seplat energy’s nigerian opportunity

Seplat Energy’sNigerianopportunity

Seplat Energy Plc

29/07/2021

15.00 – 16.10

— Goodwill message from

Temi Popoola, Chief Executive Officer,

Nigerian Exchange Ltd

— Proudly Nigerian

— Introducing Seplat Energy

— Building a sustainable business

— Driving social development

— Focusing on environmental

care & reporting

— Maximising financial returns

BREAK

16.20 – 17.30

— Delivering transition

— Upstream

— Midstream Gas

— New Energy

17.30 – 18.00

Q&A

18.00

— ReceptionAgendaAgendaSeplat Energy's Nigerian opportunity 1

PROUDLY NIGERIAN

Seplat Energy's Nigerian opportunity 2

Roger BrownChief Executive Officer

A land of opportunity… POPULATION– Africa’s largest population, with more than 200m people and growing rapidly– Currently 7th largest, will be the world’s 3rd largest country in 2050 and second largest

democracy– More children are born every day in Nigeria than in the whole of Europe

ECONOMY– GDP estimated at more than $600bn including informal economy– 70% of GDP is consumer spending – Currently ranked 22nd in GDP, projected to be top-10 by 2050– Rising urbanisation will improve economic efficiency


37bn bbl liquids

40 years reserves remaining reserves

without addition

1.6Mbopd average daily production in

2021

Source: NNPC

203 Tcf gas

Current production of 8Bscfd could

power 8GW

5GW energy could be generated from

flared gas, 15GW from reinjected gas

Source: DPR

NIGERIA’S ABUNDANT ENERGY RESOURCES

1.8 – 5.0 kWh/m direct solar irradiation

Source: World Bank

14GWTotal potential hydro

Source: World Bank

Source: IHA

Ç√

…with strong potential for growth

* Existing gas grid and off-grid diesel

Source: Wood Mackenzie Energy Transition Outlook

20402021

$468bn

57%

0.06GW

0.2GW

206m

121TWh

0.4GW

0.2GW

$973bn

85%

35.2GW

4.1GW

329m

240TWh

9.5GW

26.1GW

7.9GW

30.4GW

GDP

POPULATION

ACCESS TO ENERGY

ELECTRICITY DEMAND

TOTAL GENERATING CAPACITY*

GAS ON GRID

SOLAR ON GRID

TOTAL OFF-GRID CAPACITY

OFF-GRID GAS

OFF-GRID SOLAR

4.9GW

25.6GW


…but there are impediments

– Highest cost of energy in the world (52c/kWh) because

most power is generated by small-scale diesel and petrol

generators

– Low access to energy (57%) because of lack of grid infrastructure,

especially in rural areas

– Despite around 12.5GW installed capacity, only 4-5GW reaches

customers

– 80% of energy use is biomass for cooking


ENERGY ACCESS WILL DRIVE NIGERIA’S DEVELOPMENT


OUR STORY SO FAR


Increased oil and gas production


14,794

23,47424,252

29,003

10,091

17,853

25,669

23,935

33,714

28,54130,029

5,226

4,867

6,571

14,369

15,786

19,070

24,198

22,563

17,469

19,698

20,758

20,020

28,34130,823

43,372

25,877

36,924

49,867

46,498

51,183

48,23950,787

0

10,000

20,000

30,000

40,000

50,000

60,000

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 3M 2021 6M 2021

Increased total production by nearly 31kboepd

4x increase in gas production

Oil

Gas

boepd

Built a strong financial profile


Repaid $1.7bn debtsince IPO

$400+ million dividends Declared and paid since IPO

Invested $1.9bn capexsince IPO

Raised $2.46bn debtsince IPO

Raised $535 million equityat IPO

Built a world-class Board and governance

NON EXECUTIVE CHAIRMAN

EXECUTIVE MANAGEMENT NON-EXECUTIVE DIRECTORS

INDEPENDENT NON-EXECUTIVE DIRECTORS

Dr. A.B.C.OrjiakoNon-Executive Chairman

– Seplat co-founder

– c.25 years in Nigeria’s

O&G industry, across the

energy value chain

Arunma Oteh

– Member of the LSE

Advisory Group

– Former Treasurer and VP of

the World Bank and Director

General of SEC of Nigeria

Basil Omiyi Senior INED

– Chairman, Stanbic IBTC Holdings

– 40+ years at Shell, holding

senior roles in Nigeria and

Europe

Charles Okeahalam

– Co-founder of AGH Capital

Group

– Former Non-Executive Chairman

of Heritage Bank

Prof.Fabian Ajogwu

– Professor, Corporate Governance

Lagos Business School

– Senior Advocate of Nigeria

– Director of the Society for

Corporate Governance Nigeria

Bello Rabiu

– CEO, Dankiri Farms

– Previously 28 years at NNPC,

most recently as COO/Group

Executive Director, Upstream

Business Unit

Xavier Rolet

– Decade as CEO of the

LSE Group

– Previously CEO of CQS

and Banque Lehman Brothers

in Paris

Roger BrownCEO

– 25+ years in the O&G

industry

– Former Seplat CFO (8 yrs)

and MD of O&G EMEA for

Standard Bank Group

Emeka Onwuka CFO

– 30+ years financial

experience in the

SSA region

– Former Group MD & CEO

of Diamond Bank Plc

Engr. Effiong Okon OperationsDirector

– 29+ years of O&G

experience

– Former GM Deepwater

and Shallow Offshore

Assets of Shell Nigeria

Austin Avuru

– Seplat co-founder

– 38 years experience in the O&G, including 12 at the Nigerian National Petroleum Corporation (NNPC)

Nathalie Delapalme

– Former Inspecteur General des Finances -Ministry of Economy &

Finance (France)

– Board member at Maurel et Prom

Olivier de Langavant

– CEO of Maurel et Prom

– Formerly held various

management positions

at Total

Only Nigerian company to be listed on both the Premium Board of the NGX and the Main Market of the LSE


