Investor Presentaiton

OFF-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

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