REG - Seplat Energy PLC - Publication of 2024 Annual Report & Notice of AGM
11/04/2025 08:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250411:nRSK6710Ea&default-theme=true
RNS Number : 6710E Seplat Energy PLC 11 April 2025
11 April 2025
Seplat Energy PLC ("Seplat" or "the Company")
Publication of 2024 Annual Report and Notice of AGM
Seplat Energy PLC confirms it has today published its Annual Report &
Accounts for the year ended 31 December 2024. We have also published the
notice of the Company's twelfth Annual General Meeting ("AGM") and forms of
proxy. The Company will hold its AGM at 11:00am (WAT) on Wednesday, 14 May
2025 virtually. The virtual meeting link for the AGM is
https://www.seplatenergy.com/agm-2025/
(https://www.seplatenergy.com/agm-2025/)
In accordance with Listing Rule 14.3.6, copies of the Company's Annual Report
and Accounts for the year ended 31 December 2024, the Notice of AGM and proxy
forms have also been submitted to the FCA for publication through the document
viewing facility of the National Storage Mechanism and will shortly be
available for inspection at
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
In accordance with Disclosure Guidance and Transparency Rule ("DTR")
6.3.5R(3), copies are available on the Company's
website, https://www.seplatenergy.com (https://www.seplatenergy.com)
The Company's audited financial statements and extracts of the management
report were included in the Company's Final Results announcement on 4 March
2025. That information, together with the Appendices to this announcement,
which contains the following additional information that has been extracted
from the 2024 Annual Report, constitutes the material required for the
purposes of compliance with DTR 6.3.5 only:
· the Directors' Responsibilities
Statement;
· a description of principal risks and
uncertainties that the Company faces
This announcement should be read in conjunction with and is not a substitute
for reading the full 2024 Annual Report. Page and note references in the
text below refer to page numbers and notes in the 2024 Annual Report and terms
defined in that document have the same meanings in these extracts.
Enquiries:
Seplat Energy Plc
Eleanor Adaralegbe, Chief Financial Officer +234 1 277 0400
James Thompson, Head of Investor Relations ir@seplatenergy.com (mailto:ir@seplatenergy.com)
Edith Onwuchekwa, Director, Legal & Company Secretary
Chioma Afe, Director External Affairs & Social Performance
FTI Consulting
Ben Brewerton / Christopher Laing +44 203 727 1000
seplatenergy@fticonsulting.com
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 Premium Board of the Nigerian Exchange Limited (NGX: SEPLAT) and
the Main Market of the London Stock Exchange (LSE: SEPL). Through our strategy
to Build a sustainable business and Deliver energy transition, we are
transforming lives by delivering affordable, reliable and sustainable energy
that drives social and economic prosperity.
Following the acquisition of Mobil Producing Nigeria Unlimited, Seplat
Energy's enlarged portfolio consists of eleven oil and gas blocks in onshore
and shallow water locations in the prolific Niger Delta region of Nigeria,
which we operate with partners including the Nigerian Government and other oil
producers. Furthermore, we have an operated interest in three export terminals
including the Qua Iboe export terminal and Yoho FSO, as well as an operated
interest in the Bonny River Terminal (BRT) NGL recovery plant. We operate two
gas processing plants onshore, at Oben in OML 4 and Sapele in OML 41, and are
soon to open the 300 MMscfd ANOH Gas Processing Plant in OML 53 as a joint
venture with NGIC. Combined, these gas facilities augment Seplat Energy's
position as a leading supplier of natural gas to the domestic power generation
market
For further information please refer to our website, https://seplatenergy.com/
(https://seplatenergy.com/)
Appendices
Appendix A: Statement of Directors' responsibilities
The following Statement of Directors' responsibilities is extracted from the
2024 Annual Report and Accounts (page 153).
The Companies and Allied Matters Act, 2020, requires the Directors to prepare
financial statements for each financial year that give a true and fair view of
the financial position of the Group at the end of the year and of its profit
or loss. The responsibilities include ensuring that the Group:
1) keeps proper accounting records that disclose, with reasonable accuracy,
the financial position of the Group and comply with the requirements of the
Companies and Allied Matters Act, 2020;
2) establishes adequate internal controls to safeguard its assets and to
prevent and detect fraud and other irregularities; and
3) prepares its financial statements using suitable accounting policies
supported by reasonable and prudent judgements and estimates and are
consistently applied.
