Share Name Share Symbol Market Type Share ISIN Share Description
Seplat Petroleum Development Company Plc LSE:SEPL London Ordinary Share NGSEPLAT0008 ORD NGN0.50 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  -1.60 -1.87% 84.00 64,177 16:35:24
Bid Price Offer Price High Price Low Price Open Price
83.00 83.60 85.80 82.00 85.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 387.99 -58.67 -9.51 473
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:24 UT 1,547 84.00 GBX

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Date Time Title Posts
18/8/201413:02BUY AND HOLD in SEPLAT-

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Seplat Petroleum Develop... Daily Update: Seplat Petroleum Development Company Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SEPL. The last closing price for Seplat Petroleum Develop... was 85.60p.
Seplat Petroleum Development Company Plc has a 4 week average price of 72.40p and a 12 week average price of 71p.
The 1 year high share price is 92p while the 1 year low share price is currently 47p.
There are currently 563,444,561 shares in issue and the average daily traded volume is 161,412 shares. The market capitalisation of Seplat Petroleum Development Company Plc is £473,293,431.24.
andyforster1: Wonder when the markets going to get excited about The Sibiri well in H2. Low cost exploration well ($11M) with an estimated 48% chance of success targeting 80M barrels. Very low risk considering current share price and the cost of the well.
swanvesta: Yes, but does that cover the loan? Couple of things I don't get: 1. There's supposed to be a repayment holiday till end 2021, but if repayment is via OML 40 production and SEPL are already getting Elcrest's full share of it then how's that a holiday? 2. The extra production isn't enough to cover the repayment schedule anyway. Where's the rest coming from?
seatank8300: Agree, this is an incredibly cheap stock,a cash generator, and a blue chip company in the context of Nigeria, although shame they undertook so many hedges at $30 and $35, didn't raise the dividend despite much improved Outlook, and seemed to have sunk $29.9m on an acquisition they didn't end up pursuing. I thought they would make a more strenuous effort to return capital to shareholders at this share price level, which is frankly at a ridiculously discounted level.
rolo7: Looks interesting results out Monday a bit earlier than normal but oil price will transform seplat, target 100 for a start, so illiquid shame as would make a fste 250 candidate?!
seatank8300: Seplat is already producing oil which generates millions of dollars legally allowed to be paid out to shareholders, while their gas business generates Naira (priced in dollars) that funds their doemstic growth capex for the future. ANOH will produce a mix of gas and condensate (which will generate dollars). Seplat sells its gas into the major part of the main grid where most industrial users are, whereas I believe SAVE's gas infrasturcture supplies a relatively smaller market where there isn't a great deal of industrial activity currently. It's not to say SAVE doesnt have an interesting story, but Seplat is an altogether different animal in my view. Seplat has a strong balance sheet, profitable producing fields, pays out large dividends already, and is likely to further consolidate the domestic industry. On my calculations at the current oil price it's trading on <3.0x PE, which is insane value for the cornerstone of Nigeria's domestic energy industry.
seatank8300: I posted an explanation on the LSE discussion board about the share pricing differential. The difference between SAVE and Seplat is: 1. SAVE's infrastructure is located in the backwaters of the country with relatively little industrial activity 2. SAVE primariy sells gas, whose price is set in dollars but paid in Naira, and Naira can not currently be repatriated offshore, so there is no chance of a dividend until the central bank changes it's policy (it's been years already); whereas Seplat produces oil which is priced in dollars and paid in dollars, and therefore profits can be repatriated at the company's will to pay us shareholders dividends, which they do. That's the difference; but I still like SAVE, it's very cheap and in the long run it should work out well. Seplat though is a totally different and superior beast - it's a major infrastructure asset, an indigenous consolidator in the sector, very profitable, with a strong balance sheet and paying a big dividend that is likely to rise considerably over the coming 12 months. Easy choice between the two in my view.
