#1seplat LEADING NIGERIA'S ENERGY TRANSITION INVESTOR PRESENTATION 30 SEPTEMBER 2020 www.seplatpetroleum.com THE Nigerian STOCK EXCHANGE London Stock Exchange Dickies seplat sep#2AC 2 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC INTRODUCING SEPLAT www.seplatpetroleum.com se#3NIGERIA'S LEADING INDEPENDENT ENERGY PRODUCER Seplat is the investment partner of choice for Nigeria's transition to cleaner energy production 3 AT A GLANCE (H1 2020) SEPLAT IN SUMMARY AVERAGE DAILY VOLUME 51,177 boepd CASH AT BANK US$343m Leading integrated > Driving Nigeria's energy transition energy producer > Major domestic gas supplier, fueling 30% of Nigerian electricity Diversifying business with gas revenues Eight blocks in the prolific Niger Delta > More than 500MMboe oil and gas reserves > Oil and gas fields with ideal locations and geologies Partner of choice for government and industry > Gas delivered 23% of group revenues in H1 2020 > New 300MMscfd ANOH capacity coming onstream in late 2021 > Regarded as attractive and reliable partner for government projects > Strong industry relationships W.I. 2P OIL & GAS RESERVES 509 MMboe Multiple low- risk growth opportunities > Development of gas business as Nigeria transforms its energy > New opportunities in oil, Dual listed, with strong governance e.g. marginal fields, IOC divestments, M&A SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION > Nigerian Stock Exchange Premium Board > London Stock Exchange Main Market > International standards of governance#4A RICH PORTFOLIO OF PRODUCTIVE OIL & GAS ASSETS Eight oil and gas blocks in the prolific Niger Delta, ideally located for export or internal demand centres OML 38 OML 40 ESCRAVOS FORCADOS OML 41 OML 4 BRASS OPL 283 OML 55 W.I. 2P reserves MMboe W.I. production H1 2020 boepd Block Share Partner Oil Gas Total Oil Gas Total OML 4, 38, 41 45% NPDC 164 118 282 19,592 17,060 36,652 OML 40 ** 45% NPDC Starcrest 29 29 9,814 9,814 OML 53 OML 53 40% NNPC 45 127 172 2,801 2,801 OML 55 Revenue interest AMT 2 - 2 OPL 283 40% Pillar Oil 5 12 17 863 863 Ubima Ubima *** 88% All Grace Energy 7 7 1,047 1,047 PORT HARCOURT TOTAL 252 257 509 34,117 17,060 51,177 BONNY * Reserve volumes stated at 1/1/20 are based on independent estimates from Ryder Scott (Seplat) and NSIA (Eland) ** Reverts to 20.25% after Westport loan is fully repaid, see slide 43 *** Reverts to 40% after Carry has been reached 4 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#5EXPOSURE TO AN ENERGY MARKET SET FOR GROWTH Seplat will be the leader in Nigeria's inevitable energy expansion FACTORS INCREASING NIGERIA'S DEMAND FOR ENERGY > The population will more than double by 2050 - - (200m to 450m by 2050) > Access to energy will increase - 60% today, with target of 100% by 2030 > Per-capita consumption will increase - Less than 150kwh/year today, vs global average of 2,674 kwh/year > Increasing national wealth will drive new consumption through economic development - e.g. air conditioning, refrigeration, EVs > Multiplier effects will boost energy demand > Nigeria's massive gas reserves will support this growth in electricity demand > Gas is the ideal transition fuel on the way to renewable energy Mű 嗨 Demand for reliable electricity increases Businesses and households increase energy usage Increase gas supply for energy generation, displacing diesel generators GAS WILL POWER NIGERIA'S ENERGY GROWTH GDP, business profitability and household wealth improve 畳 Electricity supply becomes cheaper and more reliable Householders and businesses save money, which they use for other economically Productive uses 5 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#6MULTIPLE CATALYSTS FOR LOW-RISK AND PROFITABLE GROWTH Seplat has numerous opportunities to scale up and diversify, some at relatively low cost OIL OPPORTUNITIES GAS OPPORTUNITIES > Immediate uplift from acquired OML40 and Ubima operations with good potential for development of Gbetiokun wells and potential 78MMbbl Amobe resource > Immediate and low-cost uplift from more secure Amukpe- Escravos pipeline, reducing losses for same injection of oil by reducing theft, downtime and vandalism > Focus on operational efficiency to improve output and reduce costs per barrel > Potential for new and dedicated export route combining OML40 and OMLS 4, 38, 41 to an offshore storage and offload vessel, reducing handling costs and losses > Further development of prolific swamp wells/fields > Potential to acquire new licenses from Government or assets divested by majors > Potential to consolidate Nigeria's E&P sector > Partner of choice as leading Nigerian operator > Significant opportunity to lead Nigeria's strategic dash to gas, replacing inefficient diesel and petrol generation, benefiting economy with multiplier effects on gas demand > Gas offers higher profitability and cash drop-through than oil owing to lower royalties, taxes and costs > Gas revenues independent of oil price volatility, with 10+ year contracts offering long-term visibility > ANOH could increase gas production by 300MMscfd, with potential for further expansion > Increase production at existing Oben and Sapele plants > Potential to service industrial gas needs at prices higher than fixed-price Domestic Supply Obligation > Potential to end flaring and monetise gas by-products > Develop LPG products for local market to replace biomass as cooking fuel 6 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#7CLEARLY FOCUSED CAPITAL ALLOCATION PRIORITIES We are focused on low-risk strategies to generate and deploying cash to grow the business and improve stakeholder returns GAS BUSINESS > Invest in growing the gas business to fuel Nigeria's increasing demand > Develop ANOH for long-term growth > Drill gas wells to serve demand OIL BUSINESS > Offset expected decline by developing low-risk wells/prospects > Sustain and optimise production LOW-RISK CAPITAL INVESTMENT PROGRAM seplat > Maintain core dividend of $0.05 per share > Top up when considered appropriate > Commitment to dividend payments evidenced by protection of FY2019 payment in May 2020 despite COVID-19 crisis COMMITTED TO DIVIDENDS 7 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION REDUCTION OF NET DEBT > Pay down $350m Revolving Credit Facility > Refinance Eland's Reserve-Based Loan > Maintain optimal balance of cash and debt > $400m+ cash flows expected from Westport loan repayments M&A POTENTIAL > Seek low-risk opportunities for growth that enhance NAV and FCF › Opportunity to consolidate Nigerian market though OMLS, divested assets from IOCs and distressed small-scale operators > Other value-enhancing M&A#8DE-RISKING AND DIVERSIFYING THE BUSINESS Gas development reduces exposure to oil price volatility, increasing the visibility and profitability of revenues sepat eplet plat ASSURING OIL REVENUES seplat › Operate mature, de-risked, low-cost