
$'000 $'000 $'000 $'000 $'000 $'000
Bahamas 239,179 – 239,179 243,905 – 243,905
Nigeria 33,704 90,182 123,886 61,424 93,976 155,400
Italy 63,132 – 63,132 4,465 – 4,465
Switzerland 149,540 – 149,540 271,016 – 271,016
Barbados 36,892 – 36,892 23,591 – 23,591
England 102,710 – 102,710 111,990 – 111,990
At a point in time 625,157 – 625,157 716,391 – 716,391
Over time – 90,182 90,182 – 93,976 93,976

2024 2024 2024 2023 2023 2023
$'000 $'000 $'000 $'000 $'000 $'000
Bahamas 111,217 – 111,217 91,520 – 91,520
Nigeria 6,269 28,941 35,210 15,926 30,245 46,171
Italy – – – – – –
Switzerland 77,055 – 77,055 116,253 – 116,253
Barbados 17,952 – 17,952 9,407 – 9,407
England 52,263 – 52,263 – – –
Revenue 264,756 28,941 293,696 233,106 30,245 263,351

At a point in time 264,756 – 264,756 233,106 – 233,106
Over time – 28,941 28,941 – 30,245 30,245
Revenue 264,756 28,941 293,696 233,106 30,245 263,351
The Group’s transactions with its major customer, Mercuria, constitutes more than 20% ($149.5 million) of the total revenue
from the oil segment and the Group as a whole. Also, the Group’s transactions with Geregu Power, Sapele Power, NGMC
and Azura ($90 million) accounted for most of the revenue from gas segment.

statements
7.1.2 Impairment reversal/(losses) on financial assets by reportable segments

ended ended ended
2023 2023 2023
$'000 $'000 $'000 $'000 $'000 $'000
Impairment gain/(losses) recognised during the
period 4,035 (6,707) (2,672) 1,188 (2,261) (1,073)
–

2024 2024 2024 2023 2023 2023
$’000 $’000 $’000 $’000 $’000 $’000
Impairment gain/(losses) recognised during the
period (1,048) (464) (1,512) (953) (1,018) (1,971)
–
7.2 Segment assets

Segment assets are measured in a manner consistent with that of the financial statements. These assets are allocated
based on the operations of the reporting segment and the physical location of the asset. The Group had no non-current
assets domiciled outside Nigeria.
Oil Gas Total

$'000 $'000 $'000
Total segment assets

30 September 2024 2,609,667 660,199 3,269,866
31 December 2023 2,733,153 661,866 3,395,019
7.3 Segment liabilities

Segment liabilities are measured in a manner consistent with that of the financial statements. These liabilities are allocated
based on the operations of the segment.
Oil Gas Total

$'000 $'000 $'000
Total segment liabilities
30 September 2024 1,167,702 354,653 1,522,355
31 December 2023 1,188,609 413,383 1,601,992

statements
8. Revenue from contract with customers
$'000 $'000 $'000 $'000
Crude oil sales 625,157 716,391 264,756 233,106
Gas sales 90,182 93,976 28,941 30,245
715,339 810,367 293,697 263,351
The major off-takers for crude oil are Mercuria, ENI, Shell West and Chevron. The major off-takers for gas are Geregu
Power, Sapele Power, MSN Energy Resources Limited, Nigerian Gas Marketing Company and Azura.
9. Cost of Sales
$'000 $'000 $'000 $'000
*Royalties 107,616 141,179 36,617 47,049
Depletion, Depreciation and Amortisation 114,094 116,884 34,935 35,619
Crude handling fees 49,534 46,689 17,746 13,005
Nigeria Export Supervision Scheme (NESS) fee 424 806 179 243
Niger Delta Development Commission 6,322 8,094 2,115 2,026
Barging/Trucking 10,350 11,563 2,312 4,669
Operations & Maintenance Costs 71,954 68,860 26,214 20,760
360,294 394,075 120,118 123,371
*Royalties have been adjusted by $26.7 million to reflect NUIMS portion linked to its share of production via the
Waltersmith refinery in 2023.
Operational & maintenance expenses relates mainly to maintenance costs,warehouse operations expenses, security
expenses, community expenses, clean-up costs, direct staff costs, fuel supplies and catering services. Also included in
operational and maintenance expenses is gas flare penalty charge of $19.9 million (2023:$4.4 million). The significant
increase in gas flare penalty is attributable to an upward review of gas flare tariff by the government.
Barging and Trucking costs relates to costs on the OML 40 Gbetiokun.
10. Other income/(loss)