krall: Yes, very easy to get hooked. SEPL´s quaterly webcasts on the website are also high class with good Q&A sessions. hxxps://
krall: Also in both, in favor of SEPL. Both very well set up for taking advantage of the huge domestic NG growth in Nigeria. And by no means competitors, SEPL main route is towards northwest/west, SAVE has for now their pipeline system in south/southeast. Market is more than big enough for both for years to come. SEPL oil bizz is very strong, and there´s some nice, very sizeable exploration prospects to start of with in OML 40, hopefully we see a well there in 2021. I think Nigeria´s oiltargets are more exiteing than frontier work in landlocked Niger. On the negative Sepl has some bad hedges, not big contracts but low for Q1 2021. If you run the numbers, im not completly updated, you will see that SEPL has the lower reserv and flowing barrel valuation. Ive held positions in Nigerian oilers like Mart, MP Nigeria, HOIL earlier with mpst of the times good success, but be prepared to expeince hickups, in Nigeria they will come in one from or another. Key thing is to stay with wellfinanced companies.
krall: Latest news on the ANOH project - hxxps://;lang=en-GB&companycode=ng-sepl&v=redesign The last part of financing is now closed. Over subscribed and provided by a consortium of seven banks. The Anoh project is big, ths single largest domestic project targeting a lot of reserves, big production numbers for drygas, condensate and LNG. To bring gas to the big domestic markets in Lagos/Abudja they need to link it up with a new huge pipeline the “OB3” that will transport the gas from AHOH to Seplats Oben gas infrastructure and from there to end users. The OB3 pipeline is critical and needs to in use AND it is a project Seplat is not involved in and have no control over. There has of course(...) been delays it has been 90% complete for some years now, the old contractors failed to make the Niger river crossing complete 4 or 5 times. Last year they where set aside and changed to a Chinese pipeline company and it is supposed to be commissioned any day now. Point is – I don’t think Seplat and partners would have closed this last part of financing unless they are as sure as they can be that the pipeline will be ready to deliver gas when ANOH is scheduled for start up in Q4. The news release has some interesting info – “Following a cost optimisation programme, the AGPC construction cost is now expected to be no more than US$650m, inclusive of financing costs and taxes, significantly lower than the original projected cost of US$700m”, a testament to Seplats project team and how many times have we seen a project in Nigeria coming in below budget. -“Seplat is a leading provider of natural gas to Nigeria's power sector, supplying around 30% of gas used for electricity generation.”, that´s before the ANOH comes on stream. I really think SEPLAT is at the right place at the right time, they are way ahead of almost all serious competitors working with Domestic gas in Nigeria. They made the gamble some 10 years ago buying blocks from Shell when gas was selling for less than 1$, business was big time negative, now it has changed it´s has very healty economics. Okechukwu Mba, Managing Director of ANOH Gas Processing Company said: "Successfully closing the US$260 million debt facility means that the ANOH project is now fully funded. Once operational, AGPC will be a significant supplier of gas to Nigeria's power sector, supporting local employment and the cleaner generation of power for Nigerian homes and businesses. We conservatively estimate that the gas from AGPC will be enough to generate electricity for more than 5 million people". Roger Brown, Chief Executive Officer of Seplat, said: "Completing the funding of ANOH is an important milestone for AGPC. The ANOH development is one of the government's Seven Critical Gas Development Projects and our involvement provides a clear path towards strengthening Seplat's position as Nigeria's leading indigenous diversified energy producer. It will help us drive, alongside our government partners, Nigeria's transition to cleaner, less expensive power generation. We are extremely proud to partner with the Nigerian Gas Company in this strategically important project, which will create jobs and prosperity in the Nigerian economy. Seplat will continue to diversify its business and invest in gas to help Nigeria develop its own natural resources, which in turn will drive more sustainable social and economic growth for a young, rapidly growing population."
krall: Looking at the basic numbers - Mcap $630 Cash position of $213m/Debt $692m EV - $1109 m Annual dividend of $0.10 , 9.5% yield. (Kept at same level in 2020) 1P2P reserves 509 mm for a reserve valuation of 2,2 USD/barrel Production 2020 , 50000 boepd for a flowing barrel valuation of 22 USD/barrel. Operatons costs – 8,9 USD/barrel Receivables/loan repayments due from Westport of $400m (2022 to 2024) from the Eland acquisition. Yes Nigeria has it´s challenges above ground, but Seplat looks really attractive right now. One must keep in mind Sepl has been stress tested more then once – pipeline interruptions with the Forcados pipeline being down for more than a year, theft, delayed payment from partners, SARS, Covid and more. They have sorted out the issues and now it looks really good with oilprices at a healthy level and some key trigger to be finalized during 2021.
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