fields > Addition of OML 40 adds production and export routes not dependent on Trans Forcados pipeline › Increased focus on improving uptime and efficiency › Drilling programme focused on high return wells DIVERSIFYING EXPORT ROUTES > Imminent Amukpe-Escravos pipeline significantly de-risks exports from OMLS 4,38 & 41 > Mostly buried pipeline will reduce losses from vandalism > Potential for offshore FPSO route linking Amukpe- Escravos to OML 40 export route, to reduce handling charges and losses GAS OPPORTUNITY WILL DRIVE GROWTH > Massive opportunity for Oben and ANOH to serve growing domestic market > Increasing contribution of gas to Group revenue and profitability › Gas prices not linked to oil price, reducing volatility of Group cash flows › Gas pipelines less prone to damage > High drop-through of cash from gas revenues PRUDENT CAPITAL MANAGEMENT > Flexible capex can be dialed up or down to align with prevailing conditions and future needs > Focus capex on highest- return prospects > Well-managed balance sheet, not over-levered > Limited debt servicing required in 2020 & 2021 > Solid credit rating, able to tap markets when appropriate FINANCIALSTRENGTH EVEN AT LOW PRICE › Significant cash balance of $343m available > Hedged 1.5MMbbls per quarter at $45 for > Q1-Q3 2020 and 2.0MMbbls for Q4 2020 (1.5MMbbl @ $30 and 0.5MMbbl @ $35), plus 1.0MMbbl @ $30 for Q1 2021 Low-cost producer with unit cost of production at $7.60/boe in H1 2020 > Profitable at lower oil prices › Robust business continuity plan proven during pandemic 8 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#9PROVEN RESILIENCE THROUGH PRUDENT MANAGEMENT Financial discipline and a robust business model have protected Seplat through difficult times INCREASING GAS VOLUMES FOR GROWING MARKET NEEDS FOCUSED CASH MANAGEMENT STRATEGY 49,867 $900 50,000 ■ Oil ■Gas 40,000 46;498 $900 Gross debt ($m). 43,372 $800 Cash ($m). 36,923.. $664 $700 24,198 14,369 30,823 28,341 30,000 25,877 6,571 19,070 4,867 20,000 15,786 29,003 23,474 24,252 10,000 22,563 $588 $259m OML 53 acquisition $789 $451m Eland acquisition $570 $585 $600 $500 $400 $326 $333 $310 $285 $446 $437 $300 $169 $160 25,669 23,935 $200 17,853 10,091 $100 Higher level than 2014-16 $0 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 ($108.6) ($99.0) ($53.0) 2016 ($45.1) 2017 ($54.7) 2018 ($71.3) 2019 ($64.0) GAS DIVERSIFICATION REDUCES EXPOSURE TO OIL PRICE FLEXIBILITY WITH CAPITAL INVESTMENT $1,000 ■ Oil ■Gas $350 2% 4% $800 $18.1 21% $300 29% $120m capex planned for 2020 ($86m spent in H1) $250 $27.4 13% $155.6 $600 $202.4 $200 $77.0 28% $400 $862.1 $150 $747.6 $124.0 41% $590.5 $100 $493.5 $495.1 $200 $105.5 $318.2 $50 $148.8 $0 $0 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 9 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION www Oil price crisis (Jul 14 - Jan 16) Trans Forcados force majeure (Feb 16 - Jun 17)#10A STRONG COMMITMENT TO SUSTAINABILITY Sustainability initiatives a priority, recognising climate impact but in local development context > Leader in Nigeria's transition to gas, driving significant environmental, economic and social benefits that support UN Sustainable Development Goals › Board assessing impact of climate change on business and potential strategic options for long-term development > Developing new sustainability strategy / commitments > 2019 Sustainability Report published with reporting based on IPIECA and GRI guidelines > Plans for enhanced ESG reporting > Working with external advisors to augment sustainability efforts across the business > Strong community programmes including substantial local assistance of food, medical and PPE supplies during crisis > Good community relationships and local content programme 10 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#11A COMPELLING CASE FOR INVESTMENT Seplat offers low-risk but rewarding exposure to potentially high growth markets BEST-IN-CLASS EXPOSURE TO NIGERIA'S ENERGY TRANSITION > Leading gas supplier in a potentially high-growth market driven by population growth, increased access to energy and higher per-capita consumption > Partner of choice to government in strategic national initiatives such as ANOH > Renewables under consideration EXPERIENCED MANAGEMENT TEAM WITH A TRACK RECORD OF DELIVERY AGAINST CRISES > Focus on lowering cost of production, cash recycling and operational efficiency > Ability to tailor investment according to prevailing market conditions > Proven resilience though previous crises, robust performance in 2020 despite twin crisis LOW-RISK PORTFOLIO OF GROWTH OPPORTUNITIES > Immediate low-cost gains from new, more secure oil pipelines > Investment in optimisation technology, field development and exploration › Opportunity to acquire new oil and gas licenses in government sales, or divested assets > OML 40's Amobe prospect offers high upside reserve potential COMMITMENT TO DIVIDEND, ATTRACTIVE VALUATION AND $400M+ CASH FLOW ALREADY VISIBLE $ > High yield at present dividend > Commitment to paying at least $0.05 dividend, with top-ups as appropriate; 2019 dividend paid despite crisis > Cash flows underpinned by future receipts of $414m Westport loan repayment to Seplat > Debt is low compared to peers and well within headroom, with most maturities after 2022 11 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#1212 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC NIGERIA'S FOSSIL FUEL REALITY www.seplatpetroleum.com plo seplat#13FOSSIL FUELS IN THE CONTEXT OF NIGERIA'S DEVELOPMENT The oil and gas industries remain essential to Nigeria's efforts to implement the UN's Sustainable Development Goals LACK OF ECONOMIC DIVERSITY FORCES OIL DEPENDENCE > Nigeria's lack of economic diversity and low tax revenues force heavy reliance on revenues from oil extraction > Fossil fuels account for nearly 10% of Nigeria's GDP (Source: NNBS) > More than 65% of government revenues come from oil (Source: EITF) > These revenues support all government activities including education, healthcare, infrastructure and other economic and social development > Nigeria's 2020 Federal budget is $35bn > Oil and gas also generate significant FX benefits for Nigeria, contributing 90% of exports (Source: Trading Economics) NIGERIA'S OIL EXPORT REVENUES ($BN) 60 50 41.2 38.0 40 27.3 30 20 10 0 2015 2016 54.5 45.1 2017 2018 2019 GAS PROVIDES A TRANSITION PATH FOR ENERGY > Gas has the most potential to fulfil UN Sustainable Goal No 7 to provide universal access to energy by 2030 > Massive expansion of gas-for-energy will significantly reduce Nigeria's use of home and business generators fuelled by higher-emission diesel or petrol > Reducing diesel use will free up personal and business wealth for more productive uses in Nigeria's economy, with multiplier effects on GDP > Increased use of gas at grid level will cut