SEPLAT ENERGY : AUDITED FINANCIAL STATEMENT FOR 2023

Audited results for the twelve months ended 31 December 2023

29 February 2024

Reliable energy, limitless potential

Lagos and London, 29 February 2024: Seplat Energy PLC ("Seplat Energy" or "the Company"), a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, announces its audited results for the twelve months ended 31 December 2023.

Financial highlights

• Revenue $1,061.3 million up 12% from $951.8 million in 2022.
• Average realised oil price $83.39/bbl (2022: $101.67/bbl); average realised gas price $2.90/Mscf (2022: $2.82/Mscf).
• Unit production opex of $10.4/boe, (2022: $10.3/boe).
• Cash generated from operations of $520 million, down 10% on 2022, funding capex of $184 million and enhanced shareholder returns.
• Balance sheet strengthened, year-end cash at bank $450 million (2022: $404 million), excluding $128.3 million MPNU deposit.
• Net debt at year end 2023 reduced to $306 million (YE 2022: $366 million). Net Debt to EBITDA 0.7x.

Operational highlights

• Production averaged 47,758 boepd, up 8% from 2022 (44,104 boepd), and within original guidance.
• Year end 2023 independently audited 2P reserves up 9% to 478 mmboe (YE 2022: 438 mmboe), 47% liquids.
• Drilled and completed 14 wells in 2023 (of which 6 completed in 4Q 2023), in line with our revised well program.
• ANOH gas plant achieved mechanical completion on 29th December 2023. Our government partner recently announced the tunnelling operations on the Niger river crossing portion of the OB3 pipeline have begun. Seplat's first gas guidance of 3Q 2024 is unchanged.
• Carbon emissions intensity: 27.9 kg CO2/boe (2022: 23.9 kg CO2/boe).
• Achieved more than 8.7 million hours without Lost Time Injury (LTI) on Seplat-operated assets in 2023.

Special Dividend & Board Changes

• Board recommends a special dividend of US 3c/shr, in addition to Q4 23 declared dividend of US 3c/shr.
• Core dividend declared for 2023 of US 12c/shr, up 20% on 2022. Total dividend declared US 15c/shr.
• Mr. Udoma Udo Udoma elected as Chairman of the Board and will assume office on 1st April 2024, when he succeeds Mr. Basil Omiyi.
• Mr. Bello Rabiu elected as Senior Independent Non-Executive Director (SINED) and will succeed Dr. Charles Okeahalam effective 1st April 2024.

2024 Outlook

• 2024 production guidance of 44-52 kboepd. Guidance assumes availability of TNP from 3Q 2024, and assumes ANOH contribution in line with guidance.
• Initial 2024 capex guidance $170-200 million. Drilling capex flat on 2022 (13 wells in base plan). Seplat will fund capex on Abiala, a marginal field development tied into OML40.
• In February 2024 we received regulatory approval for the full lifecycle Field development plan (FDP) for the Sibiri oil discovery on OML40.
• We remain highly confident that President Tinubu's administration will approve our acquisition of Exxon Mobil's share capital of Mobil Producing Nigeria Unlimited (MPNU).

Roger Brown, Chief Executive Officer, said:

"Seplat Energy's 2023 results illustrate the Company's ability to deliver production growth, fortify our balance sheet and reward shareholders despite facing some unexpected challenges during the year.

Operational performance was strong, production increased 8% over 2022 and we recorded the lowest level of reconciliation losses seen in recent years, a testament to the improving security efforts on the Niger Delta. Drilling yielded positive results, and I'm pleased to report strong 2P reserves growth, up 9% on prior year estimates. Our revenue exceeded $1bn, and while costs increased, our proactive approach meant we generated more than $260m of free cash flow in the year, allowing us to continue rewarding our shareholders and further reduce net debt.

Our strong financial position, excellent operational performance and robust outlook means that we are delighted to declare a special dividend again this year, lifting the total dividend for the year to US$15 cents.