$'000 $'000 $’000 $’000
Underlift/(Overlifts) 8,206 (127,846) (47,576) (68,476)
Gain/(loss) on foreign exchange 17,075 (27,754) (13,229) 6,069
Loss on disposal of property, plant & equipment (7,448) – (7,448) –
Tariffs 3,137 2,842 1,076 636
Others 461 622 174 477
21,431 (152,136) (67,003) (61,294)

statements
Underlifts/Overlifts are shortfalls/surplus of crude lifted below/above the share of production. It may exist when the crude oil
lifted by the Group during the period is less/more than its ownership share of production. The shortfall/surplus is initially
measured at the market price of oil at the date of lifting and recognised as other income/loss. At each reporting period, the
shortfall/surplus is remeasured at the current market value. The resulting change, as a result of the remeasurement, is also
recognised in profit or loss as other income/loss.
Foreign currency gain during the period is primarily driven by the revaluation of Naira denominated crude oil sales to
Waltersmith Refinery included in overlift.
Loss on disposal of property, plant & equipment relates to the loss on the sale of the Turnkey rigs.
Tariffs which is a form of crude handling fee, relate to income generated from the use of the Group’s pipeline.
Others represents other income, joint venture billing interest and joint venture billing finance fees.
11. General and administrative expenses

3 Months
9 Months 9 Months
3 Months ended ended
ended 30 ended
30 Sept 2024 30 Sept
Sept 2024 30 Sept 2023
2023
$'000 $'000 $'000 $'000
Depreciation of other property, plant and equipment 5,647 2,941 4,157 1244
Depreciation of right-of-use assets 3,949 3,074 1,511 945
Professional & Consulting Fees 24,855 37,359 8,644 9,595
Auditor's remuneration 595 397 365 10
*Directors' emoluments (executive) 3,125 2,471 780 872
**Directors' emoluments (non - executive) 3,692 2,894 963 559
Employee benefits 28,859 35,293 8,841 12,375
***Share-based benefits 9,143 7,682 3,998 5,578
Flights and other travel costs 6,588 5,040 2,114 1,965
Other general expenses 9,428 7,375 7,902 5,534
95,881 104,526 39,275 38,677
Directors’ emoluments have been split between executive and non-executive directors.
*The increase in Executive Directors’ emoluments for the current period, mostly relates to 2023 bonuses under accrued
following better performance in 2023.
**The increase in emoluments for Non-Executive Directors in the current period, in comparison to the prior period is
attributed to exit payments made to retired Non-Executive Directors included in 2024 performance.
***The increase in share-based benefits for the current period, compared to the previous period, is attributable to the
increase in share price in the nine months of 2024 relative to prior period.
11.1 Below are details of non-audit services provided by the auditors:

Entity Service PwC office Fees ($) Year
Seplat Energy Plc Remuneration committee advice PwC UK 62,965 2024

Notes to the condensed consolidated interim financial statements
12. Impairment loss on assets
$'000 $'000 $’000 $’000
Impairment loss on financial assets-net (Note 12.1) 2,672 1,073 1,512 1,971
2,672 1,073 1,512 1,971
12.1 Impairment losses/(reversal) on financial assets - net

$'000 $'000 $’000 $’000
Impairment losses/(reversal) on:

NUIMS receivables (761) 453 (583) 375
NEPL receivables (3,640) (841) – –
Trade receivables
(Geregu power, Sapele Power and NGMC) 7,287 1,461 2,036 1,596
Other trade receivables (214) – 59 –
Total impairment loss allowance 2,672 1,073 1,512 1,971
13. Fair value gain/(loss)

$'000 $'000 $’000 $’000
Realised fair value loss on crude oil hedges (4,200) (3,926) (1,290) (1,186)
Unrealised fair value gain/(loss) on crude oil hedges 1,045 150 1,166 (426)
(3,155) (3,776) (124) (1,612)
Fair value loss on derivatives represents changes in the fair value of hedging receivables and premium on hedging
charged to profit or loss.
14. Finance income/(cost)