Strengthened and reorganised leadership

Energy for Nigeria’s future 11

DIRECTOR,

EXTERNAL AFFAIRS

& SUSTAINABILITYDr. Chioma Nwachuku

DIRECTOR,

CORPORATE SERVICES

Charles Gbandi

DIRECTOR,

STRATEGY & BUSINESS

DEVELOPMENTAlasdair Mackenzie

MANAGING DIRECTOR,

SEPLAT WESTAfolabi Folorunso

DIRECTOR,

NEW ENERGY

Yetunde Taiwo

MANAGING DIRECTOR,

SEPLAT EAST ONSHORE

Ayodele Olatunde

VICE PRESIDENT,

FINANCE

Eleanor Adaralegbe

MANAGING DIRECTOR, ELCREST

Chima Njoku

MANAGING DIRECTOR,

AGPC

Okechukwu Mba

DIRECTOR,

LEGAL & COMPANY

SECRETARY

Edith Onwuchekwa

TECHNICAL DIRECTOR

Gary Thompson

CHIEF FINANCIAL OFFICER

Emeka Onwuka

OPERATIONS DIRECTOR

Effiong Okon

CHIEF EXECUTIVE OFFICER

Roger Brown

Executive Committee


Contribution to Nigeria and its communities

Since 2010 * Includes JV share

To Nigeria

$6.2bn Revenue share

$1.1bn Royalties

$292m Taxes

$152m to NDDC and NCD

To communities *

$16.7m Other

$3.2m Education

$2.4m Healthcare

$1.8m Covid-19 relief

To Nigerians *

$4bn Local contractors

$919m Wages & benefits

– Raising entrepreneurs among

stakeholder communities to ensure

financial independence

– Socioeconomic empowerment of

women and youth

– Free and comprehensive medical support to employees and families

– Free eye care services for community

– Provision of free medical advice to pregnant community women

– Scholarship awards to community

students at secondary and tertiary

institutions

– Support to secondary school teachers

in Delta and Edo states through STEP

– Provision of potable water boreholes

for host communities

– Awareness creation among pregnant

women to promote good personal and

community hygiene practices

– Huge investments to increase gas

production to support Nigeria's gas-to-

power programme

– We supply a third of the gas needed to

provide electricity in Nigeria

– Local content policy: Employment

opportunities for local people

– Youth empowerment programs

– Conversations 4 Change partnership

– Invests in infrastructure development

within host communities

– Commissioned projects include roads,

water bore holes, rural electrification,

town halls, market stalls etc.

– We partner with communities to

provide infrastructure for improved

community life through the allocation of

quarterly Project Development Funds

to communities

– Massive investment into gas

infrastructure to reduce greenhouse

gas emissions

– We are working to stop gas flare and

ensure low-carbon future operation

– Peace building and conflict resolutions

among host communities

– Training for community development

committee members on conflict

management and dispute resolution

– Collaboration with other operators and

industry associations on SDGs

– Partnership with government,

educational institutions and

communities

– Commitment to supportive work

environment without discrimination on

gender, race, religion, physical ability,

HIV status etc.

Commitment to U.N. SDGs


Social impacts

EYE CAN SEE

3,464Eye surgeries performed

33,755Reading glasses distributed

80,585Eye disease treatments

SAFE MOTHERHOOD

38,883Programme beneficiaries

COVID-19 RELIEF

$1.8M (JV)


EDUCATIONHEALTHCARE EMPOWERMENT

SCHOLARSHIPS

3,415892 undergraduates

2,523 post-primary

PEARLS QUIZ

45,140Secondary school students

impacted

STEP PROGRAMME

143Teachers trained

ENTREPRENEURS EMPOWERMENT

162

SKILLS ACQUISITION

840Beneficiaries

VENDOR CAPACITY BUILDING

1,700Beneficiaries


Built a strong safety culture

MAN HOURS WITHOUT FATALITY OR LTI AT SEPLAT ENERGY’S WESTERN ASSETS AS AT 30 JUNE

20.5 million

FIRST NIGERIAN ACQUISITION OF A UK LISTED COMPANY


December 2019 acquisition of

Eland Oil & Gas Plc

OML 40 and Ubima

Increased 2P liquids reserves by 41 MMbbls

Increased 2C resources by 24 MMbbls

Added Sibiri exploration potential 78 MMbbl

Enabled creation of technical centre in Aberdeen

17

Introducing…

SEPLAT ENERGY

Seplat Energy's Nigerian opportunity

Our beliefs about the future

THE GREATEST BUSINESS OPPORTUNITY AHEAD OF US IS TO SUPPLY

THE RIGHT MIX OF ENERGY TO SUPPORT NIGERIA’S GROWTH. In doing so, Seplat Energy must make a positive social impact and contribute to Nigeria’s achievement of the United Nations’ Sustainable Development Goals


SEPLAT

ENERGY

OIL REMAINS

CRUCIAL

FOR NIGERIA’S

DEVELOPMENT

GAS WILL DRIVE

ENERGY

TRANSITION AND

DEVELOPMENT

RENEWABLES

ARE THE FUTURE

Hydrocarbon export will continue to be a

mainstay of the Nigerian economy and will

fund Nigeria’s growth as well as its energy

transition

Seplat Energy has a role to play as a

responsible steward of Nigeria’s oil and gas

assets, including those that might be

divested

Lower-emission hydrocarbons, particularly

gas, have a role to play during energy

transition by replacing diesel generators and

biomass

In the longer term, the reality and threat of

climate change requires the decarbonisation

of energy systems in Nigeria

We support the goals of the Paris Agreement

and are in step with society’s objective to get

the world to net zero carbon emissions by

2050, if not before

Sustainability and transparency must be at

the heart of Seplat Energy’s business

operations and decision making

Nigeria’s energy transition journey

Increase energy access to achieve universal coverage and drive social and economic development


1Achieve a ‘Just Transition’ using Nigeria’s gas resources to replace imported diesel, reducing economic burden, improving GDP and reversing FX drain

2Increase use of renewables to exploit abundant sunlight, wind and hydro resources3Reduce greenhouse gas emissions to meet the 2050 Paris objectives, and reduce particulate pollution from diesel and biomass

4Transition cooking from firewood to gas, preserving the natural environment and reducing deforestation5

Our energy transition priorities


Achieve sustainable long-term growth by providing the optimal energy mix for Nigeria1Be a national energy champion and partner of choice to support Nigeria’s energy transition2Drive social and economic development through direct and indirect efforts3Prepare for a lower-carbon world requiring different products and skills4Achieve significant reductions in corporate emissions5

Our strategic framework


ENABLED BY STRONG GOVERNANCE

STRATEGY

BUILD A SUSTAINABLE BUSINESS DELIVER TRANSITION

UpstreamSocial development

Midstream GasEnvironmental care

New EnergyFinancial returns

Increasing

access to energy

Reducing

emissions

Transforming

the economy

VALUE – INTEGRITY – PARTNERSHIP

SAFETY

Build a sustainable businessOur key priorities


KEY INITIATIVES:– Increase community employment and content– Foster local entrepreneurship– Improve healthcare and education– Improve access to energy in local communities

DRIVE

SOCIAL DEVELOPMENT

Make a positive impact on communities through

improved access to energy, opportunities for local

employment and suppliers, and initiatives that

foster entrepreneurship, education, health and

resilience.