emissions and particulate pollution compared to equivalent diesel > Development of LPG market will reduce Nigeria's extensive use of biomass for cooking, thereby achieving health and environmental benefits > Nigeria starts from low base of CO2 emissions per capita > Ideal transition pathway to longer-term renewable future including solar 13 Source: OPEC 2020 Annual Statistical Bulletin SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#1414 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC OUR OIL BUSINESS Serving global demand to benefit Nigeria's growth S www.seplatpetroleum.com#15WHY INVEST IN NIGERIAN OIL? Nigeria's oil industry offers substantial investment potential, supports local development goals Oil revenues fund essential national development Sub-Saharan Africa's largest reserves, estimated at 37 billion barrels (Source: OPEC) New licensing rounds imminent for marginal fields Highly favourable, low- risk geology with up to 10km sedimentary thickness, fields in proximity to coast Decreasing geopolitical disruption in Delta region Mature fiscal regime with incentives such as Nigeria Oil & Gas Industry Content Development Act that favour local producers Potential divestments from IOCS provide opportunities for indigenous producers, who control an increasing proportion of output Long-established industry with well-developed and expanding pipeline system as new, more secure underground pipelines come onstream Increased local refining capacity coming onstream at Dangote Refinery, focusing attention on Nigeria 15 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#16SEPLAT'S OIL BUSINESS Nigeria has low-cost operations across Nigeria's productive oil region AT A GLANCE A PORTFOLIO OF DE-RISKED ASSETS OPERATING AT LOW COST W.I. 2P RESERVES * Eight OMLS > Equity share of 7 OMLS › Operator of 4 blocks > Mature, de-risked assets Favourable geology and locations > Substantial reserves > Prolific swamp wells > Favourable locations 252 MMbbl LOW COST OF PRODUCTION $7.60/boe W.I. VOLUMES (H1 2020) S34,117bopd OML 4, 38, 41 Main oil producing asset > 164 MMbbl 2P reserve > Partner with NPDC > 45 MMbbl 2P reserve OML 53 › Significant gas reserves > Partner NNPC OML 40 > 45% share via Elcrest > 29 MMbbl 2P reserve Huge potential at Amobe ** OPL 283 Ubima > Each a 40% JV > Additional producing fields > Small-scale operations 16 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION * Reserve volumes stated at 1/1/20 are based on independent estimates from Ryder Scott (Seplat) and NSIA (Eland) ** reverts to 20.25% after Westport loan is fully repaid#17VALUE CREATION STRATEGY 1: INCREASE RESERVES Seplat has multiple options for increasing its reserves 2P WI RESERVES (1) YEAR ON YEAR MOVEMENT IN 2P RESERVES (BOE) 600 509 36 509 257 252 500 481 10 474 MMboe -17 400 2P + 2C WI RESERVES 300 & RESOURCES (1) 200 615 (289 326 100 MMboe Oil Gas www 0 WI 2P reserves Production Revisions Seplat assets at 1/1/20 Eland assets at 1/1/20 at 1/1/19 17 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION Combined WI 2P reserves at 1/1/20 > Unlock existing 2C resources (106MMboe, oil and gas), thereby derisking and adding to recognised reserves, enhancing valuation > Develop OML40's Amobe field, potentially another 78MMbbl, at relatively low risk > Acquire new blocks in future government licensing rounds, e.g. imminent marginal fields round › Acquire established and proven assets from exiting / divesting international oil companies › Acquire distressed producers and improve efficiency Note: (1) Reserve and contingent resource volumes stated at 1/1/20 are based on independent estimates from Ryder Scott (Seplat) and NSIA (Eland).#18VALUE CREATION STRATEGY 2: INCREASE PRODUCTION Focus on increasing efficiency and productivity at our diverse portfolio of fields boepd 35,000 30,000 25,000 Oil production > Average working interest production: 34,117 boepd (FY 2019: 23,935) - Includes maiden contribution from OML 40 and Ubima > 76% production uptime achieved > Six oil wells completed in H1 2020 20,000 15,000 10,000 5,000 14,794 24,252 23,474 29,003 10,091 17,853 25,669 23,935 34,117 0 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 H1 2020 18 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION - Sapele-35, - Ovhor-6ST, Ovhor-20, Ohaji South-5, Ohaji South-6, Gbetiokun-5 > Prioritise most profitable wells depending on oil price expectations > Focus on increasing production efficiency at wellheads › Deploy innovative drilling and production technology to increase output#19VALUE CREATION STRATEGY 3: DIVERSIFY EXPORT ROUTES Additional routes will diversify and de-risk exports, reducing losses and improving revenue flows 19 FPSO AMOBE ABIALA OPUAMA GBETIOKUN OML40 ADAGBASSA to OTUMARA 16"x 24km Potential export route OTUMARA to FSO (2km onshore + 26km offshore) 8km spur to OTUMARA ESCRAVOS TERMINAL Trans Escravos Pipeline FORCADOS TERMINAL AMUKPE ESCRAVOS 160,000 bopd 67km Trans Forcados Pipeline SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION SAPELE OML41 AMUKPE OVHOR RAPELE MANIFOLD OML38 Warri Barging route (back-up only) OBEN AMUKPE-ESCRAVOS PIPELINE > Scheduled to open H2 2020 > Alternative to troubled Trans Forcados Pipeline > Mostly underground pipe, protected from vandalism and theft > Assures more secure export route for Western assets, thereby reducing downtime and other losses › Seplat has right to 25% of capacity, or 40,000 bopd OML40 > Exports via pipeline from Opuama to Escravos > Gbetiokun output via barge Gbetiokun output via barge to Adagbassa and then to TEP OFFSHORE FSO POTENTIAL › Possibility of creating offshore route to combine oil from Western assets with oil from OML 40 > Create 8km spur from Amukpe-Escravos to Otumara, then offshore to Floating Storage & Offloading vessel (FSO) > Reduces crude handling costs and losses WARRI REFINERY WARRI#20VALUE CREATION STRATEGY 4: ACQUIRE ASSETS Example: acquisition of Eland diversified production and export routes, added significant exploration expertise and potential OML40 ESCRAVOS FORCADOS BRASS Ubima PORT HARCOURT BONNY 20 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION INCREASES RESERVES INCREASES PRODUCTION > Eland adds 41MMbbls WI 2P reserves > High-quality Amobe prospect with potential for 78MMbbls, to be drilled when appropriate ADDS EXPORT ROUTES > Eland adds substantial production not dependent on Trans Forcados Pipeline > Potential for new offshore export route to combine OML40 and OML 4,38,41 production IMPROVES CASH FLOW 鱼 › Acquired right to be repaid $414m Westport loan › Repayment schedule agreed for 2022-24 > Underpins future Group cash flows > OML 40 adds c11Kbod 底 > Diversifies Seplat's production base > New Gbetiokun wells being drilled to boost production ENHANCES EXPERTISE •C > Eland brings significant technical > and exploration expertise Aberdeen base being