In 2024, we look forward to a number of key growth events. We are moving forward on both the Sibiri and Abiala developments on OML40. Clear progress is also being made on the important ANOH gas project, with first gas expected in 3Q 2024. Finally, we have high confidence that we will conclude the transformational acquisition of MPNU this year.

I'm delighted to welcome Mr. Udoma as Seplat Energy's new Chairman and Mr. Rabiu as SINED and wholeheartedly thank Mr. Omiyi and Mr. Okeahalam for their longstanding support and guidance. Nigeria's Oil & Gas industry is going through a generational change and as we reach our tenth year as a listed company, we fully intend to play an important role as Nigeria's leading independent company."

Seplat Energy Plc | FY 2023 Financial Results

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Summary of performance

	$ million			₦ billion
	FY 2023		FY 2022	% Change	FY 2023		FY 2022
Revenue	1,061.3		951.8	11.5%	696.9		403.9
Gross profit	532.0		464.7	14.5%	349.3		197.2
EBITDA *	447.9		416.9	7.4%	294.1		176.9
Operating profit (loss)	249.4		274.7	(9.2%)	163.7		116.6
Profit (loss) before tax	191.2		204.4	(6.4%)	125.5		86.7
Cash generated from operations	519.9		574.6	(9.5%)	340.6		243.9
Working interest production (boepd)	47,758		44,104	8.3%
Volumes lifted (MMbbls)	11.3		8.3	36.3%
Average realised oil price ($/bbl.)	$83.39		$101.67	(18.0%)
Average realised gas price ($/Mscf)	$2.90		$2.82	2.8%
LTIF	0		0
CO2 emissions intensity
from operated assets, kg/boe	27.1		23.9	13.4%

* Adjusted for non-cash items

Responsibility for publication

This announcement has been authorised for publication on behalf of Seplat Energy by Emeka Onwuka, Chief Financial Officer, Seplat Energy PLC.

Signed:

Emeka Onwuka

Chief Financial Officer

Important notice

The information contained within this announcement is unaudited and deemed by the Company to constitute inside information as stipulated under Market Abuse Regulations. Upon the publication of this announcement via Regulatory Information Services, this inside information is now considered to be in the public domain.

Certain statements included in these results contain forward-lookinginformation concerning Seplat Energy's strategy, operations, financial performance or condition, outlook, growth opportunities or circumstances in the countries, sectors, or markets in which Seplat Energy operates. By their nature, forward-looking statements involve uncertainty because they depend on future circumstances and relate to events of which not all are within Seplat Energy's control or can be predicted by Seplat Energy. Although Seplat Energy believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. Actual results and market conditions could differ materially from those set out in the forward-looking statements. No part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in Seplat Energy or any other entity and must not be relied upon in any way in connection with any investment decision. Seplat Energy undertakes no obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except to the extent legally required.

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Investor call

At 12:00 GMT / 13.00 WAT on Thursday 29 February 2023, the Executive Management team will host a conference call and webcast to present the Company's results.

The presentation can be accessed remotely via a live webcast link and pre-registering details are below. After the meeting, the webcast recording will be made available and access details of this recording are also set out below.

A copy of the presentation will be made available on the day of results on the Company's website at https://seplatenergy.com/.

		Event title:			Seplat Energy Plc: Full year results
		Event date			12:00pm (London) 1:00pm (Lagos) Thursday 29 February 2023
					https://www.lsegissuerservices.com/spark/SeplatPetroleumDevelopmentCo/events/

Webcast Live Event Link
324685dd-279c-4b55-8629-0bf1130486fc
				https://url.za.m.mimecastprotect.com/s/e9tzCvg5D2T7jJPwC5Ynhc?domain=lseg.re
	Conference call and pre-register Link:
			gistrations.events

The Company requests that participants dial in 10 minutes ahead of the call. When dialing in, please follow the instructions that will be emailed to you following your registration.

