Investor Presentaiton
MIDSTREAM BUSINESS MODEL
Lower price volatility. Greater revenue visibility
Gas production and revenues - diversification and future growth
250
Seplat Gas Revenue
145
160
136
-Seplat Gas Production
140
200
114
113
115
117
113
202
120
95
86
150
156
100
124
39
106
108
101
112
29
94
77
40
50
18
27
0
2013 2014 2015 2016 2017
2018 2019 2020
2021 2022
9M23
Gas price realisations - stable through the cycle
3.5
3.0 3.0
3.0
2.8 2.9
2.9
3.0
2.6
2.5
10
2
2.8
-%
seplat
100
ཎྜ⌘
80
20
220
120
2.8
100
80
POSITIVE MACRO DRIVERS
Strong and growing demand
■ Current deficit in thermal power generation provides immediate
headroom to place additional gas volume.
■ c.20,000 MW off-grid diesel-generated power in Nigeria. Diesel
displacement provides attractive switching economics
Improving fiscal terms via PIA
▪ 2.5% royalty on gas supplied in the country (from 7.5%)
Commercial pricing de-linked from Oil
■ Domestic Gas Delivery Obligation (DGDO) pricing expected to end
in 2025 at the latest
■ Long-term gas supply contracts. Non-DSO prices are determined
on a willing buyer / willing seller basis
2.0-
1.9
60
60
1.5
1.7
40
40
1.0-
0.5
DGDO Gas Price
Seplat Av. Commercial Gas Price
- 20
Oil Price (Brent)
0.0
0
2013
2014 2015 2016 2017 2018
2019
2020
2021
2022 9M23
SEPLAT ENERGY INVESTOR PRESENTATION
reliable energy, limitless potentialView entire presentation