developed as Seplat Technical Centre OTHER OPPORTUNITIES › Acquire new OMLS / marginal fields from Nigerian government › Acquire assets divested by IOCS › Acquire distressed operators IIII Jo#21INTEGRATION OF ELAND OIL AND GAS PLC Year-long integration process is on track to deliver synergies and savings NON-TECHNICAL INTEGRATION > Consolidated and effective support functions > Best use of locations › Organisation, e.g. HR, payroll, IT, finance, legal > External affairs & community liaison/projects TECHNICAL INTEGRATION › Operational synergies, best practices > Subsurface and exploration expertise > Understand cost base, achieve cost reductions seplat Staff: 461 Offices: Lagos, London, Abuja பட Meland Staff: 27 Offices: Aberdeen 21 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION One seplat Share best practices Elcrest E & P Nigeria Ltd. Joint venture with Starcrest Staff: 112#22WESTPORT LOAN REPAYMENTS UNDERPIN FUTURE CASH FLOW Seplat has acquired the right to be repaid $414m between 2021-24 Westport repays $414M to Seplat via Eland seplat Owns 100% of Eland When Seplat paid EV $450m for Eland it acquired: > Eland's 20.25% share of OML40 and its 40% share of Ubima > The right to be repaid more than $414m by Westport > The right to consolidate 100% of Elcrest's 45% share of OML 40 until loan is repaid > The loan will be repaid between 2022-24 $100m reserve- based loan Westport Owns 100% of Westport Westport repays $100m RBL Westport loan to Elcrest ($504m) Elcrest repays $504m loan to Westport eland o and gas Amount outstanding as at 30/11/2019 ($m) $500 Owns 45% $416.8 of Elcrest $400 $300 Elcrest $200 E&P Nigeria Ltd. Starcrest $100 Owns 55% of Elcrest Owns 45% of OML40 OML40 NPDC Owns 55% of OML 40 22 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION $500m limit $475.0 Moratorium Maximum permissible amounts outstanding as per revised loan agreement of 23/12/19 ($m) $325.0 $175.0 $0.0 $0 30/11/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 Loan agreement guarantees cash flows from Elcrest to Westport of up to $150m in 2022 and 2023 and up to $175m in 2024#2323 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC OUR GAS BUSINESS Serving Nigeria's growing demand www.seplatpetroleum.com Sep#24NIGERIA'S ENERGY PROBLEM Inefficient national generation forces domestic and industrial reliance on diesel/petrol generators and biomass > Population is nearly 200m and growing, but less than 60% have access to electricity and per-capita consumption is very low at <150kwh/year > Nigeria has less than 11GW generating capacity on grid and much of this remains unused owing to inefficiencies and gas supply constraints > Distribution is not well developed across the country and suffers poor maintenance, with frequent blackouts > The result is Nigeria's excessive overreliance on small-scale diesel and petrol generators > Small generators are expensive to buy and run and responsible for particulate and GHG pollution > Nigeria also uses large amounts of biomass for cooking, which could be replaced by LPG > As GDP increases, demand will increase for air conditioning, which requires significantly more power than heating in cooler countries Megawatts OFF-GRID GENERATION DOMINATES AND DAMAGES 20,000 18,000 16,000 14,000 12,000 10,592 10,000 8,000 6,000 -4,787 4,000 3,316 -1,995 -534 2,000 0 Installed capacity Lost to reliability problems Other losses Lost to gas supply constraints Actually operational 24 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION 20,000 Estimated off-grid generation Source: Nexant; Seplat analysis#25NIGERIA'S GAS MARKET SET FOR MASSIVE EXPANSION Strong demand growth expected as country transitions to gas-fired power generation and increases capacity DEMAND FOR GAS WILL GROW STRONGLY > Nigeria has huge resources of natural gas, estimated at 188 Tcf, or 5.3 trillion cubic metres, about 2% of global gas reserves and 37% of known African gas reserves > But Nigeria's gas industry is relatively undeveloped > Nigeria flares as much gas as it uses for electricity generation, but this gas can be captured and put to economic use under the Flares Out initiative > The 2017 National Gas Policy, which replaced the 2008 Gas Master Plan, set out to transition Nigeria from being a crude oil export-based economy to becoming an attractive gas-based industrial economy > Government policy is also focused on addressing the undersupply of gas and extending access to electricity (to reach 90% of population by 2030) > Nexant forecasts Nigeria's gas demand to grow by c. 20 Bcm by 2035, with most growth in the power sector > Population forecast to grow to 450m by 2050 HOW NIGERIA USES GAS AT PRESENT 41% 5% 11% 4% 24% ■ Fuel gas ■Gas lift make-up ■Gas reinjection ■HGL/LPG feed gas ■Local supply (power) 1% 2% ■Local supply (other) 12% ■ Gas export ■ Flared gas 25 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION Source: Nigerian Oil & Gas Industry Annual Report, Department of Natural Resources (2018)#26NIGERIA'S IMPERATIVE: TRANSITION TO GAS Development of gas-fired power stations will boost GDP through wider and cheaper access to cleaner energy than diesel GAS HAS SUBSTANTIAL BENEFITS FOR POWER GENERATION > Proximity of large gas fields close to demand centres > Gas will reduce overall energy costs by undercutting and displacing local diesel generation, estimated to cost $30bn to operate (see table) > Widespread adoption of gas at grid level will free personal and business resources for more productive use in the economy, with multiplier effects on GDP > Combustion of natural gas generates 30% less CO2 than diesel and 50% less other greenhouse gases > Significant reduction in particulates, particularly in cities > Increased use of LPG will drive "clean cooking" and reduce deforestation COMPARING GAS AND DIESEL COSTS FOR POWER > The economics of switching to gas are compelling > Reduces need for business and households to buy expensive generators > Significant reduction in fuel costs per kWh Diesel energy content Unit NGN/I Value Diesel retail price 234 FX NGN/USD 380 Diesel retail price USD/I 0.62 Diesel density litres/t 1200 Diesel retail price USD/t 779 Energy density MJ/I 38.2 Energy conversion kWh/MJ 0.278 kWh/l 10.61 Diesel engine efficiency % 33.7% Litres for 1 kWh | 0.28 Cost of 1 kWh - using diesel USD 0.18 Gas engine efficiency % 42.2% Energy conversion MMBtu/kWh 0.0034 Energy conversion kWh/MMBtu 294.12 MMBtu for 1 kWh MMBtu 0.0081 USD/MMBtu 22.45 USD 0.076 26 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION Equivalent value of gas Cost of 1 kWh - using gas Source: Nexant; Seplat analysis#27SEPLAT'S AMBITIOUS GAS BUSINESS Seplat already supplies enough gas to power 30% of Nigeria's electricity Lagos Industry WAGP Egbin/AES Agura (CNL) 27 OBEN HUB - 500MMscfd > Oben and Sapele located close to key demand centres in South