In this report, we factor in the impact of the consolidation of Seplat Energy Producing Nigeria Unlimited (SEPNU) on the performance of Seplat Energy Plc (SEPLAT). This report is supported by SEPLAT's Q1'25 unaudited financials, which also capture the impact of the consolidation. In particular, reported profit after tax came in at $23.3 million (vs a net loss of $1.9 million in Q1'24), aided by a volume- induced 350.0% YoY surge in revenue to $809.3 million. This performance was despite weaker realised oil and gas prices (-11.3% YoY and -3.2% YoY, respectively) and a surge in tax expenses (+158.5% YoY).
