Investor Presentaiton
WESTPORT 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 2024View entire presentation