and South West > Well-established off-take base with long-term contracts, many of which are take-or-pay, e.g. Azura-Edo IPP contracted level of 116 MMscfd under take-or-pay terms › Already exceeding Domestic Supply Obligation, so can sell excess at higher prices > Aiming for 400 MMscfd gross; additional processing capacity of 125 MMscfd earmarked for expansion / 3rd party usage ELOPS OML40 Papalanto (CNL) Abuja ☐ Omotosho (CNL) Ajaokuta Steel NIGERIA Azura IPP ELPS Geregu (SPDC) ☐ Existing power/industries ◇ Cluster CPF/Gas supply field Key future gas supply field Existing or Oil development Existing Domgas supply NGMP CPF OB3 gas pipeline under construction 120km & 48" diameter pipeline Existing Domgas pipeline Possible new Domgas pipelines Eyean (Pan Ocena/CNL) Quantum OML4 Sapele (SPDG) OMLS 4, 38, 41 Oben OML38 Sapele OML41 ESCRAVOS Jones Creek TERMINAL FORCADOS TERMINAL ANOH HUB - 300MMscfd > Will connect large scale gas reserves in the Eastern Delta into Nigeria's main demand centres via Seplat's Oben hub > Phase I to comprise 300 MMscfd gas processing plant on OML 53 > Accommodation space for future expansion › Leverage experience gained at Oben to derive repeatability gains and optimal configuration SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION OPL283 OML53 Odidi NGMP CPF Warri ☐ Delta III/IV Okpokunou Pillar (OPL 283) Eriemu Biseni Egbema (Addax/NPDC/SPDC) HOEgbema ANOH OML 53 (ANOH Project) Utorogu Uzere Obiafu RFSU 2011 Ogara Obite (EPNL) Koroama Bemadi Iseni Zarama Ubima Alaoji (SPDC) Calaber (Addax) Gbaran /Ubie Obite (EPNL) Bayelsa (SPDC) Kolo Creek GT S-1 Rumuji Imo River Agbada Soku Obigbo Afam V Afam VI Okoloma Cawthorne Channel, ☐ NOTORE ALSCON Utapate Ibom/ GT S-2 Alakiri Ikot Abasi OML55 (SPDC) Bonny (XOM) BONNY TERMINAL#28GAS DELIVERS MULTIPLE CASH FLOW BENEFITS Long-term visibility of revenues with higher drop-through of cash ADVANTAGES OF GAS FOR GROUP CASH FLOWS 1. Gas pricing de-couples revenue from oil price volatility 2. 10-15 year off-take agreements deliver long-term revenue visibility 3. Superior earnings quality from higher cash drop-through 4. Lower royalties paid on gas (7% vs 20% on oil) 5. Lower tax rate applies to gas profits (30% vs 85% Petroleum Profits Tax) 6. VOLUMES ALREADY VISIBLE OUT TO 2035 900 800 700 600 500 400 300 200 100 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Already contracted (MMscfd) Gross capacity (MMscfd) Possible allocation of gas costs to oil operations, where permissible 7. Because Seplat meets its Domestic Supply Obligation it can contract with "willing buyers" at more than the guaranteed $2.50/MMscf DSO price 8. No reconciliation losses (unlike oil, up to 12% losses) 9. No transportation tariffs, gas sold at wellhead prices Existing contracted off-takers Domestic Supply Obligation (DSO) Volume Duration (MM scfd) (years) Take or Pay Sapele Power Plant 50 Geregu Power Plant 80 110 Yes Yes Nigeria Gas Corporation (NGC) 50 10 . • Firm* <140 10 110 Yes No • Variable New Gas to Power Projects . Industrial Industrial • Other** 1220 116 15 Yes 30 10 Yes 10 Yes <150 5-15 10. Gas pipelines less prone to vandalism, assuring higher uptime • Azura Power 28 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#29SEPLAT'S EXISTING GAS PROCESSING FACILITIES Oben and Sapele have combined 525MMscfd gross capacity and supply enough gas to power 30% of Nigeria's electricity needs OBEN GAS PROCESSING PLANT > Processing plant has 465 MMscfd capacity > Oben field is located on OML 4, ideally located to serve Lagos and Abuja demand centres > Main gas producing field, with additional production at Orogho and Okporhuru fields, supported by extensive gas infrastructure > Will develop LPG sales for local markets, clean cooking SAPELE GAS PROCESSING PLANT > Located on OML 41 › Currently decommissioning existing 60 MMscfd capacity and upgrading to new plant of 75 MMscfd (gross) > Upgrade expected operational in 2022 > Will develop LPG sales for local markets, clean cooking 29 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION CLOSE 17#30ANOH GAS PROCESSING PLANT Joint venture is one of Nigeria's Strategic Gas Projects PROJECT OVERVIEW > The Assa North / Ohaji South ("ANOH") gas project is a midstream gas business in Nigeria, which will add 300MMscfd of new processing capacity to the Nigerian domestic market > Final Investment Decision was taken in March 2019 and the ANOH field development is set to be the single largest domestic gas project in Nigeria to date > The project will be managed by the ANOH Gas Processing Company Limited (AGPC), a gas infrastructure joint venture between SEPLAT and the Nigerian Gas Company (NGC) > The gas processing activities of AGPC will be underpinned by wet gas sourced from the unitised upstream arm of ANOH, which will be operated by Seplat ANOH Gas Processing Plant Key OB3 Omoku Road network Oil pipeline Gas pipeline Egbema 30 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION Ohajl 26km Spur Line ANOH Gas Field ANOH GAS PLANT OML 21 OML 53 OWERRI#31ANOH DOWNSTREAM INFRASTRUCTURE Multiple evacuation routes for hydrocarbon products SALES GAS > Gas from the AGPC Gas Processing Facility will be routed via a 24km spur line to a fiscal metering facility located adjacent to Agip's Obiafu-Obrikom field, and a new 127 km 48" east-west gas pipeline connecting Obiafu-Obrikom to Oben ("OB3"). > The OB3 pipeline is owned and is being constructed by the Nigeria Gas Company. There are regular interface meetings between NGC, SPDC and AGPC. > More than 90% of the construction work on the OB3 is already complete, with the outstanding portion relating to the crossing of the river Niger, which has been further contracted to experts to ensure completion of the project. Per latest information that AGPC has received, OB3 is still scheduled for completion in 2020 and the spur line in 2021. > Gas shipped from the AGPC Gas Processing Facility will travel to the Oben gas hub and it will have optionality to be shipped onwards north or west via the Ajaokuta pipeline (when it is completed) or the Escravos-Lagos Pipeline System. CONDENSATE LPG > The condensate is expected to be transported to the Bonny terminal via an existing crude oil pipeline system operated by SPDC. > The 12" condensate evacuation line will enter into the ASSA manifold of SPDC where the condensate comingles with other injectors' crude to the Bonny Terminal via Rumuekpe, Npoku, Bomu Manifolds. > AGPC will be selling LPG at the gate to wholesale LPG distributors. 