The Directors accept responsibility for the annual financial statements, which
have been prepared using appropriate accounting policies supported by
reasonable and prudent judgements and estimates, in conformity with
International Financial Reporting Standards (IFRS), the requirements of the
Companies and Allied Matters Act, 2020 and Financial Reporting Council of
Nigeria Act, No. 6, 2011.
The Directors are of the opinion that the financial statements give a true and
fair view of the state of the financial affairs of the Group and of its
financial performance and cash flows for the year. The Directors further
accept responsibility for the maintenance of accounting records that may be
relied upon in the preparation of financial statements, as well as adequate
systems of internal financial control.
Nothing has come to the attention of the Directors to indicate that the Group
will not remain a going concern for at least 12 months from the date of this
statement.
Signed on behalf of the Directors by:
U.U.Udoma
R.T. Brown
Chairman
Chief Executive Officer
FRC/2013/NBA/00000001796
FRC/2014/ PRO/DIR/003/00000017939
4 March
2025
4 March 2025
Appendix B: Principal risks and uncertainties
The following principal risks and uncertainties table is extracted from the
2024 Annual Report and Accounts (pages 84 to 89).
The implementation of our strategy can be hindered by various risks and
uncertainties. The risks that the Board considers most significant are
described here.
Operational and safety risks
Field operations and asset integrity
Description Failure to manage operational activities due to poor asset integrity
management, operability and availability of the production facilities, the
extent that the facilities become inoperable.
Mitigation Enforce Seplat's asset integrity philosophy. 'Compliance with operating
envelop. 'Develop an integrated asset Integrity management system.
'Maintainability and operability philosophy must be considered in engineering
design stage.
KPI/Performance metrics Number of ageing assets without life extension plans
Nu
mb
er
of
ma
in
te
na
nc
e
ta
sk
s
th
at
ar
e
ov
er
du
e
Nu
mb
er
of
un
pl
an
ne
d
ma
in
te
na
nc
e
an
d
re
pa
ir
s
(p
er
mo
nt
h)
Strategy Maximise production and cash flows from existing assets
Mo
ve
up
2C
re
se
rv
es
in
to
2P
re
so
ur
ce
s
Co
mm
er
ci
al
is
e
an
d
pr
od
uc
e
ga
s
re
se
rv
es
Assessment Very high
Trend Steady
We
co
nt
in
ue
to
re
fi
ne
ou
r
pr
oj
ec
t
ma
na
ge
me
nt
ap
pr
oa
ch
fo
r
im
pr
ov
ed
sp
ee
d
of
de
li
ve
ry
an
d
ef
fi
ci
en
cy
;
Ac
qu
ir
ed
th
e
IS
O
55
00
1
as
se
t
ma
na
ge
me
nt
sy
st
em
ce
rt
if
ic
at
io
n
fo
r
as
se
t
in
te
gr
it
y,
su
cc
es
sf
ul
ly
pr
es
er
ve
d
th
e
ce
rt
if
ic
at
io
n
by
pa
ss
in
g
tw
o
fo
ll
ow
-u
p
su
rv
ei
ll
an
ce
au
di
ts
,
co
ns
ol
id
at
e
pe
rf
or
ma
nc
e
ac
ro
ss
bo
ar
d,
ma
xi
mi
se
pr
od
uc
ti
on
,
ma
in
ta
in
a
st
ro
ng
ba
la
nc
e
sh
ee
t,
an
d
st
ra
te
gi
ca
ll
y
po
si
ti
on
th
e
Co
mp
an
y
fo
r
fu
tu
re
gr
ow
th
.
Alignment to risk register Asset integrity: operability and availability of production facility due to
asset integrity issues
Third-party infrastructure downtime
Description An over-reliance on third-party operated transportation infrastructure can
expose the Company to extended period of production being shut-in.
Mitigation Effective surveillance architecture to eliminate/minimise infractions that
lead to unavailability of export routes. Build additional Buffer Storage
tanks, both in the West and East. Maintain contractual agreement for use of
all third party with underutilised storage capacities.