KEY INITIATIVES:– Achieve significant reductions in emissions– Establish comprehensive ESG baseline

to guide policies and targets for reduction – Report Scope 1-2 carbon emissions in 2021

Annual Report – Report under TCFD framework in 2021 Annual

Report– Develop policies for biodiversity and water

FOCUS ON ENVIRONMENTAL

CARE & REPORTING

Minimise our impact on local and global

environments, drive improvements where possible,

commit to global standards and transparently

report our progress.

KEY INITIATIVES:– Remain the partner of choice for efficient

and responsible stewardship of Nigeria’s hydrocarbon assets

– Diversify the business against oil price volatility – Maintain prudent cash and debt management

strategy– Drive growth through astute capital allocation– Return cash to shareholders

MAXIMISE RETURNS FOR

ALL STAKEHOLDERS

Manage our finances prudently, pay our share of

taxes and royalties, service debt, invest for the

future, and return dividends to shareholders.


SAFETY

Deliver transition Our key priorities


KEY INITIATIVES:– Monetise reserves– Diversify export routes– Operational efficiency– Cost control / Technology– Decarbonise field operations – End routine flares– Asset integrity & safety– Efficient project delivery

UPSTREAM

Develop our Upstream business by selectively

expanding our asset base, optimising the gas/oil

mix, increasing production, reducing costs and

carbon intensity, and increasing revenue

assurance by diversifying routes to market.

KEY INITIATIVES:– Higher utilisation of existing gas plants– Deliver ANOH– Develop new gas markets– LPG– CNG for automobiles

MIDSTREAM GAS

Development of Nigeria’s gas resources to

accelerate the replacement of diesel and biomass

and support economic growth through the supply

of reliable, low-cost energy. Gas-to-power provides

baseload electricity to support renewables.

KEY INITIATIVES:– Selective entry to power generation market – Combine gas with solar– Explore carbon offset markets– Ensure continued access to capital

NEW ENERGY

Achieve a world-class capability in renewable

energies, through the development or acquisition

of new skillsets that open up new and profitable

markets.


SAFETY

DRIVING SOCIAL DEVELOPMENT

GOAL

Make a positive impact on communities through

improved access to energy, opportunities

for local employment and suppliers,

and initiatives that foster entrepreneurship,

education, health and resilience


Partnerships with the communityStrong partnerships for mutual benefit, governed by GMOU

GENERAL MEMORANDUM

OF UNDERSTANDING

• Signed with host communities

• Defines relationship and obligations between

Seplat Energy and its hosts

• Focused on:

• Capacity development

• Improving essential infrastructure e.g.

electricity, health centres, schools,

water projects

• Economic empowerment including

FTO payment

• Open and regular two-way dialogue

for relationship management

• Use of locals to ensure first level of pipeline

& wellhead security

• Grievance management mechanism

and peace building; security support

& Peaceful Community Awards

• Environmental stewardship

• Funds disbursed quarterly through dedicated fund

Social Investment– Aligned with U.N. SGDs and Africa Union 2063 goals particularly in health, education, economic empowerment,

environmental care

– Health intervention programme: Eye Can See & Safe Motherhood

– Road and drainage construction; skill acquisition for Seplat other (non-host) communities

– Education: PEARLs Quiz and scholarships, Seplat Teachers Empowerment Programme (STEP)

Local employment– Direct employment of locals – Employment of locals through contractors to provide service – Employment of locals as vendors personnel – Community labour as part of community content labour for major projects

Encouraging local entrepreneurs– Training, mentoring and empowerment of young entrepreneurs in partnership with Conversations 4 Change (C4C)– Entrepreneurship training programme– Community vendors capacity development programme– Support of community vendors partnership with more technically competent contractors – 10% above bid price rule advantage for community vendors

Statutory Interventionist Agencies funding– Seplat Energy pays statutory contributions to government agencies– Niger Delta Development Commission: 3% of annual budget– Nigerian Content Development Levy: 1% of contract value– Tertiary Education Tax: 2% of assessable profits


FOCUSING ON ENVIRONMENTAL CARE AND REPORTING

Current ESG ratings improvingSteady progress in reducing ESG risk, enhancing performance and reporting


26-03-21

0 1 2 3 4 5 6 7

Business Ethics

Resource Use

Land Use and Biodiversity

Bribery & corruption

Human capital

Community relations

Occupational Health & Safety

Corporate governance

Emissions, Effluents and Waste

Carbon - products and services

Carbon - own operations

SUSTAINALYTICS ESG RISK RATING

RISK LEVEL

High

Medium

Low

Negligible

31st / 171 E&P companies rated

GOAL

Minimise our impact on local and global environments,

drive improvements where possible, commit to global standards

and transparently report our progress


ESG: from baselining to reporting

– ESG performance and reporting is an ongoing project built on

10 years of effort

– Historic and current data will be used to calculate a baseline

for 200+ ESG metrics across the business

Enhancing ESG performance and reporting is a priority, but first we must establish baselines and develop targets

– We plan to publish Scope 1&2 emissions, TCFD and CDP

disclosure in 2021 Annual Report

– Future disclosures driven by policies / data

– Adopt integrated reporting for 2021 annual report


Establishing

a baseline

Reporting our

performance

– Baseline will be used to determine short and long-term ESG

targets, to be achieved through existing and new ESG initiatives

including Net-Zero, Scope 1&2 emissions reduction targets,

biodiversity plan, etc

Setting

targets

MAXIMISING RETURNS FOR ALL STAKEHOLDERSEmeka Onwuka Chief Financial Officer


GOAL

Manage our finances prudently, invest

for the future, pay our share of taxes

and royalties, service debt, and return

dividends to shareholders.