31 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#32ANOH PIPELINE NETWORK MAP Gas processing plant is connected to existing and near-term infrastructure 32 Legend: ELPS M/F OB3 PIPELINE (NGPTC) Oben M/F 48" x 67 km Gbaran CPF Ob-Ob GP (NAOC) GTS 2 (EGGS2) 40" x 55 km Soku M/F GTS-1 GTS-2 GTS-4 OUR TNP Proposed ANOH pipelines (SPDC) Gas Plant Flow station Gas Manifold Oil Manifold Abbreviations: SC-Slug Catcher GP-Gas Plant P/L-Pipeline M/F-Manifold F/S- Flow station 36"x 23 km (NGPTC) Obite GP OB3 CTMS 24" x 5.5km -- GTS-1 24"x30km GTS-4 36" x132 km (TEPNG) 12"x28 km ANOH GP U/S Seplat GP Midstream Egbema W F/S Oguta F/S 12"x16.2 km Egbema F/S 10" x10.3 km 8" x0.3 km Egbema 10"x1 km 8" x1 km M/F Ubeta M/F Borkir Refinery 42" x 45 km GTS-1 36"x33 km OUR 20"x 12km Rumuji M/F Soku GP GTS-1 28" x 40km 9 GTS-1 36"x 58km GTS4 GTS 2 (EGGS1) 40" x 100 km SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION Cawthorne Channel Tie-in 36" x 28km GTS2/4 SC NLNG Assa-lbigwe M/F 16" x20.4 km 18" x47 km Npoku M/F TNP Network Rumuekpe M/F 20" x 36.2km 36" x 36.2km 36" x 42.3 km 28" x 42.3km 24" x 42.3km Oghale M/F Ebubu M/F GTS1 SC Bomu M/F 28" x 23km 24" x 23km 24" SC 28" SC BOGT#33ANOH COMMERCIAL STRUCTURE One of Nigeria's Strategic Gas Projects UPSTREAM OML 21 JV ATIONAL PETROL 27.5% 15.0% Eni TOTAL 5.0% 2.5% MIDSTREAM OML 53 JV DOWNSTREAM NATIONAL ETROLE seplat seplat GAS TION CORPORA 30.0% 20.0% 50% of upstream wet gas production LIMITED 50.0% # SA 50.0% Shareholders Domestic Gas Regional Gas COMMERCIAL AGREEMENTS > Wet gas sales Wet gas purchased from upstream unit Condensate Export AGAC MARKETED PRODUCTS COMMERCIAL AGREEMENTS > Shareholder Agreement > Share Subscription Agreement (SSA) > Construction contracts > Secondment Agreement LPG Sold COMMERCIAL AGREEMENTS > Gas sales & purchase (250 MMscfd) > Crude off-take > LPG sales & purchase > Crude handling & transport 33 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#34ANOH FINANCING STRUCTURE Robust funding structure with adequate headroom › Seplat and NGC will fund their equal share of the project, i.e. US$210 million each for a total of US$420 million > This equity of US$420 million, together with the US$320 million from the senior secured facility, will ensure a fully funded project with projected total development costs of US$700 million, including a contingency of US$40 million > Both debt and equity are denominated in US$ to de-risk the project by mitigating devaluation risk during construction. Funding paid / pending NGC SEPLAT (US$M) Funding status Funding paid / pending (US$M) Funding status 2 Oct 18 100.0 Funded 100.0 Funded 14 Dec 18 50.0 Funded 50.0 Funded Mar 20 Pending Total 0.0 Unfunded 30.0 Funded 60.0 Unfunded 30.0 Unfunded 210.0 210.0 NGC US$ 210 million 50% AGPC SEPLAT PIC US$ 210 million 50% Senior Debt up to US$ 320 million KEY Equity Senior Debt Sources Senior debt Equity Total US$ million 320 Uses 420 740 34 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION Construction Costs (base case) Financing fees Levies & taxes Stamp Duty Reserve Interest during construction Additional headroom Total US$ million 642 14 3 4 31 46 740#35ANOH SALES STRATEGY DELIVERS MULTIPLE PRODUCTS Selling to creditworthy off-takers, often in long-term contracts SALES GAS CONDENSATE LPG Proposed off-taker(s) Volumes Price Remarks > 245mmscfd of dry gas will be produced as sales gas > At present 90MMscfd of gas has been contracted, 70MMscfd will be sold under the Domestic Supply Obligation DSO NGC Pending contract Creditworthy off-takers 70MMscfd 90MMscfd 85MMscfd US$2.5/Mscf US$3.0/Mscf Already contracted US$3.0 $3.50/Mscf Gas Sales Agreement to be finalised › Condensate produced from AGPC midstream operations is to be and sold in the international market at the relevant crude reference price (Bonny grade) to reputable off-takers. The revenue will be received in US$. Creditworthy off-taker c. 20 kbbld declining Prevailing Brent price gradually after 2029 Crude Handling Agreement pending imminent execution > The AGPC facility is attracting significant interest from wholesale LPG suppliers due to its prime location. The locational advantage of being at the epicentre of natural gas production and distribution infrastructure make it attractive for LPG sellers looking for reliable supply at competitive cost. The LPG will be priced in US$ and paid in Naira, ranging between US$0.70-US$1.00/litre. AGPC is currently in discussions with various companies to off-take the LPG and will ensure that the LPG off-take is competitively tendered so that only technically competent customers are selected. Creditworthy off-taker c. 1.23 kbbld c. US$0.35/Litre LPG sales agreement to be finalised 35 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#36OFF-TAKE CONTRACTS ALREADY PROVIDING VISIBILITY Off-takers for ~36% of dry gas; wet gas contract 90% take or pay, currently secured by condensate revenues Product Wet Gas Dry Gas - SPA Dry Gas DSO Dry Gas Marketing Condensate LPG Counterparty NNPC/ Seplat Nigerian Gas Marketing Company Allocated end users (pending allocation) 12 wholesalers responded to Start Date Satisfaction of conditions precedent or mutually agreed date Satisfaction of conditions precedent or mutually agreed date TBC Nigerian Gas Marketing Company 13 Aug 2018 (marketing commenced on this date for delivery following production) Credible off-takers ITT; targeting 3-4 Not specified NA Conditions Precedent Standard Including completion of ANOH facilities; buyer prepayment of first month or provision of bank guarantee TBC None Not specified NA Term 15 years 15 years TBC Dependent on related NGMC downstream sales agreement Not specified NA Negotiating allocated Negotiation status Signed Signed Signed Preliminary Invitation to Tender Volume 275 MMscfd (c.250MMscfddry gas) 90 MMscfd volume Between 50 and 70 MMscfd Balance of ANOH output 19,800 kbopd Full plant output 36% % of dry gas volume 28% (70 MMscfd) 36% 90% Take or pay 90% TBC Price Sum of: 35% of lean gas sales, 50% of LPG sales, 50% of condensate sale $3/Mscf (XCPI) Delivery point ANOH fence Within ANOH fence TBC 36 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION None (ANOH termination right if NGMC does not find customers volume not specified) Not specified $2.50/Mscf ANOH pays NGMC marketing fee linked to end-user price NGMC obtains Not specified; referenced to crude oil prices Not specified Not specified NA Seplat expects premium to Mont Belvieu (US) NA-likely within ANOH fence#37ADDITIONAL VALUE CREATION FROM GAS Ending flaring and developing LPG business will add substantial revenues END FLARING AND MONETISE GAS INSTEAD > Nigeria flares estimated 330 Bscf associated gas annually, enough to create 450,000 MT LPG > Nigerian Gas Flare Commercialization Programme aims to end flaring by end of 2020 and divert the gas for sale > Seplat is committed to ending flaring as soon as possible > Procured four gas compressors for Sapele field, where most flaring occurs (=25MMscfd), will reduce flaring by 90% › Already capturing and monetising 40MMscfd at Oben DEVELOP LPG FOR LOCAL MARKETS > Convert remaining low-pressure flares to LPG and sell to credible off-takers in nearby markets > ANOH has significant potential for LPG sales 37 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#3838 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC PERFORMANCE UPDATE H1 2020 RESULTS www.seplatpetroleum.com S#39H1 2020 KEY MACROECONOMIC EVENTS An unprecedented period of volatility as twin shocks hit the oil market > Oil price recovering after twin shocks of COVID-19 demand drop and KSA-Russia price war > OPEC+ cuts will reduce Seplat's W.I. quotas in July/August but little impact expected on full-year result > Nigeria is relatively lightly affected by COVID-19 with <59,000 cases reported and <1,300 deaths as at 21/9/20 > Lockdown enforced in key centres, but oil operations allowed to continue owing to strategic and economic importance > Very little direct impact of COVID-19 on Seplat and its operations at fields or offices, but continuing to monitor developments and enforce safety protocols 39 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION BRENT FUTURES IN H1 2020 ($) 80 70 60 50 40 30 20 10 0 01/01/2020 01/02/2020 01/03/2020 01/04/2020 01/05/2020 01/06/2020 01/07/2020 EVOLUTION OF BRENT FORWARD CURVE ($) 60 50 40 30 20 Live 27/01/2020 Mar-20 Sep-20 Mar-21 Sep-21 26/06/2020 Mar-22 Sep-22 Mar-23 Sep-23 27/04/2020 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Mar-27 Sep-27 Mar-28 Sep-28 Mar-29#40H1 2020 PERFORMANCE HIGHLIGHTS Seplat delivered production well within guidance and maintained a healthy cash balance despite low oil prices KEY FIGURES A STRONG PERFORMANCE DESPITE CHALLENGING MARKET VOLUMES WITHIN GUIDANCE 51,177 boepd (Q1 2020: 48,491 boepd) LOW COST PRODUCER US$7.60/boe > 51,177 boepd total Production well within guidance > Liquids 34,117 bopd > Gas 99 MMscfd (17,060 boepd) Focus on cost reduction and efficiency > Negotiating at least 30% savings from suppliers, per Government request › Reducing barging costs at OML40, plus Group central costs Oil price recovering > $34.94/bbl realised across H1 2020 > Hedged put options at $45/bbl for Q2/Q3 and $30/bbl in Q4 Capex increased > $86m invested H1 to underpin future revenues > H2 focus on gas projects > Non-essential capex under review STRONG CASH BALANCE US$343m Balance sheet > Balance sheet strong even after capex and dividend payments > All debt lines well within headroom 40 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION Update on major projects > ANOH remains on schedule for Q4 2021 first gas › Amukpe-Escravos Pipeline expected in H2, subject to COVID-19 delayed works being completed#41H1 2020 WORKING INTEREST PRODUCTION Volumes are well within guidance for 2020 despite severe market challenges in second quarter boepd 60,000 Oil production Gas production FY 2020 guidance unchanged at 47-57kboepd 51,177 50,000 40,000 43,372 49,867 48,491 46,498 36,924 24,198 14,369 22,563 30,823 30,000 28,341 6,571 25,877 19,070 4,867 20,020 20,000 5,226 10,000 14,794 15,786 29,003 23,474 24,252 10,091 25,669 23,935 17,853 17,060 15,103 33,388 34,117 H1 2020 PERFORMANCE › Average W.I. production in H1 2020: 51,177 boepd (Q1 2020: 48,491) > Eland achieved 10,861 bopd, c32% of Group oil volumes > Pipeline issues affected exports from OML 4, 38, 41 > Gas production recovering after Q1 maintenance and 3rd party downtime IMPACT OF OPEC+ CUTS > No impact in H1 2020 › Seplat July production within revised quota, August quota similar to H1 average > No change to previous FY guidance 0 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Q1 2020 41 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#42UPDATE ON OPERATIONS Focus on well development and reducing costs OIL BUSINESS > OML40 and Ubima production now included, contributing nearly a third of oil production > 76% uptime as infrastructure outages affected OML 4,38, 41 exports; 8.6% reconciliation losses. > Six oil wells completed across Sapele, Ovhor, Ohaji South and Gbetiokun › Cost saving initiatives underway include negotiating savings from suppliers per Government request, larger barges at Gbetiokun to reduce shipping costs, savings already driving costs down from $14 to $9 per bbl › Amukpe-Escravos Pipeline expected H2 2020 due to delays in accessing the terminal; expected to significantly reduce reconciliation and other losses, thereby enhancing revenue assurance GAS BUSINESS > 99 Mscfd achieved across six-month period was significant increase on 88Mscfd achieved Jan-March > Oben scheduled maintenance and 3rd party infrastructure problems restricted Q1 gas sales > Oben-48 gas well completed and onstream > ANOH project still on target to produce first gas in late 2021, despite COVID-19 impact > ANOH equity and debt financing expected to complete in H2 2020 > Sapele Gas Plant decommissioning in advanced stage but timetable affected by COVID-19 > Two gas wells on track to be drilled in H2 42 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#43ACCIDENT AT BENIN RIVER VALVE STATION ON OML40 Investigation ongoing into explosion on maintenance barge SUMMARY > Seven fatalities amongst third-party contractors; our thoughts and prayers are with the families and friends of all those who lost their lives > Accident occurred on mooring dolphin at Benin River Valve Station, which is Gbetiokun crude injection point into TEP for export to Forcados Terminal > The mooring dolphin was being modified to receive a larger self-propelled barge > The BRVS is 30km away from the Gbetiokun upstream operations > No other casualties reported, no environmental damage › Investigation is underway, combined NPDC / Elcrest team, led by NPDC as the operator 43 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#44H1 2020 FINANCIAL HIGHLIGHTS Cash balance increases, NPDC receivables fall, capex increased, 2019 final dividend paid REVENUES 34% US$234 million Impact of COVID-19 and oil price fall H1 2019: $355 million LOSS BEFORE DEFERRED TAX 221% US$145 million Loss results from IAS36 impairment H1 2019: $120 million profit CASH AT BANK 3% US$343 million Cash balance strong and increasing FY 2019: $333 million OPERATING COSTS 40% US$7.60 boe Includes OML40/Ubima export cost H1 2019: $5.41/boe EBITDA 48% US$115 million After adjusting for impairment H1 2019: $223 million NET DEBT = US$457 million Includes $799m gross debt FY 2019: $456 million GAS SALES REVENUE 26% US$54 million 23% of Group revenues H1 2019: $72 million 44 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION CAPITAL INVESTMENT 206% US$86 million Increased despite market uncertainty H1 2019: $28 million NPDC RECEIVABLES 22% US$174 million Good management of receivables FY 2019: $222 million#45H1 2020 FINANCIAL RESULTS A profitable business with strong cash flow generation and a robust balance sheet $ million H1 2020 H1 2019 Total revenue 233.6 355.1 Cost of sales (195.9) Gross profit 37.7 (148.0) 207.0 Change (34.2%) 32.9% > H1 2020 results reflect contribution of