Seplat’s CMD focused on the shallow water assets (“SEPNU”) acquired from Exxon. It announced a large resource upgrade, ambitious production targets, a refreshed dividend policy based on sizeable FCF generation and the potential monetisation of 10% of SEPNU. With scale, diversification, and alignment to Nigeria’s gas-led growth agenda, Seplat presented a powerful case for re-rating and long-term value creation in the context of an improving Nigerian economy (lower inflation; stable FX). The ex-Ex ....