KPI/Performance metric Percentage oil loss from export route
Ex
po
rt
ro
ut
e
Do
wn
ti
me
Pe
rc
en
ta
ge
of
pr
od
uc
ti
on
sh
ut
in
pe
r
qu
ar
te
r
Nu
mb
er
of
un
pl
an
ne
d
pr
od
uc
ti
on
sh
ut
-i
ns
Strategy Maximise production and cash flows from existing assets
Co
mm
er
ci
al
is
e
an
d
pr
od
uc
e
ga
s
re
se
rv
es
Assessment Very high
Trend Steady
We
re
co
rd
ed
a
re
la
ti
ve
ly
go
od
up
ti
me
ac
ro
ss
al
l
ex
po
rt
ro
ut
es
(W
es
t
&a
mp
;
Ea
st
)
du
ri
ng
th
e
ye
ar
-
th
e
AE
P
si
nc
e
co
mi
ng
on
st
re
am
ha
s
pr
ov
id
ed
ev
ac
ua
ti
on
su
pp
or
t
fo
r
th
e
bu
si
ne
ss
an
d
he
lp
ed
en
ha
nc
e
bo
tt
om
li
ne
li
qu
id
it
y.
Ri
sk
tr
en
d
is
ke
pt
at
st
ea
dy
wi
th
th
e
AE
P
av
ai
la
bi
li
ty
pr
ov
id
in
g
su
pp
or
t
in
th
e
ev
en
t
of
an
ou
ta
ge
of
th
e
TF
P.
Alignment to risk register Export route assurance and 3rd party Reliance
HSSE risks
Description: Oil and gas activities carry significant levels of HSSE risks which must be
properly managed. As activity levels continue to increase there is a strong
focus on preventing major environmental (including the emerging Climate Change
-GHG emissions risk), health or safety incidents
Mitigation Deployment of an HSSE Management System in line with best practices.
Monitoring and reporting of HSSE performance scorecards at management and
Board levels. Our HSSE systems and process are subjected to independent review
and identified improvement initiatives are deployed. Continual focus on HSSE
training and initiatives on incidence prevention. Emergency Response plan set
for any eventuality and comprehensive Incident Review panels to identify and
channel lessons learnt to improvement activities. Focus on the delivery on
projects earmarked to reduce and or eliminate gas flaring as spelt out under
the company's 'Flares Out' roadmap and new energy transition plan.
KPI/Performance metric HSE scorecards;
LT
IR
;
TR
IR
.
Strategy Be a highly responsible corporate citizen;
Ma
xi
mi
se
pr
od
uc
ti
on
an
d
ca
sh
fl
ow
s
fr
om
ex
is
ti
ng
as
se
ts
;
Co
mm
er
ci
al
is
e
an
d
pr
od
uc
e
ga
s
re
se
rv
es
.
Assessment Very high
Trend Steady
Th
e
co
mp
an
y'
s
vi
ew
re
ma
in
s
th
at
we
do
no
t
se
e
a
th
re
at
at
pa
nd
em
ic
le
ve
l
li
ke
CO
VI
D,
an
d
wi
th
in
th
e
co
nt
ex
t
of
op
er
at
io
na
li
sa
ti
on
of
th
e
co
mp
an
y'
s
HS
E
-c
as
e,
we
ma
in
ta
in
a
st
ea
dy
tr
en
d.
Th
ou
gh
th
e
ri
sk
is
in
he
re
nt
,
we
wi
ll
co
nt
in
ue
to
de
pl
oy
ou
r
HS
SE
ri
sk
ma
na
ge
me
nt
in
li
ne
wi
th
be
st
pr
ac
ti
ce
s
an
d
wi
th
st
ro
ng
em
ph
as
is
on
pr
ev
en
ti
on
.
Alignment to risk register Catastrophic events (such as environment, explosions, disease outbreaks)
Personal & Process safety
Climate-related risks
Description: The Task Force on Climate-related Financial Disclosures (TCFD) divided
climate-related risks into two major categories: (1) risks related to the
transition to a lower-carbon economy and (2) risks related to the physical
impacts of climate change.