9 Months
ended ended ended
ended 30
Sept 2024
2023 2024 2023
$'000 $'000 $'000 $'000
Finance Income
Interest income 7,817 6,287 2,386 2,271
Finance Charges
Interest on bank loan (50,369) (48,500) (16,690) (15,398)
Other financing charges (2,763) – – –
Interest on lease liabilities (910) (228) (320) (76)
Unwinding of discount on provision for decommissioning (4,043) (5,638) (1,395) (1,888)
(58,085) (54,366) (18,405) (17,362)
Finance (cost) - net (50,268) (48,079) (16,019) (15,091)
Finance income represents interest on short-term fixed deposits.

statements
15. Taxation
The Income tax expense is recognised based on management’s estimate of the weighted average effective annual income
tax rate expected for the full financial year in line with the requirements of the standard. The annual tax rate used for the
nine months ended 30 September 2024 is 85% for crude oil activities and 30% for gas activities.
The major components of income tax expense in the condensed consolidated interim statement are shown below:
3 Months
ended
ended 30 ended ended
30 Sept
Sept 2024 30 Sept 2023 30 Sept 2024
2023
$'000 $'000 $'000 $'000
Current tax:
Current tax expense on profit for the year 55,339 44,894 (7,831) 19,021
Education Tax 9,669 8,979 6,181 3,590
NASENI Levy 641 380 163 119
Police Levy 10 5 2 1
Total current tax 65,659 54,258 (1,485) 22,731
Deferred tax:
Deferred tax expense/(credit) in profit or loss (Note 15.1) 144,044 (27,267) 82,150 1,472
Total tax expense/(credit) in profit or loss 209,703 26,991 80,665 24,203
Effective tax rate 86 % 25 % 122 % 115 %

The income tax expense of $209.7 million for the interim period includes a current tax charge of $65.7 million and a
deferred tax charge of $144 million based on the 2024 effective tax rate (ETR) of 86%.
15.1 Deferred tax

The analysis of deferred tax assets and deferred tax liabilities is as follows:
Balance as
Balance as (Charged) at 30
at 1 January /credited to September
2024 profit or loss 2024
$'000 $'000 $'000
Deferred tax assets 290,784 (76,483) 214,300
Deferred tax liabilities (98,267) (67,561) (165,828)
192,517 (144,044) 48,472
In line with the requirements of IAS 12, the Group offset the deferred tax assets against the deferred tax liabilities arising
from similar transactions.

statements
16. Oil and gas properties

During the nine months ended 30 September 2024, the Group invested $153.6 million (Dec 2023: $43.9 million) on
additions to oil and gas properties.
17. Trade and other receivables
30 Sept 2024 31 Dec 2023

$'000 $'000
Trade receivables (Note 17.1) 86,730 103,117
Nigerian National Petroleum Corporation Exploration Limited (NEPL) receivables
(Note 17.2) 47,530 124,588
NNPC Upstream Investment Management Services (NUIMS) receivables (Note 16.3) (904) 20,475
*Underlift 13,169 –
Advances to suppliers-others 18,614 3,967
Advance for New Business (Note 17.6) 128,300 128,300
Receivables from ANOH (Note 17.5) 659 628
Other receivables (Note 17.4) 42,961 29,090
337,059 410,165
*Underlifts are shortfalls of crude lifted below the share of production. It may exist when the crude oil lifted by the Group
during the period is less than its ownership share of production. The shortfall is initially measured at the market price of oil
at the date of lifting and recognised as other income.
17.1 Trade receivables

Included in trade receivables is an amount due from Geregu Power of $11.2 million (Dec 2023: $13 million), Sapele Power
$7.0 million (Dec 2023: $6.1 million), MSN Energy $12.6 million (Dec 2023: $3.6 million), Nigerian Gas Marketing
Company $0.3 million (Dec 2023: $1.4 million), Azura Power $3.0 million (Dec 2023:nil) and Transcorp Power $1.4 million
(Dec 2023:nil), totalling $35.5 million (Dec 2023: $24.1 million) with respect to the sale of gas.
Also included in trade receivables are receivables due from Pillar of $24.4 million (Dec 2023: $6.4 million), Mercuria nil
(Dec 2023: $4.6 million), Shell Western $15.6 million (Dec 2023: $70.3 million), Waltersmith $5.9 million (Dec 2023: $12.2
million) for sale of crude and $21.5 million (Dec 2023: $2.2 million) for others.
Reconciliation of trade receivables
9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Additions during the year 717,687 1,015,777
Receipt for the year (725,289) (942,737)
Gross carry amount 102,758 119,939
Less: Impairment allowance (16,028) (16,822)

statements
Reconciliation of impairment allowance on trade receivables

9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Increase in loss allowance 7,287 3,259
17.2 NEPL receivables

