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Seplat Energy’s shares have reached a record ₦14,907.80 on the NGX, gaining 10 percent in two trading sessions as oil prices remained above $100 per barrel.
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The stock has risen 165.9 percent since the start of 2026 and 177.1 percent over the past year, significantly outperforming several other listed energy companies.
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Stronger earnings and production are reinforcing the rally, with Seplat’s first-half 2026 profit before tax rising 74.1 percent to ₦790.4bn.
September 17, (THEWILL) – Seplat Energy Plc has extended its sharp rally on the Nigerian Exchange Limited (NGX), with its shares reaching a record ₦14,907.80 as investors continue to favour energy stocks amid elevated global oil prices.
NGX data showed the stock closed at ₦14,907.80 on September 16, unchanged since its 10 percent jump from ₦13,552.60 on September 10. The price is Seplat’s 52-week high, according to NGX data.
The latest advance has taken the stock well beyond its ₦5,610 opening price for 2026, representing a 165.9 per cent year-to-date gain.
Seplat has also risen about 63.9 percent from ₦9,099 on March 17 and 177.1 percent from ₦5,379 a year ago.
The recent rally has come in sharp steps. The stock rose 10 percent from ₦12,320.60 on September 2 to ₦13,552.60 on September 3, before another 10 percent increase on September 10 took it to its current record.
Oil Disruption Adds To Energy-Stock Appeal
The rally comes as global oil markets face heightened supply and shipping risks from the conflict involving the United States and Iran.
Traffic through the Strait of Hormuz, a major global energy shipping route, has fallen sharply. Reuters reported that only three commercial vessels transited the waterway on September 16, compared with 12 the previous day and a 10-day average of 17.
The disruption has contributed to crude prices trading above $100 per barrel, increasing the earnings sensitivity of oil producers to higher realised prices.
However, Seplat’s share-price performance cannot be attributed solely to the geopolitical shock. The stock had already recorded substantial gains earlier in the year, reflecting stronger production, earnings and the enlarged scale of its operations.
Seplat Fundamentals Strengthen
Seplat’s financial performance provides another basis for the sustained investor interest.
For the six months ended June 2026, revenue rose 15.5 percent year-on-year to ₦2.50 trillion, while profit before tax increased 74.1 percent to ₦790.4 billion from ₦454.1 billion a year earlier.
Profit after tax rose sharply to ₦225.5 billion from ₦42.5 billion, while production averaged 139,509 barrels of oil equivalent per day, up four percent from 134,492 boepd in the first half of 2025. The company’s average realised oil price also increased 30 percent to $94.13 per barrel.
The company also generated ₦1.36 trillion in cash from operations during the first half, while free cash flow stood at $526 million, according to its interim results.
The stronger production base followed Seplat’s consolidation of its offshore assets, giving the company greater exposure to higher oil prices.
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Seplat’s performance contrasts with the more uneven movement among other NGX-listed oil and gas companies.
Oando Plc, for instance, rose from ₦35.20 on August 17 to ₦38.30 on September 2 before falling to ₦34 by September 16.
TotalEnergies Marketing Nigeria Plc remained around ₦576 through September, while Conoil Plc held around ₦210.
Eterna Plc declined from ₦36 on September 7 to ₦34.50 on September 8 and remained at that level, while Aradel Holdings Plc fell 10 percent from ₦1,570 on September 9 to ₦1,413 on September 10 before recovering to ₦1,550.
The divergent performances suggest that higher oil prices and geopolitical risks are not translating into a uniform rally across Nigeria’s energy sector.
For Seplat, the combination of stronger production, higher realised prices and improved earnings means the latest oil-price shock is occurring against a backdrop of already stronger corporate fundamentals.
The key question for investors is whether the record valuation can be sustained if oil prices retreat and global supply disruptions ease, or whether Seplat’s improved earnings and production profile can continue to support the stock at elevated levels.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