Eland, acquired at the end of Q4 2019 > Lower oil revenues reflect price falls in Q2; average price of $34.94 achieved across H1 with a low of $17.50 G&A (47.6) (42.1) Other income 51.4 8.6 (81.8%) 13.2% 496% Impairments (160.9) (40.1) 301% Operating profit/(loss) (112.9) 139.1 Net finance costs (34.8) (18.9) (181.2%) 84.2% (Loss)/Profit before tax (145.3) 120.4 Tax credit / (expense) 35.1 (1.4) (220.7%) (2565%) (Loss)/Profit after tax (110.2) 119.0 (193%) Capital investment 86.0 28.1 206% Cash flow from operations 176.2 255.2 (31%) NPDC receivables (vs. 31/12/19) 174.4 222.3 21.6% > H1 2020 gas sales did not include tolling (H1 2019: $67m); $2.88/Mscf achieved > In cost of sales, royalties, crude handling and DDA now includes consolidated amounts from Eland, including US$10.7m barging costs, but reduction in barging costs will be felt in H2 › Operating expenses include impact of Eland consolidation, IAS36 impairment on assets to reflect the impact of oil price decline $146m in Q1 2020, and $14.8m impairment of financial assets > H1 2020 finance cost is made up of interest repayments impacted by interest on additional $350m RCF in December and consolidation of Eland finance cost compared to H1 2019 > Hedging: FV gain on hedge due to significantly low oil prices > Tax expense: H1 2020 contains a deferred tax credit of $39m and a tax charge of $3.9m > Capex for H1 2020 includes mainly costs for ramped up activities on Ovhor wells, Sapele and Gbetiokun oil wells, Oben-48 gas well, Sapele gas plant project and other projects > Good relationship with NPDC drives fall in receivables 45 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#46COST-CUTTING INITIATIVES PROVING SUCCESSFUL Seplat is focused on reducing costs to ensure greater profitability $ B $ Federal Government has mandated that E&P companies drive cuts of at least 30% from suppliers NNPC targeting $10/bbl cost of production across Nigerian oil industry Negotiating at least 30% cost savings from suppliers as per directives from Government partners Targeting cuts in OML 40 barging costs through use of larger vessels, savings in production personnel costs Central costs including travel, legal fees, hospitality, rents, rates etc 46 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#47$m 47 CASH GENERATION STRENGTHENS BALANCE SHEET Strong cash generation and diligent management of Group liquidity 600 500 400 300 326.3 200 100 10.0 4.7 2.0 1.8 176.2 Hedging strategy of put options to Hedge provide cash flow assurance Q3 2020 Amount 1.5 MM bbl Price $45 Q4 2020 1.5/0.5 MM bbl $30/$35 Q1 2021 1.0 MM bbl $30 -86.0 -30.0 Oil $63m Gas $20m -38.3 329.8 -26.5 -10.4 Cash at 31/12/19 Cash from (excl. restricted operations Proceeds from loans OML55 receipts FX gains Interest received Capex AGPC investment cash) Interest, finance charges Dividend paid Income tax SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION Cash at 30/6/20 (excl. restricted cash)#48ROBUST CAPITAL STRUCTURE Seplat is in a position of financial strength to capitalise on profitable opportunities › Capital structure amended following acquisition of Eland Oil & Gas PLC > $100m Eland reserve-based loan now part of structure. > $300m Seplat revolving credit facility upsized to $350m and extended to 2022/23 NET DEBT POSITION REFLECTS STRONG CASH BALANCE 600 585 400 437 200 326 333 343 285 160 KEY TERMS 0 -200 -446 Notes Pricing 9.25% Tenor -400 -588 -570 457 -664 2023 -600 -789 -799 -800 -900 RCF RBL LIBOR+6% falling to LIBOR+5% after Amukpe-Escravos opens LIBOR+8% / LIBOR+7.5% if <50% drawn down 2022/23 -1000 2023 2014 2015 2016 2017 O Gross debt US$ million 2018 2019 H1 2020 Net position DIVERSE CAPITAL STRUCTURE 400 350 350 300 250 200 150 100 50 0 Senior notes 48 Cash balance US$ million CURRENT DEBT MATURITY PROFILE (US$ MILLION) Debt facilities 400 ■Senior notes ■RCF ■RBL US$ million 350 350 300 250 200 150 100 100 50 0 Revolving credit facility Reserve-based loan 2020 2021 2022 2023 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#4949 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC OUTLOOK www.seplatpetroleum.com plo seplat#50TIMETABLE OF KEY DE-RISKING EVENTS Seplat is progressively de-risking the business EVENT AMUKPE-ESCRAVOS PIPELINE ANOH FINANCING ANOH FIRST GAS SAPELE GAS PLANT UPGRADE AMOBE RESERVE QUANITIFICATION EXPECTED IMPACT EXPECTED > Immediate increase in revenues by reducing downtime from 25% to 10% and losses from 8% to 3% H2 2020 > Successful completion of funding substantially de-risks ANOH project > Dividend stream from AGPC joint venture > Strengthens Seplat's position as Nigeria's leading gas supplier Q4 2020 Q4 2021 › Restores Sapele output at higher 75MMscfd capacity > Higher revenues at higher margin H1 2022 > Converts 2C reserve to 2P, with strong potential for valuation uplift 50 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION 2021-22#51OUTLOOK FOR 2020 AND DRIVERS OF FUTURE VALUE Short term focus on efficiency, cash generation, longer term significant growth prospects GUIDANCE FOR 2020 VOLUME GUIDANCE UNCHANGED 47 - 57 kboepd (Includes impact of OPEC+ quota cuts in July/August) HEDGING (PUT OPTIONS) CAPEX Hedge Q3 2020 Q4 2020 Q1 2021 Amount 1.5 MM bbl 1.5/0.5 MM bbl 1.0 MM bbl $45 $30/$35 $30 Price $120m for full year $86 million spent in H1 2020 SHORT TERM VALUE DRIVERS (0-2 YEARS) 1. Increase in production from Eland's OML40/Ubima fields, with exports not dependent on Seplat's existing export routes 2. Greater and more reliable output expected from OMLS 4,38, and 41 as Amukpe-Escravos pipeline assures more secure flow, reduces losses through shut-ins and vandalism 3. Potential for dedicated export route to support OML 40 and OML 4,38,41, reducing handling costs and reconciliation losses 4. Improved uptime from increased focus on operational improvements in 2020; increased field development 5. Prioritise prolific swamp wells to increase production 6. Significant reserve upgrade potential from Eland's Amobe prospect at OML40, benefiting from Eland expertise LONGER TERM VALUE DRIVERS (2+ YEARS) 1. Significant opportunity from gas displacement of diesel generators as government prioritises gas-fired electricity 2. ANOH significantly boosts potential income from gas from 2022, further decoupling value from oil price volatility; expansion potential beyond 300MMscfd to serve increasing demand 3. Opportunity to increase scale of oil and gas businesses through M&A as IOCs divest Nigerian assets 4. $400m+ cash flows expected from Westport loan repayments 51 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION#52seplat Head Office Seplat Plc 16A, Temple Road, Ikoyi, Lagos, Nigeria. +234 (0)1 277 0400 [email protected] www.seplatpetroleum.com London Office Seplat UK Ltd. 4th Floor, 50 Pall Mall, London SW1Y 5JH +44 (0)20 3725 6500 Investor Relations [email protected] [email protected]