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Investor Presentaiton

ROBUST CAPITAL STRUCTURE Seplat is in a position of financial strength to capitalise on profitable opportunities › Capital structure amended following acquisition of Eland Oil & Gas PLC > $100m Eland reserve-based loan now part of structure. > $300m Seplat revolving credit facility upsized to $350m and extended to 2022/23 NET DEBT POSITION REFLECTS STRONG CASH BALANCE 600 585 400 437 200 326 333 343 285 160 KEY TERMS 0 -200 -446 Notes Pricing 9.25% Tenor -400 -588 -570 457 -664 2023 -600 -789 -799 -800 -900 RCF RBL LIBOR+6% falling to LIBOR+5% after Amukpe-Escravos opens LIBOR+8% / LIBOR+7.5% if <50% drawn down 2022/23 -1000 2023 2014 2015 2016 2017 O Gross debt US$ million 2018 2019 H1 2020 Net position DIVERSE CAPITAL STRUCTURE 400 350 350 300 250 200 150 100 50 0 Senior notes 48 Cash balance US$ million CURRENT DEBT MATURITY PROFILE (US$ MILLION) Debt facilities 400 ■Senior notes ■RCF ■RBL US$ million 350 350 300 250 200 150 100 100 50 0 Revolving credit facility Reserve-based loan 2020 2021 2022 2023 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION
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