Seplat Petroleum Development Company PLC

Seplat Energy's fair value estimate has been raised from £6.35 to £6.86, an increase of about 8%, following updated analyst assumptions. Citi reaffirmed its Buy rating and lifted its price target to £6.65 from £6.55, citing confidence in the company's earnings profile. The revised fair value reflects adjustments including forecast revenue growth moving from 2.86% to 3.20%, projected net profit margin edging down from 9.21% to 9.12%, and the assumed forward P/E multiple jumping from 22.3 times to 30.8 times, while the discount rate increased from 13.30% to 13.48%. The limited breadth of recent published coverage, with Citi as the key referenced broker, may leave some investors cautious about relying on a single firm's view.

UTM Offshore has signed a gas sales agreement with Seplat Energy and the Nigerian National Petroleum Company for gas from the deepwater Yoho field, advancing Nigeria's first indigenous-led floating liquefied natural gas project. The facility is designed to process 176 million cubic feet per day and is targeting first LNG shipments in 2030, with engineering and pre-construction work already complete. Financing includes debt capital from Afreximbank and equity from NNPC and the Delta State Government, while JGC Holdings and Technip Energies are assessing the EPC contract. The project is part of Nigeria's Decade of Gas Initiative and will also supply around 300,000 tonnes of LPG annually to the domestic market.