The outstanding cash calls due to Seplat from its JOA partner, NEPL is $47.5 million (Dec 2023: $124.6 million).
Reconciliation of NEPL receivables
9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Exchange difference (1,834) 8,506
Less: impairment allowance (837) (4,856)
Reconciliation of impairment allowance on NEPL receivables
9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Increase in loss allowance (3,640) 1,870
Exchange difference (379) (294)
Loss allowance as at the end of the period 837 4,856
17.3 NUIMS receivables

Reconciliation of NUIMS receivables
9 Months
ended 30
Sept 2024 31 Dec 2023
$'000 $'000
Gross carrying amount (904) 21,236
Less: impairment allowance – (761)
Balance as at the end of the period (904) 20,475

statements
Reconciliation of impairment allowance on NUIMS receivables

9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Loss allowance as at 1 Jan 761 849
Increase in loss allowance (761) 348
Exchange difference – (436)
Loss allowance as at the end of the period – 761
17.4 Other receivables

Reconciliation of other receivables
9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Receipts during the year 29,000 12,916
Addition during the year (10,088) (25,868)
Balance as at end of the period 42,961 29,090
Reconciliation of impairment allowance on other receivables
9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Loss allowance as at 1 January 53,996 57,280
Increase in loss allowance during the period (214) 1,322
Exchange difference 1,926 (4,606)
Other receivables include sundry receivables, WHT receivables, staff receivables, Nigerian Gas Company (NGC) VAT
receivables, Oghareki CHC receivables. Non-financial assets recognised under other receivables such as WHT
receivables and NGC VAT receivables have not been subjected to impairment.
*Foreign exchange revaluation impact relates to the revaluation of receivable balances denominated in currencies other
than the US Dollars. These balances are required to be revalued at the end of every reporting period.

statements
17.5 Receivables from joint venture (ANOH)
9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Additions during the year 505 1,381
Receipts for the year (416) (1,396)
Less: Impairment reversal/(charge) (3,834) (6,034)
Balance as at 30 September 659 628
Reconciliation of impairment allowance on receivables from joint venture (ANOH)
9 Months
ended 30 31 Dec
Sept 2024 2023
Unaudited Unaudited
Receivables from joint venture (ANOH) $'000 $'000
Loss allowance as at 1 January 6,034 296
Increase in loss allowance during the period – 5,738
Exchange difference (2,200) –
17.6 Advances for New Business

Advances for new business include deposit for investment of $128.3 million (Dec 2023: $128.3 million) towards the
acquisition of the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware.
18. Contract assets
9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Revenue on gas sales 7,490 8,334
Impairment loss on contract assets (285) (285)
7,205 8,049
A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a
customer. The Group has recognised an asset in relation to a contract with Geregu Power, Sapele Power, Azura, NGMC,
Transcorp Power, MSN Energy and Asherxino Limited for the delivery of gas supplies and Waltersmith for delivery of oil
which these customers have received but which has not been invoiced as at the end of the reporting period.
The terms of payments relating to the contract is between 30- 45 days from the invoice date. While that of oil sales is 10
days from the invoice date. However, invoices are raised after delivery between 14-21 days when the receivable amount
has been established and the right to the receivables crystalises. The right to the unbilled receivables is recognised as a
contract asset. At the point where the certificates are received and upon volume reconciliations with offtakers, this will be
reclassified from contract assets to trade receivables.

statements
18.1 Reconciliation of contract assets

The movement in the Group’s contract assets is as detailed below:
9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Balance as at 1 January 2024 8,334 7,811
Additions during the period 158,264 159,631
Amounts billed during the period (159,108) (159,108)
Gross revenue on gas sales 7,490 8,334
Impairment (285) (285)
19. Derivative financial instruments

The Group uses its derivatives for economic hedging purposes and not as speculative investments. Derivatives are
measured at fair value through profit or loss. They are presented as current liability to the extent they are expected to be
settled within 12 months after the reporting period.
The fair value has been determined using a proprietary pricing model which generates results from inputs. The market
inputs to the model are derived from observable sources. Other inputs are unobservable but are estimated based on the
market inputs or by using other pricing models.
30 Sept 2024 31 Dec 2023

