Investor Presentaiton

NIGERIA'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

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