Seplat Energy Plc one of Nigeria leading indigenous energy companies has announced the discovery of an estimated 157 billion cubic feet Bcf of natural gas and 19 million barrels of oil in place at its Aku 01 exploration well in Nigeria.

The discovery which occurred after the end of September 2026 was disclosed by the company on Thursday October 29 in its unaudited financial results for the nine months ended September 30 2026.

According to the company preliminary assessments of the well have identified substantial hydrocarbon resources although further evaluation will be required to determine the commercially recoverable volumes.

Seplat disclosed that the oil discovery at Aku 01 was unexpected as the original exploration programme did not anticipate finding crude oil alongside natural gas.

The company stated that post period end the company successfully discovered oil and gas in the Aku 01 exploration well. Preliminary internal estimates indicate a mid case gas in place resource of 157 Bcf and oil in place resource of 19 million barrels. Encouragingly an oil discovery was not part of the original well plan.

Seplat explained that work is underway to complete the exploration well for potential future production with plans to connect it to existing infrastructure to facilitate early commercial development.

The discovery has also reduced exploration uncertainty across four neighbouring prospects within the licence area prompting the company to plan a second exploration well in the Aku area in 2027.

Seplat currently holds a 40 percent operated interest in Petroleum Prospecting Licence PPL 2A25 where the discovery was made.

The discovery comes as Seplat Energy reported strong financial performance with revenue of 2.76 billion dollars for the nine months representing a 27 percent increase from the corresponding period of 2025.