Mitigation The company has identified a number of projects to deliver on projects
earmarked to reduce and or eliminate gas flaring as spelt out under the
'Flares Out' roadmap; projects include (i) delivery of the LPG projects at
Sapele and Oben, (ii) Installation of booster compressors, and (iii) the
Sapele integrated gas plant project. Other mitigation includes (1.) seek
alternative options for cleaner energy, (2.) Participate in all industry
discussions and initiatives aimed at the introduction and deployment of
Carbon-emissions trading schemes in a developing carbon-trading oil and gas
economy.
KPI/Performance metric HSE scorecards;
LT
IR
;
TR
IR
.
Strategy The key measures identified as necessary to manage and mitigate
climate-related risk reflect the core elements of the company's overall
corporate strategy: decarbonising our operations and diversifying our business
into lower-carbon and renewable energy products.
Assessment High
Trend Steady
Th
e
ri
sk
tr
en
d
is
be
in
g
ke
pt
at
st
ea
dy
fo
ll
ow
in
g
th
e
co
mp
an
y'
s
fo
cu
s
co
nt
in
ue
d
dr
iv
e
an
d
co
mm
it
me
nt
to
de
li
ve
r
al
l
ke
y
pr
oj
ec
ts
to
wa
rd
s
re
du
ci
ng
an
d
or
el
im
in
at
in
g
ga
s
fl
ar
in
g
as
sp
el
t
ou
t
un
de
r
th
e
"g
as
fl
ar
es
ou
r
ro
ad
ma
p.
Ad
di
ti
on
al
ly
,
th
e
co
mp
an
y
ha
s
de
ve
lo
pe
d
cl
im
at
e
ch
an
ge
an
d
su
st
ai
na
bi
li
ty
/E
SG
po
li
ci
es
an
d
co
nt
in
ue
s
to
pr
ov
id
e
re
po
rt
s
on
su
st
ai
na
bi
li
ty
/E
SG
as
we
ll
as
on
re
po
rt
on
TC
FD
.
Alignment to risk register Environmental Damage and Climate related risk Decarbonisation
Sustaining Exploration and Appraisal (E&A) programme
Description: Exploration and appraisal activities carry significant levels of subsurface
risk. Sustained E&A drilling failure will impact the Company's ability to
organically replace reserves and production.
Mitigation Strict compliance with reservoir management guidelines. Building internal
capacity with skilled sub-surface expertise. Maintaining an exploration
portfolio for possible drilling upon maturity.
KPI/Performance metric Reserve replacement ratio (RRR)
Ex
pl
or
at
io
n
Su
cc
es
s
Ra
te
"
Strategy Maximise production and cash flows from existing assets; Move up 2C into 2P;
Commercialise and produce gas reserves.
Assessment Very high
Trend Steady
Hi
gh
gr
ad
in
g
ou
r
ex
pl
or
at
io
n
po
rt
fo
li
o
th
ro
ug
h
a
th
or
ou
gh
pr
os
pe
ct
sc
re
en
in
g
ex
er
ci
se
.
Tw
o
3r
d
pa
rt
y
ga
s
so
ur
ce
s
co
ns
id
er
ed
po
st
CS
S
vi
ab
il
it
y
ev
al
ua
ti
on
.
Alignment to risk register Access to Gas Reserves & Resources (to support Pillars II and III)
Non-financial reporting risk (reserves & sustainability)
External risks
Niger Delta stability and security
Description: Seplat Energy's core operations are located in the Niger Delta region of
Nigeria and that comes with significant risks. Historically, the Niger Delta
has always been a high-risk environment with security incidents such as
kidnappings, vandalism and criminal attacks on O&G installations.
Mitigation The Company, working with other industry players in the region, continue to
put pressure on government to find a lasting solution to Niger Delta
restiveness and the current security measures put in place by the facility
operators, consolidated with government's strategy of dialogue with
stakeholders in the region seems to be working.
KPI/Performance metric LTIR;
TR
IR
;
Se
cu
ri
ty
in
ci
de
nt
s
Op
er
at
in
g
ca
sh
fl
ow
Strategy Be a highly responsible corporate citizen;
Ma
xi
mi
se
pr
od
uc
ti
on
an
d
ca
sh
fl
ow
s
fr
om
ex
is
ti
ng
as
se
ts
;
Co
mm
er
ci
al
is
e
an
d
pr
od
uc
e
ga
s
re
se
rv
es
.
