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Investor Presentaiton

OUTLOOK FOR 2020 AND DRIVERS OF FUTURE VALUE Short term focus on efficiency, cash generation, longer term significant growth prospects 53 GUIDANCE FOR 2020 VOLUME GUIDANCE 48 - 52 kboepd (Includes impact of OPEC+ quota cuts in July/August) HEDGING (PUT OPTIONS) CAPEX 1.0/1.0 MM bbl Hedge Q4 2020 Q1 2021 Amount 1.5/0.5 MM bbl $30/$35 Price $30/$35 $120m for full year $109 million spent in 9M 2020 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION SHORT TERM VALUE DRIVERS (0-2 YEARS) 1. New gas wells expected to increase gas production in 2021 (75MMscfd gross) 2. Increase in production from Eland's OML40/Ubima fields, with exports not dependent on Seplat's existing export routes 3. 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 4. Potential for dedicated export route to support OML 40 and OML 4,38,41, reducing handling costs and reconciliation losses 5. Improved uptime from increased focus on operational improvements in 2020; increased field development 6. Prioritise prolific swamp wells to increase production 7. Sapele gas plant will reduce flaring, monetise gas 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 5. Significant reserve upgrade potential from Eland's Amobe prospect at OML40, benefiting from Eland expertise
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