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Investor Presentaiton

NIGERIA'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
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