Responsible stewardship of assets

23,474 24,252

29,003

10,091

17,853

25,669 23,935

33,714

30,028 4,867

6,571

14,369

15,786

19,070

24,198

22,563

17,469 20,758

28,34130,823

43,372

25,877

36,923

49,867

46,498

51,183 50,786

0

10,000

20,000

30,000

40,000

50,000

2013 2014 2015 2016 2017 2018 2019 2020 6M 2021

Increasing gas volumes for growing market needs (boepd)

Gas

Oil

Financial discipline has enabled Seplat Energy to manage Nigeria’s resources through difficult times

$169.5$285.3 $326.0

$159.6

$437.2

$584.7

$333.0$258.7 $298.8

-$310.3 -$588.2 -$899.6 -$664.1 -$570.1 -$445.7 -$789.4 -$698.4 -$755.2

-$456.4

-$1,000

-$800

-$600

-$400

-$200

$0

$200

$400

$600

$800

2013($108.6)

2014($99.0)

2015($53.0)

2016($45.1)

2017($54.7)

2018($71.3)

2019($64.0)

2020($39.9)

6M 2021($63.8)

Prudent cash and debt management ($m)

Cash ($m)

Gross debt ($m)

Net cash/debt

COVID-19 (Mar 2020 to date) Trans Forcados force majeure (Feb 16 – Jun 17)Oil price crisis (Jul 14 – Jan 16)

862

748

494

149

318

591

495

418

245

18

27

77

106

124

156

202

113

64

0

100

200

300

400

500

600

700

800

900

1,000

2013 2014 2015 2016 2017 2018 2019 2020 6M 2021

Diversified revenue reduces exposure to oil price volatility ($m) Gas

Oil

120

321

152

5233

88

125

150

57.5

$0

$50

$100

$150

$200

$250

$300

$350

2013 2014 2015 2016 2017 2018 2019 2020 6M 2021

Flexibility with capital investment ($m)


21%

gas

21%

gas

29%

gas

21%

gas

28%

gas

42%

gas

13%

gas

3%

gas

2%

gas

Focus on cash generationMulti-pronged approach ensures strong cash position


– Focus on asset integrity and safety– Good community relationships

minimise disruption– Diversify export routes to reduce

downtime, losses– 80% of revenue is FX

– Increase gas in revenue mix for improved visibility, higher cash drop-through, natural hedge against oil

– Hedging policy

Revenue assurance

– Low-cost producer targeting further reduction to $9.10 / boe

– Breakeven at $15.50 enables profitability at low prices

– Improve operational efficiency, deploy innovation

– Reduced barging costs, renegotiated contracts

– Responsive to market conditions

– Efficient cash conversion

– Fully fund organic business from cash

– Able to increase or decrease capex when needed

– Take advantage of high cash position for dividends, M&A

Cost reduction

Flexible capital allocation

Gas

Invest in gas as transition fuel

Develop ANOH for long-term

growth

Drill gas wells to serve

demand

Oil

Offset decline by developing

low-risk wells / prospects

Sustain and optimise

production

Focus on projects offering

most rapid returns

Capital allocation prioritiesWe focus on low-risk strategies to grow the business and improve stakeholder returns


Maintain dividend payouts and

consider progressive dividend

policy on stable gas revenues

Quarterly payment

Buybacks also possible

Significant retained earnings

balance of $1.1bn as at June

2021 ($68 cents/share)

Declared more than $400

million in dividends since

$535m raise at IPO in 2014

Maintain net debt at less than

3x EBITDA through the cycle

Reduced financing costs with

successful issue of $650

million 7.75% senior notes to

redeem existing $350 million

9.25% senior notes

Repaid $250 million drawn on

$350 million RCF, so $350m

available

Refinanced $100 million

Westport RBL facility

Maintain cash balance

>$100m

High credibility with lenders,

good credit rating

Opportunities to consolidate

Nigerian market though IOC

divestments, OMLs etc.

Opportunities to strengthen

upstream gas position and

expand along gas value chain

Priorities include onshore

Nigeria, gas, shallow water,

partnerships

Other opportunities and

partnerships to broaden

energy mix

Low-risk capex Return cash to investors Balance sheet strength Value-creating M&A

– $300m cash at bank

– $350m available on RCF

Building financial firepower


Available $650m liquidity

– Trusted partner to FG on strategic projects e.g. ANOH

– Evidenced by progressive reduction in receivables

– Solid credit ratings (Fitch: B- Positive; Moody’s: B2 Negative; S&P Global: B Stable)

– Borrowed $2.46bn since IPO

– Repaid $1.7bn (69% of borrowings)

– Net debt / EBITDA well within covenants

High credibility

Track record

of debt management

6M 2021 highlightsSix months to 30 June 2021


0.8%

50,786 boepdVolumes within guidance

6M 2020: 51,178 boepd

PRODUCTION

$309 million6M 2020: $234 million

TOTAL REVENUES

$299 millionFY 2020: $259 million

CASH AT BANK

80%

$64.69 / bblOil price recovered strongly, averaging $63.8/bbl

6M 2020: $35.94

REALISED PRICE


EBITDA

$456 millionFY 2020: $440 million

NET DEBT4%

$9.7 / boeContinuous focus on costs

6M 2020: $7.6 / boe

UNIT OPERATING COSTS

$62 million6M 2020: ($145 million)

PRE-TAX PROFIT

34%


CAPITAL INVESTMENT

28%

32% 42%

15%

BREAK

– Delivering transition

– Upstream

– Midstream Gas

– New Energy

– Q&A

18.00

RECEPTION

16.20 – 17.30


UPSTREAMEffiong OkonOperations Director

GOAL

Develop our Upstream business by selectively

expanding our asset base, optimising

the gas/oil mix, increasing production,

reducing costs and carbon intensity,

and increasing revenue assurance by

diversifying routes to market.


Portfolio development - oil

Seplat Energy's Nigerian opportunity 41(1) Assessed independently by Ryder Scott, as at 1 January 2021

Gulf of

Guinea

OML53

OML40OML4

OML41

OML38

OPL283

OML55

Ubima

FORCADOS

TERMINAL

ESCRAVOS

TERMINAL

BRASS

TERMINAL

BONNY

TERMINAL

WARRI

REFINERY

WARRI

SIBIRI ABIALA

GBETIOKUN

NEMBE

PORT HARCOURT

INDA

OBEN

OKPORHURU

OROGHO

OPUAMA

JISIKEUMUSETI

IGBUKU

IDAMA

ROBERTKIRI

OWERRI

OHAJI

SOUTH

ASHAKA

OVHOR

AMUKPENIGERIA

RAPLE

LACT UNIT

SAPELE

NIGERIA

New Export Pipeline

– Key assets OMLs, 4, 38 & 41 have access to export routes through the Forcados Oil Terminal (FOT) and at the Warri Refinery

– Completion of the AEP will further diversify export routes

– OML 40 export via the Trans Escravos Pipeline (TEP) to FOT

Expected Onstream

Amukpe-Escravos Pipeline (AEP) H2 2021

Oil business:

AVERAGE 2020 WIOIL PRODUCTION

OMLs 4, 38 & 41 OPL 283 OML 53 OML 55 OML 40 Ubima

AVERAGE 2020 WI OIL RESERVES

33,714bopd

241MMbbls

53Total number of oil wells to be

drilled in the 5-year Plan

OMLs 4, 38 & 41 26

OML 53 7

OML 40 15

OPL 283 1

Ubima 4

160 MMbblsEstimated total liquid reserves

to be produced by 5-year plan

Five-year plan for oil

– Assets close to major demand centres, enabling Seplat to capitalise on the domestic gas supply opportunity

– We believe the ANOH development at OML 53 is one of the largest greenfield gas and condensate developments in the Niger Delta

Portfolio development - gas

Seplat Energy's Nigerian opportunity 42(1) Assessed independently by Ryder Scott, as at 1 January 2021

4Q3

Escravos Terminal

Forcados Terminal

Brass Terminal

Bonny Terminal

EA

ELOPS

Gulf of

Guinea

OML40

OML4

OML41

OML38

OPL283

OML53

Ubima

OML55

Oben

Azura IPP

Eyean

(Pan Ocean / CN)

Sapele

(SPDC)

Papalanto (CNL)

Omotosho (CNL)

ELPS

Sapele

Jones Creek

Odidi

Delta

III / IV

NGMP CPF

Warri

Okpokunou

Bemadi

Iseni

Ogara

Utorogu

Uzere

Eriemu

Ughelli

Biseni

Koroama

Gbaran

/ Ubie

Bayelsa (SPDC)Kolo

Creek

Obite (EPNL)

Zarama

Obite

(EPNL)

Obiafu

Rumuji

Imo River

SokuCawthorne

Channel

Obigbo

Afam V

Afam VI

Okoloma

Notore

Alakiri Ibom /

Ikot Abasi

(SPDC)

Alscon

Utapate

Bonny (XOM)

Alaoji (SPDC) Calaber (Addax)

ANOH

Egbema (Addax / NPDC / SPDC)

Egbema

Abuja

Ajaokuta Steel

Geregu (SPDC)

Quantum

Lagos Industry

Wagp

Egbin/AES

Agura (CNL)

NIGERIA

OBEN HUB

ANOH HUB

Agbada

Existing Power/Industries

Cluster CPF/Gas Supply Field

Key Future Gas Supply Field

Existing or Oil Development

Existing Domgas Supply

NGMP CPF

Existing Domgas Pipeline

New Domgas Pipeline

Expected Completion

OB3 Pipeline H2 2021

ANOH Gas Project H1 2022

Gas business:

2P WI GAS RESERVES1

OMLs 4, 38 & 41 OPL 283 OML 53

AVERAGE 202 WIGAS PRODUCTION

101MMscfd

1,501Bscf

Five-year plan for gas

19Total number of gas wells to be

drilled in the 5-year Plan

OMLs 4, 38 & 41 11

OML 53 6

OPL 283 2

1.5 TcfEstimated total gas reserves

to be produced by 5-year plan (c. 260MMboe)

Five-year investment programmePlan is to invest $0.9bn to $1.2bn in existing assets, funded by cash flow *


47%

30%

12%

9%2%

INVESTMENT BY ASSET (%)

OML 4, 38, 41

OML 40

OML53

OML 17

OML 56

58%

42%

INVESTMENT BY ACTIVITY (%)

Drilling

Facilities

76%

24%

INVESTMENT BY BUSINESS (%)

Oil

Gas

*Subject to market conditions, excludes New Energy or power generation

Reserves replacement


WESTERN ASSETS EASTERN ASSETS ELANDTotal

(29 prospects & leads)

Largest Prospect Total


Largest Prospect Total


Largest prospect

Oil

(MMstb)

Gas

(Bcf)

Oil

(MMstb)

Gas

(Bcf)

Oil

(MMstb)

Gas

(Bcf)

Oil

(MMstb)

Gas

(Bcf)

Oil

(MMstb)

Gas

(Bcf)

Oil

(MMstb)

Gas

(Bcf)

In place

(Risked) 385 1763 124 327 914 862 246 163 432 0 74 0

Recoverable

(Risked) 135 1410 43 262 320 690 86 130 173 0 30 0

— Focus on monetising reserves balanced by disciplined approach

to investment in additional assets

— Drive operational excellence to accelerate revenues from wells

— Ongoing projects to convert 94.8MMboe 2C resources to 2P reserves

— Assess M&A opportunities to increase reserves base

— Plan to increase 2C resources (see table)

1. Forcados Terminal— Historically the primary export terminal

for OMLs 4, 38, 40 and OPL 283

— Reliant on 3rd-party operated Trans Forcados

Pipeline to transport oil

2. Warri Refinery— Alternative route established in mid 2016

while Forcados under force majeure

3. Escravos Terminal — New 160,000 bopd Amukpe-Escravos Pipeline to

connect OMLs 4, 38 and 41 to Escravos Terminal

— Seplat Energy entitled to 40,000 bopd

— Underground, more secure pipeline

4. Brass Terminal— Export terminal for Jisike (OML 53) and OPL 283

5. Bonny Terminal— Export terminal for Ohaji-South (OML 53) and

OML 55 crude

6. Waltersmith Refinery— Alternative route for OML 53 crude

7. OPAC Refinery — Planned alternative route for OPL 283 crude

Diversifying export routesImproves revenue assurance by reducing impact of downtime, shut-ins


Amukpe-Escravos opens new possibilities– Seplat Energy’s major assets, OML 4, 38, 41, currently export via

unreliable Trans Forcados Pipeline

– TFP downtime was 18% for 6m 2021, with 12% reconciliation losses

– Amukpe-Escravos pipeline projected operational September

– First lifting expected in Q4

– Seplat Energy can send 40kbpd liquids through AEP from OML 4, 38, 41

– AEP opens up three possible new export routes we can develop, detailed opposite