Assessment High
Trend Steady
Ef
fo
rt
s
by
th
e
Go
vt
an
d
in
du
st
ry
pr
es
su
re
gr
ou
ps
,
ai
me
d
at
en
ha
nc
in
g
se
cu
ri
ty
in
th
e
re
gi
on
se
em
s
to
be
pa
yi
ng
of
f
as
th
e
bu
si
ne
ss
re
co
rd
ed
ze
ro
oc
cu
rr
en
ce
in
mi
li
ta
nt
at
ta
ck
s,
si
mi
la
r
to
th
e
pr
ev
io
us
ye
ar
20
23
.
Ou
r
mo
ni
to
ri
ng
of
th
e
re
sp
on
se
pl
an
s/
mi
ti
ga
ti
on
ac
ti
on
s,
re
ma
in
s
to
p
no
tc
h.
Alignment to risk register Community Agitation & Security Risk
Stakeholder management relationships
Description: Failure to manage stakeholders can result in business disruptions and
interference. The Company prioritises the effective management of
relationships with all stakeholders including host communities, JV partners,
government, regulatory bodies and shareholders.
Mitigation Ensure consistent delivery of CSR Initiatives (as well as full compliance with
the terms of the GMOU) across all operational areas. Sustain local content
development with priority to community contractors. Tailored CSR programmes,
capacity building and infrastructure developments with the host communities.
Implementation of the new PIA (Petroleum industry Act) - inclusion of impacted
communities as a driver for annulling community agitation from our immediate
host communities (GMOU vs PIA). Corporate governance, transparency and
proactiveness in dealings with regulators and JV partners.
KPI/Performance metric Net working interest production;
LT
IR
;
TR
IR
;
Ho
st
co
mm
un
it
y
in
ci
de
nc
es
Strategy Be a highly responsible corporate citizen;
Ma
xi
mi
se
pr
od
uc
ti
on
an
d
ca
sh
fl
ow
s
fr
om
ex
is
ti
ng
as
se
ts
.
Assessment High
Trend Steady
We
co
nt
in
ue
to
en
jo
y
go
od
wo
rk
in
g
re
la
ti
on
s
wi
th
al
l
st
ak
eh
ol
de
rs
of
th
e
bu
si
ne
ss
.
Alignment to risk register Changes and Uncertainties in Regulatory & Fiscal Framework Social Risk
Geo-Political risk
Description: Risk that Seplat operations may be impacted due to political events,
decisions, or conditions emanating in and out of the country. These risks can
arise from political instability, changes in government policies, trade
disputes, diplomatic tensions, civil unrest, terrorism, and conflicts between
nations.
Mitigation Alternative Sourcing Strategies or Backup Suppliers especially in the wake of
a global supply chain disruption challenge. Scale up internal and external
intelligence gathering capability. Put in place adequate mitigation response
strategy to cushion the impact of oil price volatility resulting from global
geo-political events.
KPI/Performance metric Number of International sanctions/trade restrictions
Nu
mb
er
of
Mi
li
ta
nt
,
Te
rr
or
is
m
an
d
Se
ce
ss
io
ni
st
Ac
ti
vi
ti
es
Strategy Be a highly responsible corporate citizen;
Ma
xi
mi
se
pr
od
uc
ti
on
an
d
ca
sh
fl
ow
s
fr
om
ex
is
ti
ng
as
se
ts
;
Co
mm
er
ci
al
is
e
an
d
pr
od
uc
e
ga
s
re
se
rv
es
Assessment High
Trend Steady
Du
ri
ng
th
e
ye
ar
20
24
,
th
e
co
mp
an
y
re
co
rd
ed
no
in
ci
de
nt
s
of
te
rr
or
is
m
an
d
se
ce
ss
io
ni
st
ag
it
at
io
ns
.
As
a
mi
ti
ga
ti
on
st
ra
te
gy
,
th
e
co
mp
an
y
co
nt
in
ue
d
to
mo
ni
to
r
Ni
ge
r
De
lt
a
ge
o
-p
ol
it
ic
al
de
ve
lo
pm
en
ts
an
d
is
su
ed
re
gu
la
r
re
po
rt
s
to
ma
na
ge
me
nt
,
as
we
ll
as
pa
rt
ne
re
d
wi
th
se
cu
ri
ty
st
ak
eh
ol
de
rs
in
th
e
sh
ar
in
g
of
in
te
ll
ig
en
ce
re
ga
rd
in
g
se
cu
ri
ty
.