$'000 $'000
Opening Balance (1,606) (2,135)
Unrealised fair value (Note13) 1,045 894
Premium Accrued (430) (365)
Prior year - premium paid 365 –
(626) (1,606)
20. Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise of cash at bank, cash on hand and short-term
deposits with a maturity of three months or less.
30 Sept 2024 31 Dec 2023

$'000 $'000
Cash on hand – –
Short-term fixed deposits 36,721 101,636
Cash at bank 397,383 348,719
Gross cash and cash equivalents 434,104 450,355
Loss allowance (245) (246)
Net cash and cash equivalents 433,859 450,109

statements
20.1 Reconciliation of impairment allowance on cash and cash equivalents

30 Sept 2024 31 Dec 2023
$'000 $'000
Loss allowance as at 1 January 246 246
Decrease in loss allowance during the period (1) –
Loss allowance as at the end of the period 245 246
20.2 Restricted cash
30 Sept 2024 31 Dec 2023

Unaudited Unaudited
$'000 $'000
24,405 27,031
20.3 Movement in restricted cash
30 Sept 2024 31 Dec 2023

$'000 $'000
(Decrease)/increase in restricted cash (2,626) 3,087
(2,626) 3,087
Included in the restricted cash balance is $2 million and $21 million set aside in the stamping reserve account and debt
service reserve account respectively for the revolving credit facility. The amount is to be used for the settlement of all fees
and costs payable for the purposes of stamping and registering the Security Documents at the stamp duties office and at
the Corporate Affairs Commission (CAC).
Also included in the restricted cash balance is $0.4 million for unclaimed dividend and a garnishee order of $0.5 million.
These amounts are subject to legal restrictions and are therefore not available for general use by the Group.
21. Share capital

21.1 Authorised and issued share capital
30 Sept 31 Dec
2024 2023
$'000 $'000
Authorised ordinary share capital –
588,444,561 ordinary shares denominated in Naira of 50 kobo per share 1,864 1,864
Issued and fully paid

588,444,561 (Dec 2023:588,444,561) issued shares denominated in Naira of 50 kobo per share 1,864 1,864
Fully paid ordinary shares carry one vote per share and the right to dividends. There were no restrictions on the Group’s
share capital.

statements
21.2 Movement in share capital and other reserves
Share
Issued based
share Share payment Treasury
Number of shares capital premium reserve shares Total
Shares $'000 $'000 $'000 $'000 $'000
Opening balance as at 1 January 2024 588,444,561 1,864 520,431 34,515 (4,286) 552,524
Additions to share based during the period – – – 9,143 – 9,143
Vested shares during the period 18,643,732 22 15,288 (15,310) –
Issued vested shares (18,643,732) (22) (15,288) – 15,310 –
Share repurchased – – – – (19,300) (19,300)
Closing balance as at 30 September
2024 588,444,561 1,864 520,431 28,348 (8,276) 542,367
Shares repurchased for employees during the year of $19.3 million (Dec 2023: $1.5 million) relates to 9.3 million shares
purchased for the Company’s Long-Term Incentive Plan. The shares are held by the Trustees under the Trust for the
benefit of the Company’s employee beneficiaries covered under the Trust.
21.3 Employee share-based payment scheme

As at 30 September 2024, the shares awards granted by the Group to Executive Directors and confirmed employees which
are yet to vest is 53,624,002 shares (Dec 2023: 56,047,932 shares).
21.4 Treasury shares

This relates to shares purchased from the market to fund the Group’s Long-Term Incentive Plan. The programme
commenced from 1 March 2021 and are held by the Trustees under the Trust for the benefit of the Group’s employee
beneficiaries covered under the Trust.
22. Interest bearing loans and borrowings
22.1 Reconciliation of interest bearings loans and borrowings

Below is the reconciliation on interest bearing loans and borrowings for 30 September 2024:
due within 1 due above 1
year year Total
$'000 $'000 $'000
Interest capitalised 6,090 – 6,090
Transfers 59,644 (59,644) –
Carrying amount as at 30 September 2024 97,375 606,843 704,218
Interest bearing loans and borrowings is made up of $703.8 million, relating to EIR interest bearing loans and $0.4 million
relating to accrued commitment fees on the undrawn $350 million Revolving Credit Facility (RCF).