– Would enable combination of liquids from OML 40 with those of OML 4, 38, 41


Options available from AEP Advantages

1. AEP to Escravos Terminal Reduces losses and deferments vs TFP

2. AEP to NPSC Tank System Reduces tariff by not exporting through Chevron

3. AEP to FOT

(via the Otumara manifold & TEP)Reduces losses and deferments vs TFP

4. AEP to FSO

(via the Otumara manifold)Reduces losses and deferments vs TFP

Increase production and reduce cost per boe1. Current projects


Project Cost reduction initiatives

WESTERN

ASSETS

Amukpe LTF and facility

upgrade projectSignificantly reduce the crude handling charge by

removing 99.5% of water

Pumps Replacement Increase evacuation capacity of crude oil/produced

water evacuation pumps

EASTERN

ASSETS

Ohaji-South Central

Processing FacilityInstall 30Mbopd Central Processing Facility by 2023, to

end the current lease of the Ibigwe Early Processing

Facility

Jisike Debottlenecking Increase handling capacity from 10 kbpd to 15 kbpd

Install 6 MMscfd AG compressor to optimise gas lifting

of oil wells and reduce flaring

ELAND Gbetiokun Pipeline Eliminate high barging costs and downtime risk through

construction of a 12” 30km pipeline from Gbetiokun field

to Adagbassa manifold

Gbetiokun and Opuama

Water Management FacilityReduce water handling charges from both the

Gbetiokun and Opuama fields

Current production opex per boe

$9.70

Target production opex per boe

$9.10

Increase production and reduce cost per boe

Maximise efficiency by deploying innovation — Use of business technology mapping to screen, evaluate and rank

technologies according to value drivers

Examples of achievements

Remote monitoring

— Improves well performance and availability to more than 90% uptime

Seplat Virtual Asset Management technology

— Ensures 95% plant and equipment availability

Wax mitigation technology

— Achieved 50% reduction in dewaxing / hot-oiling cycle, thereby accelerating return to production

2. Deploying innovation

INNOVATION SCREENING AND APPLICATION


Remote monitoring and surveillance

Production automation Software integration

Integrated asset modelling Machine learning Fiber optics

Data driven IOT Analytics Smart well Change management

OptimisationTelemetry Integration Visualization

Artificial intelligence Virtual asset management

Operational profitability

Asset integrity

Profitability

HSE

Technology value drivers

— Around 90% of Seplat’s Scope 1 and 2 emissions

come from flaring of associated gas— Fugitive emissions and in-field use are small by

comparison

— We plan to end routine flaring by 2024 — Nigeria is committed to ending

routine flares by 2030

— Focus will be on maximising gas-to-grid

as lowest cost / complexity option— Capture and monetise gas for productive use

— Drive LPG production to replace biomass for cooking


0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Other Fugitiveemissions

Mobile emissions Stationaryemissions

Flare gas Purchasedelectricity

Scope 1 Scope 2

Q1 2021 SCOPE 1 AND 2 EMISSIONS (EXCLUDES ELAND ASSETS)

Ending routine flares

KEY FLARES OUT PROJECTS

CO

2to

nn

es e

qu

iva

len

t

Decarbonising field operations

— Aside from ending routine flares, we are looking

for other ways to decarbonise our operations

— Replacing diesel with LPG or LNG will

reduce emissions by 5% - 14%

— Onsite solar could achieve 40% reduction

but would probably need gas/diesel back-up

if suitable battery options not available


0

2,000

4,000

6,000

8,000

10,000

12,000

Main Emergency

kV

A

POWER GENERATION BY FUEL (EXCLUDING ELAND ASSETS)

Diesel

Gas

-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

Heavy Gas Oils Liquified Petroleum Gas(LPG)

Natural Gas Solar

POTENTIAL EMISSION REDUCTIONS FROM USING ALTERNATIVES TO DIESEL

Source: Wood Mackenzie


Focus on asset integrity

AIPSM awareness and facility monthly

status reports

Impressive regulatory compliance

AIPSM policies and procedures

Created AIPSM culture across the organization

Meeting minimum

standards

100% regulatory

compliance

ISO 55001 Certified with full implementation

of ISO requirements /standards

Improved reliability and availability of

facilities

Reduction in process safety incidents

Reduction in

maintenance costs

Embedded AIPSM

culture

2010-2018

2019

2021

2023

Key elements

Technical Integrity Risk Assessment

Design Integrity Incident Management

Well Integrity Training and Competence

Operational integrity Monitoring and Audit

Leadership and Behavior Performance Measures

Safe Operations

ASSET INTEGRITY & PROCESS SAFETY MANAGEMENT (AIPSM)

– Increase revenue assurance and profitability

– Increase assets’ life span– Reduce deferment by

c.120kbbl annually – Improve reliability and

availability of facilities

MIDSTREAM GASYetunde TaiwoDirector, New Energy

GOAL

Development of Nigeria’s gas resources to accelerate the replacement of diesel and biomass and support economic growth

through the supply of reliable, low-cost energy. Gas-to-power provides baseload electricity

to support renewables.


Nigeria’s gas utilisation challenge NIGERIA HAS HUGE RESOURCES OF NATURAL GAS, ESTIMATED AT 203 TCF, OR 5.3 TRILLION CUBIC METRES, ABOUT 2% OF GLOBAL GAS

RESERVES AND 37% OF KNOWN AFRICAN GAS RESERVES, BUT NIGERIA’S GAS INDUSTRY AND INFRASTRUCTURE IS RELATIVELY UNDEVELOPED


Gas export

Gas reinjection

Local supply (other)

Flared gas

Fuel gas

Gas lift make-up

Local supply (power)

HGL/LPG feed gas

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

HOW NIGERIA USES GAS AT PRESENT

Source: Nigerian Oil & Gas Industry Annual Report, Department of Natural Resources (2018)

0

5

10

15

2020 2040

DEVELOPMENT OF GAS POWER CAPACITY

On-grid gas (GW) Off-grid gas (GW)

Nigeria flares as much gas as it uses for electricity

generation, but this gas can be captured and put to

economic use.

The 2017 National Gas Policy sets out to transition

Nigeria from being a crude oil export-based

economy to becoming an attractive gas-based

industrial economy.

Government policy is also focused on addressing

the undersupply of gas and extending access to

electricity.

Nigeria seeks a “just transition” that enables it to

use its abundant gas resources for the benefit of its

people.

Wood Mackenzie forecasts power generation from

gas to grow from 5.1GW to 13.6Gw by 2040.