Alignment to risk register Geo-political risk Supply Chain Management
Financial risks
Market, Credit, and Liquidity Risk (Commodity Price, exchange rates and
interest rates, receivables, costs)
Description: Risk of potential losses arising from fluctuations in commodity prices,
currency exchange rates, interest rates, and other market variables. Limited
access to capital and financing is precipitated by market conditions, investor
sentiment, and regulatory changes. Inability to convert assets into cash
quickly without a significant loss in value. its contractual obligations.
Mitigation Periodic reviews of Business Plan to reflect market realities. Hedge commodity
price and, where appropriate, interest rates and exchange rates according to
company policy. Run various oil price, rates, and FX sensitivities to
ascertain break-even prices before sanctioning opportunities/projects.
KPI/Performance metric Net Debt / EBITDA ratio
Ef
fe
ct
iv
e
mi
x
of
th
e
co
mp
an
y'
s
de
bt
an
d
eq
ui
ty
-
A
ba
la
nc
e
bt
w
sh
or
t
&a
mp
;
lo
ng
-t
er
m
de
bt
De
bt
Re
fi
na
nc
in
g
Strategy Maximise production and cash flows from existing assets;
Co
mm
er
ci
al
is
e
an
d
pr
od
uc
e
ga
s
re
se
rv
es
;
Mo
ve
up
2C
re
so
ur
ce
s
in
to
2P
re
se
rv
es
ca
te
go
ry
.
Assessment Very high
Trend Steady
Th
e
im
pe
nd
in
g
ma
tu
ri
ty
fo
r
so
me
of
th
e
fa
ci
li
ti
es
(t
he
bo
nd
&a
mp
;
RC
F)
pl
us
th
e
de
fe
rr
ed
co
ns
id
er
at
io
n
on
th
e
MP
NU
ac
qu
is
it
io
n
ga
ve
th
is
ri
sk
a
ri
si
ng
tr
en
d
in
it
ia
ll
y.
Ho
we
ve
r,
we
ke
ep
at
st
ea
dy
no
w,
as
we
ha
ve
de
pl
oy
ed
a
st
ra
te
gy
to
re
fi
na
nc
e
th
e
bo
nd
be
fo
re
it
be
co
me
s
cu
rr
en
t,
so
as
to
mi
ni
mi
se
an
y
pr
es
su
re
on
op
er
at
io
na
l
ca
sh
fl
ow
.
Alignment to risk register Market, Credit, and Liquidity Risk (Commodity price, exchange rates and
interest rates, receivables cost)
Strategic risk
Merger & Acquisition (M&A) risk
Description: Growth through M&A activities is part of the Seplat's strategy to pursue a
focused acquisition and farm-in. M&A deals and transactions come with
significant risk including structural, commercial and integration risks. There
is also the risk of non-achievement of acquisition targets due to highly
competitive landscape.
Mitigation New business development unit is always looking for the right opportunities
for Seplat. Decision review board (EXCOM) process in place to ensure deals are
properly vetted and proper due diligence is done for new opportunities: The
Excom ensures the commercial, structural, KYC and integration risks are fully
considered and addressed with mitigation plans approved and in place prior to
deal closing.
KPI/Performance metric Successful execution of new acquisition and farm-in opportunities.
Strategy Pursue a focused acquisition and farm-in strategy;
Co
mm
er
ci
al
is
e
an
d
pr
od
uc
e
ga
s
re
se
rv
es
.
Mo
ve
up
2C
re
so
ur
ce
s
in
to
2P
re
se
rv
es
ca
te
go
ry
.
Assessment High
Trend Steady
We
ha
ve
a
ro
bu
st
pr
oc
es
s
in
pl
ac
e
to
ve
t
op
po
rt
un
it
ie
s
an
d
de
al
s.
Ri
sk
tr
en
ds
ar
e
st
ea
dy
fo
ll
ow
in
g
an
on
go
in
g
st
ra
te
gy
to
ac
qu
ir
e
mo
re
st
ra
te
gi
c
as
se
ts
.
M&
am
p;
A
la
nd
sc
ap
e
re
ma
in
s
co
mp
et
it
iv
e.