statements
Below is the reconciliation on interest bearing loans and borrowings 31 December 2023:
due within 1 due above 1
year year Total
$'000 $'000 $'000
Interest capitalized 16,256 – 16,256
Other financing charges (Commitment fees) 7,694 – 7,694
Transfers 29,394 (29,394) –
Balance as at 31 December 2023 89,244 666,487 755,731
22.2 Amortised cost of borrowings
9 Months
ended 30 Sept
2024 31 Dec 2023
$'000 $'000
Senior loan notes 644,399 654,164
Senior reserve-based lending (RBL) facility 49,707 90,992
Junior reserve-based lending (RBL) facility 9,740 10,206
703,846 755,362
$650 million Senior notes – April 2021
In March 2021, the Group offered 7.75% senior notes with an aggregate principal of $650 million due in April 2026. The
notes, which were priced on 25 March and closed on 1 April 2021, were issued by the Group in March 2021 and
guaranteed by certain of its subsidiaries.
The gross proceeds of the Notes were used to redeem the existing $350 million 9.25% senior notes due in 2023, to repay
in full drawings of $250 million under the existing $350 million revolving credit facility for general corporate purposes, and
to pay transaction fees and expenses. The amortised cost for the senior notes as at the reporting period is $644.4 million
(Dec 2023: $654.2 million), although the principal is $650 million.
$110 million Senior reserve-based lending (RBL) facility – March 2021
The Group through its subsidiary Westport on 28 November 2018 entered into a five-year loan agreement with interest
payable semi-annually. The RBL facility has an initial contractual interest rate of 8% + USD LIBOR, now SOFR (Secured
Overnight Financing Rate), which came into effect in August 2023. and a final settlement date of March 2026.
The original facility of $90 million was increased to $ 100 million on 4 February in 2020 and then again to $110 million on
24 May 2021.
The RBL is secured against the Group’s producing assets in OML 40 via the Group’s shares in Elcrest, and by way of a
debenture which creates a charge over certain assets of the Group, including its bank accounts.
The available facility is capped at the lower of the available commitments and the borrowing base. At the 2024 autumn
redetermination which was finalized in early October, the technical and modelling bank calculated a borrowing base of
$54.61 million. This was capped at the current available commitment level of $49.5 million.

statements
$50 million Junior reserved base lending (RBL) facility – July 2021
In July 2021, the Group through its subsidiary Westport raised a $50 million offtake facility also secured on Elcrest’s assets,
including OML 40, in addition to the Senior Reserved Based Lending Facility. The offtake facility has a 6-year tenor,
maturing in 2027. As of the period under review, $11 million has been drawn on this facility. The amortised cost for this as
at the reporting period is $9.7 million (Dec 2023: $10.2 million), although the principal outstanding is $11 million, with the
facility size having reduced to $40 million as at 30 September 2024.
The margin is 2% over the then-prevalent senior margin (resulting in a margin of SOFR, including the CAS, plus 10%).
LIBOR rates were replaced by the financial institutions to Secured Overnight Financing Rate (SOFR) plus a credit
adjustment spread (CAS) in June 2023.
$350 million Revolving credit facility – September 2022
Seplat Energy Plc’s $350 million revolving credit facility was refinanced on 30 September 2022 and is currently undrawn
(the "RCF"). The RCF carries interest of 5% over the base rate (SOFR plus applicable credit adjustment spread). The
RCF is scheduled to mature in June 2025 but includes an automatic maturity extension until December 2026 once a
refinancing of the existing $650 million bond due in April 2026 is implemented. The structure of the RCF amortization
profile is currently linked to a bond refinancing so that the bank lenders would be repaid prior to the bond becoming due.
As the MPNU transaction is yet to be completed, the refinancing of the $650 million bond has not yet occurred. The RCF
was amended in August 2024 to ensure that the full $350 million is available for drawing and an immediate repayment
would not be required.
23. Trade and other payables
30 Sept 2024 31 Dec 2023

$'000 $'000
Trade payable 101,038 121,244
Accruals and other payables 231,907 196,150
NDDC levy 4,177 7,669
Royalties payable 16,824 64,086
Overlift payable 60,664 144,696
414,610 533,845
Included in accruals and other payables are field accruals of $87.3 million (Dec 2023: $80 million), deferred revenue of
$0.03 million (Dec 2023: $0.41 million) and other vendor payables of $66.4 million (Dec 2023: $46.2 million). Royalties
payable include accruals in respect of crude oil and gas production for which payment is outstanding at the end of the
period.
Overlifts are excess crude lifted above the share of production. It may exist when the crude oil lifted by the Group during
the period is above its ownership share of production. Overlifts are initially measured at the market price of oil at the date of
lifting and recognised in profit or loss. At each reporting period, overlifts are remeasured at the current market value. The
resulting change, as a result of the remeasurement, is also recognised in profit or loss and any amount unpaid at the end
of the year is recognised in overlift payable.