Benefits of gas in Seplat Energy portfolio

BUILDING MARKET STRENGTH — Increase utilisation of Oben gas processing plant

— ANOH gas processing plant will add 300mmscfd gross new processing

capacity from H1 2022, raising total gross capacity to 765MMscfd

— OB3 pipeline will connect Oben and ANOH to Abuja and Lagos when

completed later this year

— New 75mmscfd Sapele Gas Plant now expected in 2023

ENHANCING CASH FLOWS AND VISIBILITY — The gas business provides revenue and cash flow stability, acting

as a hedge against fluctuation in oil prices

— Superior earnings quality from higher cash drop-through, given lower

royalties on gas, lower tax rate, and cost allocation to oil operations

— Long-term offtake contracts improve earnings visibility

— More secure transport than oil, meaning fewer losses

— Ability to sell above DSO price once DSO commitments

have been met

— Diversified regional customer base helps to mitigate risks associated with

the Nigerian domestic gas market

Gas provides visibility, higher profitability and hedging against oil


2939

8695

114

145

131

101

120

1827

77

106

124

156

202

113

64

0

50

100

150

200

250

0

30

60

90

120

150

2013 2014 2015 2016 2017 2018 2019 2020 6M 2021

GAS PERFORMANCE (MMSCFD) AND REVENUES ($)

1.7

1.9

2.6

3.0 3.0 2.92.8 2.9

109

99

5244

52

7264

42

1.0

1.5

2.0

2.5

3.0

3.5

2013 2014 2015 2016 2017 2018 2019 2020

GAS PROVIDES A NATURAL HEDGE AGAINST OIL PRICE VOLATILITY ($)DSO GasPrice

Seplat Avg.CommercialGas Price

Oil Price(Brent)

MM

scfd

$

Deliver ANOH

COMMERCIAL & FUNDING

– Completed funding with $260m loan (plus accordion)

in February 2021

– Condensate offtake agreement with Vitol signed April 2021

GAS PLANT DELIVERY PROGRESS:– Installation phase underway– Power and rotating equipment undergoing customs clearing– All process equipment shipped and scheduled to arrive Nigeria

by end of July; process equipment foundations completed– Shell has commenced drilling of the upstream wells

to supply the ANOH gas plant

On track to deliver first gas in H1 2022


202220212019 2020

DESIGN & PROCUREMENT MANUFACTURING INSTALLATION COMMISSIONING

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Q1 19Final Investment

Decision

Q1 21Equipment

shipped

Q2 22First gas

Q4 21Mechanical

Completion

50%

50%

AGPCOML 53NNPC 60%

Seplat Energy 40%

Seplat

Energy

50%

Dividends

NGC

50%

Dividends

Seplat

Energy 50%

NGC 50%OML 21Shell 30%

NNPC 55%

Others 15%

55

0M

Mscfd

pro

duced

Upstream supply

50-50 joint venture combining

OML 53 and OML 21

Seplat Energy receives income from AHOH in two ways:

Wet gas sales to AGPC275 MMscfd

Dry gas250 MMscfd

Condensate19,800 bpd

LPG1,230 bpd

Wet gas

sells to

NNPC

Wet gas price per MMscfd

=Wet gas cost / gas quantity

(where wet gas cost = 0.35x DSO gas sales revenue

+ 0.5x LPG sales revenue + 0.5x condensate sales revenue)

Seplat Energy has 40% revenue share of gas sold to AGPC

27

5M

Ms

cfd

wet

ga

sp

roc

essed

Reve

nu

es

fro

mo

ffta

ke

s

Le

ss

co

sts

&m

ain

ten

an

ce

ca

pex

40%share of wet

gas sales

50%of dividends

from AGPC

AGPC Sales

+

ANOH financial model


Scalable opportunity in domestic gas Government sees gas as the transition fuel and plans to improve the market

58

OPPORTUNITY

OVERVIEW1. Capitalise on infrastructure capacity growth and secure

additional domestic gas market share

2. Partner with industrial customers and sell gas for use in

industry as part of long term supply contracts

POLICY

SUPPORT– ‘Decade of Gas’ sends a clear signal to industry that the government sees

the gas market as critical to Nigeria’s future

– The Nigeria Gas Flare Commercialization Programme has been enacted

to drive additional sales of gas to grid

– Gas provisions in the PIB will promote infrastructure expansion

TECHNICAL

FEASIBILITY– Infrastructure build-out can open up new demand centres

COMPETITIVE

EDGE– Through its involvement with ANOH and its track record of meeting its

DSO, Seplat Energy has a strong reputation as a domestic gas supplier

and has established partnerships with NGC

Remaining dry gas sent to grid or to industry

Dry gas

NGLs used for polyolefins

Send gas to processing facilities to separate out NGLS for sale to petchems

industry

Wet gas

Dry gasSell gas direct to grid

Seplat Energy's Nigerian opportunity


Our focus on new marketsNew gas markets provide significant additional future revenue potential


GAS TO POWER

• Industrial parks, large manufacturing plants,

universities, hospitals etc

• 2017 Directive on Eligible Customers allows power

generators to supply directly to customers or

groups of customers with loads of at least 2 MW

• Wood Mackenzie estimates that captive gas

generation capacity can grow to over

4 GW by 2040

• Gas supports development of industry

in Free Trade Zones

• Possible entry strategies:

• Build / acquire pipelines

• Build / acquire power generation capability

GAS PRODUCTS

• Potential to displace extensive amounts

of biomass used for cooking by most households,

c.110 Mtoe in 2020

• LPG cooking gas is a rapidly growing

segment, estimated at 1.1 Mtoe (1.3 bcm)

in 2020

• Wood Mackenzie forecast demand to increase at

a CAGR of 7.6% to reach 5.5 bcm in 2040,

equates to 7m tonnes.

• Other opportunities in CNG for automobiles

• Possible entry strategies:

• JV or acquisition

Extend dominance of the gas market


Seplat EnergyPipeline

Power stationDistribution

companies

$0.03/

kWh

Upstream

Gas

Nigeria Bulk

Energy Trading

Electricity cost

to final

consumer

$0.10/

kWh

$0.15/

kWh

Currently, Seplat Energy has

access to only $0.03/kWh

(about 20%) of the $0.15/kWh

that could be derived from

the on-grid value chain

Off-Grid Gas Value Chain

Seplat EnergyPipeline

Power station

Distribution

companies

$0.03/

kWh

Upstream

Gas

Electricity cost

to final

consumer

$0.29/

kWh

Off-Grid Diesel

Exported crudeImported

dieselFuel vendors

Upstream

Oil

Diesel cost to

final consumer$0.52/

kWh

This potential value addition

could substantially increase

to $0.29/kWh with off-grid

electricity supply

Due to the high costs of diesel

generated energy, there are lower

switching costs for gas to power,

even for off-grid

On-Grid Gas Value Chain

c$80bn

pa

Capture additional value along the value chain

NEW ENERGY

GOAL

Achieve a world-class capability

in renewable energies, through

the development or acquisition

of new skillsets that open up

new and profitable markets


Solar offers solid growth potentialRequires capability building but offers long-term revenue visibility

in a market underpinned by world-leading policy


Opportunity

overview

1. Create off grid solar power distribution business to supply;

• Commercial and industrial (C&I) sector

• Micro-grid

2. Create supply and installation business for solar home systems

Policy

support

– Aggressive public sector support puts Nigeria at the top of Wood

Mackenzie’s global solar policy rating through its National Electrification

Project (NEP)

– World Bank and African Development Bank promoting off-grid solar to increase

access to electricity across Africa

Technical

feasibility

– Need to build our capability in solar and off-grid markets

– Moving into the supply and installation business requires new skillsets

Competitive

landscape

– Primary value for C&I solar in Nigeria is diesel displacement. The Federal

Government recently repealed the diesel subsidy and doubled power prices

nationally, making the value proposition for onsite solar highly attractive.

