Investor Presentaiton

OUTLOOK FOR 2020 AND DRIVERS OF FUTURE VALUE Short term focus on efficiency, cash generation, longer term significant growth prospects GUIDANCE FOR 2020 VOLUME GUIDANCE UNCHANGED 47 - 57 kboepd (Includes impact of OPEC+ quota cuts in July/August) HEDGING (PUT OPTIONS) CAPEX Hedge Q3 2020 Q4 2020 Q1 2021 Amount 1.5 MM bbl 1.5/0.5 MM bbl 1.0 MM bbl $45 $30/$35 $30 Price $120m for full year $86 million spent in H1 2020 SHORT TERM VALUE DRIVERS (0-2 YEARS) 1. Increase in production from Eland's OML40/Ubima fields, with exports not dependent on Seplat's existing export routes 2. Greater and more reliable output expected from OMLS 4,38, and 41 as Amukpe-Escravos pipeline assures more secure flow, reduces losses through shut-ins and vandalism 3. Potential for dedicated export route to support OML 40 and OML 4,38,41, reducing handling costs and reconciliation losses 4. Improved uptime from increased focus on operational improvements in 2020; increased field development 5. Prioritise prolific swamp wells to increase production 6. Significant reserve upgrade potential from Eland's Amobe prospect at OML40, benefiting from Eland expertise LONGER TERM VALUE DRIVERS (2+ YEARS) 1. Significant opportunity from gas displacement of diesel generators as government prioritises gas-fired electricity 2. ANOH significantly boosts potential income from gas from 2022, further decoupling value from oil price volatility; expansion potential beyond 300MMscfd to serve increasing demand 3. Opportunity to increase scale of oil and gas businesses through M&A as IOCs divest Nigerian assets 4. $400m+ cash flows expected from Westport loan repayments 51 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION

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