statements
24. Computation of cash generated from operations
9 Months
9 Months ended
ended
30 Sept 2024
30 Sept 2023
Notes $'000 $'000
Profit before tax 244,957 106,536

Adjusted for:
Depletion, depreciation and amortisation 119,741 119,825
Depreciation of right-of-use asset 3,949 3,074
Impairment losses on financial assets 12.1 2,672 1,073
Loss on disposal of other property, plant and equipment 7,448 –
Interest income 14 (7,817) (6,287)
Interest expense on bank loans 22 53,132 48,500
Interest on lease liabilities 910 228
Unwinding of discount on provision for decommissioning 4,043 5,638
Unrealised fair value loss/(gain) on derivatives financial instrument 13 (1,045) (150)
*Realised fair value loss on derivatives 13 4,200 3,926
Unrealised foreign exchange (gain)/loss 10 (17,075) 27,754
Share based payment expenses 21.3 9,143 7,682
Share of (loss)/ profit from joint venture (20,457) 166
Defined benefit plan 22.4 4,725 2,313
Changes in working capital: (excluding the effects of exchange differences)
Trade and other receivables 70,434 (31,556)
Inventories 3,222 (503)
Contract assets 844 (145)
Trade and other payables (65,442) 62,222
Cash generated from operations 423,337 362,288
25. Earnings/(Loss) per share EPS/(LPS)

Basic
Basic EPS/(LPS) is calculated on the Group’s profit after taxation attributable to the parent entity, which is based on the
weighted average number of issued and fully paid ordinary shares at the end of the year.
Diluted
Diluted EPS/(LPS) is calculated by dividing the profit after taxation attributable to the parent entity by the weighted average
number of ordinary shares outstanding during the year plus all the dilutive potential ordinary shares (arising from
outstanding share awards in the share-based payment scheme) into ordinary shares.

statements

2024 30 Sept 2023 30 Sept 2024 30 Sept 2023
$'000 $'000 $'000 $'000
Profit for the period 38,668 40,480 (2,093) (3,031)

(Loss)/profit attributable to Non-controlling interests (3,414) 39,065 (12,561) (50)
Profit for the year 35,254 79,545 (14,654) (3,081)
Shares ’000 Shares ’000 Shares ’000 Shares ’000

Weighted average number of ordinary shares in issue 588,445 588,445 588,445 588,445
Outstanding share based payments (shares) – – – –
Weighted average number of ordinary shares adjusted for the effect
of dilution 588,445 588,445 588,445 588,445
Basic earnings per share for the period $ $ $ $

Basic (loss)/earnings per share 0.07 0.07 – (0.01)
Diluted (loss)/earnings per share 0.07 0.07 – (0.01)
Profit used in determining basic/diluted earnings per share 38,668 40,480 (2,093) (3,031)
The weighted average number of issued shares was calculated as a proportion of the number of months in which they
were in issue during the reporting period.
26. Proposed dividend

The Group’s directors proposed an interim dividend of 3.6 cents per share for the reporting period (2023: 3 cents)
27. Related party relationships and transactions

The Group is controlled by Seplat Energy Plc (the parent Company). A.B.C Orjiako (SPDCL(BVI)) and members of his
family holds an interest in the Parent company. The remaining shares in the parent Company are widely held.
The goods and services provided by the related parties relates to prior year and are disclosed below.
i. Shareholders of the parent company

Amaze Limited: Dr. A.B.C Orjiako is a director and shareholder of Amaze Limited. The company provided consulting
services to Seplat in 2023. Services provided to the Group during the period amounted to nil (Dec 2023: $587.4 thousand).
28. Commitments and contingencies
28.1 Contingent liabilities