– Wood Mackenzie expects the currently 36 active developers and their future

competitors to install 775 MW of C&I solar capacity across Nigeria by 2025.

POTENTIAL CONSUMERS

Supply solar power to small off-grid communities

Supply power to commercial and industrial customers and displace diesel generation

Supply solar home systems to residential customers not grid connected

Utility-scale solar

SOLAR PV DEVELOPER


Nigeria’s off-grid solar marketProjected to be worth nearly $17 billion by 2040


Indicative costs

$0.29/kWh

2020 capacity

0.1 GW

Indicative costs

$0.52/kWh

2020 capacity

20 GW

Off-grid solar market

Total off-grid solar

capacity growth

(2020-2040)

Based on additional capacity

above current 2020 levels26 GW

Market growth

CAGR (2020-2040)

Expected growth of off-grid

solar capacity 26%

Indicative power

prices

Based on estimate of off-grid

power prices$0.29/kWh

Total addressable

market

Based on expected capacity

and prices

2020 - $0.11 bn

2040 - $16.9 bn


Concluding, our future ambitions:


Selectively enter power generation through gas-to-power and renewables

Expand into new gas markets and infrastructure

Acquire significant and attractive divested assets

Invest $0.9bn - $1.2bn capex in existing assets

Increase energy access to drive social and economic development

Maintain dividend payouts and consider progressive dividend policy

Minimise environmental impact, drive improvement, report transparently

THANK YOU

APPENDIXFinancial information

6M 2021 performance updateProduction within guidance and improved on 3M 2021


W.I. 2P reserves *

MMboe

W.I. production

6M 2021 boepd

Block Share Partner Oil Gas Total Oil Gas Total

OML 4, 38, 41 45% NPDC 156.0 119.5 275.4 19,618 20,758 40,376

OML 40 ** 45% NPDC

Starcrest27.0 - 27.0 5,211 - 5,211

OML 53 40% NAPIMS 44.1 127.9 172.0 3,275 - 3,275

OML 55Revenue

interestAMT 4.6 - 4.6 - - -

OPL 283 40% Pillar Oil 5.2 11.4 16.6 1,159 - 1,159

Ubima *** 88%All Grace

Energy3.7 - 3.7 765 - 765

TOTAL 240.5 258.9 499.4 30,029 20,758 50,787

* Reserve volumes stated at 1/1/21 are based on independent estimates from Ryder Scott

** Reverts to 20.25% after Westport shareholder loan is fully repaid

*** Reverts to 40% after Carry has been reached

GROUP PRODUCTION 2012 - 6M 2021 FY 2020 reserves and 6M 2021 production by asset

14,794

23,47424,252

29,003

10,091

17,853

25,669

23,935

33,714

28,54130,029

5,226

4,867

6,571

14,369

15,786

19,070

24,198

22,563

17,469

19,698

20,758

20,020

28,341

30,823

43,372

25,877

36,924

49,867

46,498

51,183

48,239

50,787

0

10,000

20,000

30,000

40,000

50,000

60,000

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

3M2021

6M2021

Liquids Gas

6M 2021 financial resultsStrong recovery in revenues and profitability


$ million 6M 2021 6M 2020 Change

Oil revenue 244.8 180.1 35.9%

Gas revenue 64.0 53.5 19.7%

Total revenue 308.8 223.6 32.2%

Cost of sales (219.9) (195.9) 12.2%

Gross profit 88.9 37.7 136%

G&A (36.5) (47.6) (23.5%)

Underlift/overlift 59.9 49.4

Other 5.9 (152.3)

Operating profit / (loss) 109.5 (112.9) 197%

Net finance costs (47.5) (37.8)

(Loss)/Profit before tax 62.1 (145.3)

Tax credit / (expense) (25.9) 35.1

(Loss)/Profit for the period 36.2 (110.2) 143%

Capital investment 57.4 85.8

Cash flow from operations 109.9 165.8

NPDC receivables (vs. 31/12/20) 47.8 107.1

– Oil revenues up on higher price of

$64.69 vs $35.94, despite 13% lower

production

– Gas revenues up on 21% higher

production at $2.86/MMscf

– Production opex of $9.7/boe

– Operating profit of $110.0 million

– 6M 2020 included $152.3m impairment

charge under IAS36

– Tax charge contains deferred liability of

$11.3m and current charge of $14.6m

– Capex includes two completed gas

wells at Oben, engineering and gas

projects

– JV receivables significantly down

– Net debt of $456m

Capex priorities for 2021

2021 CAPEX PROJECTED TO BE $180M, ALLOCATED AS BELOW

OML 4,38,41— Two gas wells, Oben 50 and 51 completed and onstream H1— Drill two additional gas wells Q4 2021

OML 40— Drill three Gbetiokun oil wells— Sibiri exploration well

OML 53— Drill one appraisal well (Owu) in Q4 — Operationalise crude purchase agreement with Waltersmith— Collaborate with SPDC to deliver four ANOH gas wells

OPL 283— Umuseti-7 well (1,500bopd)— Implement Umuseti early production facility improvements— Complete Anagba Unitisation and Unit Operating Agreement

and joint Field Development Plan

GAS DEVELOPMENT— Spend $27m on Sapele Gas Plant, first gas now expected Q1 23 — Ohaji flares out project commencement

Focus investment on gas and development of lowest-cost oil wells


76

36

6

65

EXPECTED CAPEX ALLOCATION BY ASSET ($M)

OML 4, 38, 41

OML 53

OML 56

Eland

82

88

10 2

EXPECTED CAPEX BY BUSINESS ($M)

Gas

Oil

Exploration

Other

82

46

55

EXPECTED CAPEX BY ACTIVITY ($M)

Drilling

New projects

Maintainingexistinginfrastructure

seplat energy’s nigerian opportunity

Documents