SEPLAT Petroleum Devel.

Moody's has raised the outlook for Seplat Energy from "stable" to "positive" and affirmed the long-term Corporate Family Rating of B2 as well as the Probability of Default Rating B2-PD. The move follows an adjustment to Nigeria's sovereign outlook and reflects the close link between Seplat's credit profile and Nigeria. Operationally, Seplat benefited from higher oil prices; production rose to 139,500 barrels of oil equivalent per day and the adjusted debt/EBITDA ratio improved to 0.6x. Moody's sees scope for a rating upgrade if Nigeria is upgraded and Seplat maintains sustainable credit metrics, positive free cash flow and solid liquidity. » More on de.investing.com

Seplat Energy made share allocations under the Long Term Incentive Plan 2024 to three board members: CEO Effiong Okon received 235,572 shares, COO Samson Ezugworie 164,784 and CFO Eleanor Adaralegbe 156,741. The LTIP allocations are based on an allocation price of £6.106; deferred share awards are linked to a closing price of £2.84 on 31 December 2025. No consideration was paid; the LTIP awards are tied to corporate and individual performance criteria and a three‑year employment requirement from 1 January 2026, followed by a subsequent two‑year holding period; deferred awards will vest on 31 December 2027 provided the employment continues. » More on de.investing.com

Seplat Energy said that Dr Emma FitzGerald, an independent non-executive director, will step down on 31 December 2026 and will not stand for re-election in 2027. FitzGerald was chair of the remuneration committee and a member of the finance and audit committee and the energy transition committee. The company has begun the search for an independent successor and will announce further information in due course. » More on de.investing.com