The Group is involved in a number of legal suits as defendant. The estimated value of the contingent liabilities for the nine
months ended 30 September 2024 is $0.24 million (Dec 2023: $0.22 million). The contingent liability for the year is
determined based on possible occurrences, though unlikely to occur. No provision has been made for this potential liability
in these financial statements. Management and the Group’s solicitors are of the opinion that the Group will suffer no loss
from these claims.
Under the OML 40 Joint Operating Agreement (‘JOA’), the Group is responsible for its share of expenditures incurred on
OML 40 in respect of its participating interest, on the basis that the operator’s estimated expenditures are reasonably
incurred based on the approved work program and budget. From time to time, management disputes such expenditures on
the basis that they do not meet these criteria, and when this occurs management accrues at the period end for its best
estimate of the amounts payable to the operator. Consequently, the amounts recognised as accruals as of 30 September
2024.

statements
reflect management’s best estimate of amounts that have been incurred in accordance with the JOA and that will ultimately
be paid to settle its obligations in this regard.
However, management recognises there are a range of possible outcomes, which may be higher or lower than the
management’s estimate of accrued expenditure. It is estimated that around $4,554,745 (Dec 2023: $5,384,235) of possible
expenditure currently remains under dispute. Management considers the merits for these cost items which remains under
dispute.
Management considers the merits for these cost items which remains rejected to be very high, but in recognition of
possible range of outcomes has included them in the contingent liability.
29. Events after the reporting period

Subsequent to the reporting period, the Group received Ministerial Consent for the acquisition of the entire issued share
capital of Mobil Producing Nigeria Unlimited (‘MPNU’). The transaction will be transformational for Seplat Energy, and
every effort is now on completing the transaction.

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Unaudited results for the

nine months ended

Seplat Energy Plc | 9M 2024 Financial Results 1

9M 2024 9M 2023 % change 9M 2024 9M 2023

Responsibility for publication

Seplat Energy Plc | 9M 2024 Financial Results 2

Seplat Energy Plc | 9M 2024 Financial Results 3

Eleanor Adaralegbe, Chief Financial Officer +234 1 277 0400

James Thompson, Head of Investor Relations +44 203 725 6500

Ayeesha Aliyu, Investor Relations

Chioma Afe, Director, External Affairs & Social Performance

Ben Brewerton / Christopher Laing +44 203 727 1000

Citigroup Global Markets Limited

Peter Brown / Peter Catterall +44 207 986 4000

Investec Bank plc

Chris Sim +44 207 597 4000

About Seplat Energy

Seplat Energy Plc | 9M 2024 Financial Results 4

Upstream business performance

Seplat Energy Plc | 9M 2024 Financial Results 5

Seplat Energy Plc | 9M 2024 Financial Results 6

New Energy business

Seplat Energy Plc | 9M 2024 Financial Results 7

Ending routine flaring

Proposed acquisition of MPNU

Seplat Energy Plc | 9M 2024 Financial Results 8

Seplat Energy Plc | 9M 2024 Financial Results 9

Effective tax rate analysis Income tax expense Tax rate

Cash flows from operating activities

Seplat Energy Plc | 9M 2024 Financial Results 10

Cash flows from financing activities

Seplat Energy Plc | 9M 2024 Financial Results 11

Volumes hedged MMbbls 1.5 1.5 1.5 1.5 1.5

Seplat Energy Plc | 9M 2024 Financial Results 12

Seplat Energy Plc | 9M 2024 Financial Results 13

Earnings per share for the period

Seplat Energy Plc | 9M 2024 Financial Results 14

Profit/(loss) for the year 52,776 46,928 (15,284) 4,897

Other comprehensive income:

Seplat Energy Plc | 9M 2024 Financial Results 15

Equity and liabilities

Seplat Energy Plc | 9M 2024 Financial Results 16

U. U. Udoma R.T Brown E. Adaralegbe

Seplat Energy Plc | 9M 2024 Financial Results 17

Seplat Energy Plc | 9M 2024 Financial Results 18

Cash flows from financing activities

Net increase in cash and cash equivalents 48,085 9,459

Seplat Energy Plc | 9M 2024 Financial Results 19

Seplat Energy Plc | 9M 2024 Financial Results 20

Seplat Energy Plc | 9M 2024 Financial Results 21

3. Significant changes in the current accounting period

4. Summary of significant accounting policies

4.1 Introduction to summary of significant accounting policies

4.2 Basis of preparation

Seplat Energy Plc | 9M 2024 Financial Results 22

a) Amendments to IAS 1: Classification of Liabilities as Current or Non-current

b) Amendments to IFRS 16: Lease Liability in a Sale and Leaseback

c) Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7

Seplat Energy Plc | 9M 2024 Financial Results 23

4.4 Standards issued but not yet effective