Alignment to risk register New Market Entry Risk Changes and uncertainties in Regulatory & Fiscal
Framework Assess to Gas reserves & resources (to support pillar II and
III)
Ethical & Governance misconduct
Description: Bribery and corruption presents a risk throughout the global oil and gas
industry and represents an ongoing risk to any oil and gas company. Fraudulent
activity presents a risk throughout the global energy industry and represents
an ongoing risk to any energy company.
Mitigation Extensive training on anti-bribery and corruption. Embedding corporate
governance principles with key focus on areas of the business which may be
more susceptible to corruption such as the contracting and procurement
process. Processes exist to guide dealings with public officials. Extensive
whistleblowing campaign. Continuous monitoring and improvement of the system
of internal controls by all lines of defence with strong internal audit
activity. Automation of processes where possible to reduce manual
intervention.
KPI/Performance metric Number of unreported ethical misconducts
Un
in
ve
st
ig
at
ed
wh
is
tl
eb
lo
wi
ng
re
po
rt
s
Nu
mb
er
of
ne
ga
ti
ve
me
di
a
pu
bl
ic
at
io
n
ag
ai
ns
t
St
af
f
an
d
Ma
na
ge
me
nt
Strategy
Assessment Very high
Trend Steady
Ou
r
ge
og
ra
ph
ic
al
lo
ca
ti
on
co
nt
in
ue
s
to
be
su
sc
ep
ti
bl
e
to
co
rr
up
ti
on
.
Ho
we
ve
r,
th
e
ri
sk
tr
en
d
is
ke
pt
at
st
ea
dy
fo
ll
ow
in
g
lo
we
r
ca
se
s
of
wh
is
tl
e
bl
ow
in
g
re
co
rd
ed
du
ri
ng
th
e
ye
ar
an
d
th
e
Co
mp
an
y
co
nt
in
ue
s
to
ma
in
ta
in
a
ze
ro
to
le
ra
nc
e
po
li
cy
.
Alignment to risk register Ethical & Governance misconduct Compliance & Controls Risk Litigation
and contingent liabilities
Information security risk
Description: Potential cyber attacks and IT & OT security breaches could result in loss
or compromise of sensitive proprietary information, communication and IT
business continuity disruption across operations.
Mitigation We monitor and regularly upgrade the Company's IT & OT security systems.
The Company has a clearly defined employee user policy and control of access
rights. Our information security framework and infrastructure have been
externally reviewed in line with requirements of ISO27001. IT business
continuity plan is in place for quick deployment.
KPI/Performance metric Information security identification and containment reports
Strategy Be a highly responsible corporate citizen;
Mo
ve
up
2C
re
so
ur
ce
s
in
to
2P
re
se
rv
e
ca
te
go
ry
.
Assessment Very high
Trend Steady
Wh
il
e
cy
be
r
se
cu
ri
ty
co
nt
in
ue
s
to
ho
ld
in
te
rn
at
io
na
l
at
te
nt
io
n,
th
er
e
ha
s
no
t
be
en
ma
te
ri
al
IT
br
ea
ch
on
ou
r
op
er
at
io
ns
.
Ho
we
ve
r,
gi
vi
ng
th
e
cu
rr
en
t
no
rm
of
re
mo
te
wo
rk
in
g,
th
e
co
mp
an
y
ha
s
ta
ke
n
st
ep
s
to
en
su
re
ad
eq
ua
te
pr
ot
ec
ti
on
/d
ef
en
ce
me
ch
an
is
ms
ar
e
in
pl
ac
e
to
av
er
t
an
y
ex
te
rn
al
cy
be
r
at
ta
ck
s.
Alignment to risk register Cyber Security
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END ACSGLGDSSGBDGUBRecent news on Seplat Energy
See all newsREG - Stock Exch Notice - Admission to ISM - 24/04/2025
AnnouncementREG - Seplat Energy PLC - Publication of 2024 Annual Report & Notice of AGM
AnnouncementREG - Seplat Energy PLC - Notification of Dealing in Shares by a PDMR
AnnouncementREG - Seplat Energy PLC - Notice of Redemption
AnnouncementREG - Seplat Energy PLC - Result of 2026 bond offer
Announcement