Enquiries:

Seplat Energy Plc

Emeka Onwuka, Chief Financial Officer[phone] Eleanor Adaralegbe, CFO Designate

		[e-mail]
James Thompson, Head of Investor Relations

Ayeesha Aliyu, Investor Relations

Chioma Afe, Director, External Affairs & Social Performance

FTI Consulting

	Ben Brewerton / Christopher Laing	[phone]
		[e-mail]
	Citigroup Global Markets Limited
	Luke Spells / Peter Catterall	[phone]
	Investec Bank plc
	Chris Sim / Charles Craven	[phone]

About Seplat Energy

Seplat Energy PLC (Seplat) is Nigeria'sleading indigenous energy company. Listed on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL), we are pursuing a Nigeria-focused growth strategy in oil and gas, as well as developing a Power & New Energy business to lead Nigeria's energy transition.

Seplat's energy portfolio consists of seven oil and gas blocks in the prolific Niger Delta region of Nigeria, which we operate with partners including the Nigerian Government and other oil producers. We also have a revenue interest in OML 55. We operate a 465MMscfd gas processing plant at Oben, in OML4, and are building the 300MMscfd ANOH Gas Processing Plant in OML53 and a new 85MMscfd gas processing plant at Sapele in OML41, to augment our position as a leading supplier of gas to the domestic power generation market. https://www.seplatenergy.com/

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Operating review

Seplat's current portfolio comprises direct interests in seven oil and gas blocks and a revenue interest in one block, all of which are located onshore land and swamp areas of the Niger Delta. This portfolio provides the Group with a robust platform of oil and gas reserves and production capacity, as well as material upside opportunities to add reserves through future development.

Upstream business performance

Reserves and Resources

The Group's audited 2P reserves, as assessed independently by Ryder Scott Company, L.P., increased by 40 MMboe from 438 MMboe at the end of 2022 to 478 MMboe at the end of 2023. The increase in 2P reserves is attributed to additional volumes from discovery of new reservoirs in OML 40, booking of volumes from the Abiala marginal field and conversion of 2C to 2P volumes in OML 53.

			2P reserves at 31/12/2023			2P reserves at 31/12/2022
			Liquids	Gas	Total(3)		Liquids		Gas	Total
	Seplat %		MMbbl	Bscf	MMboe		MMbbl		Bscf	MMboe
OMLs 4, 38 & 41	45%	135	617	242	138	629	246
OPL 283	40%		9	81	23		4		61	15
OML 53	40%	51	747	180	39	653	152
OML 55	Fin. Interest		3	-	3		3		-	3
OML 40(1)	45%	24	-	24	22	-	22
Abiala	95%		4	17	6		-		-	-
Total			226	1,463	478		206		1,343	438

Eland has a 45% working interest in OML40 until the Westport loan is fully repaid in accordance with the loan agreement, reverting to 20.25% Quantities of oil equivalent are calculated using a gas-to-oil conversion factor of 5,800 scf of gas per barrel of oil equivalent.

The Group's audited 2C resources decreased by 11% from 70 MMboe to 62 MMboe, comprising 37 MMbbls of oil & condensate and 146 Bscf of natural gas. The decrease in 2C gas resources (boe) is due to revisions from previous estimates.

		2C resources at 31/12/2023			2C resources at 31/12/2022
		Liquids(1)	Gas	Total		Liquids		Gas	Total
	Seplat %	MMbbl	Bscf	MMboe		MMbbl		Bscf	MMBoe
OMLs 4, 38 & 41	45%	29	111	48	31	124	52
OPL 283	40%	1	4	2		7		24	11
OML 53	40%	4	32	10	3	11	5
OML 40	45%	3	-	3		2		0	2
Total		37	146	62		43		159	70

Consequently, the Group's working interest 2P reserves and 2C resources stood at 540 MMboe as of 31 December 2023, comprising 262 MMbbls oil & condensate and 1,609 Bscf of natural gas (277 MMBoe).

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Group Production

Working interest production for the twelve months ended 31 December 2023

			FY 2023				FY 2022
		Liquids	Gas	Total		Liquids	Gas	Total
	Seplat %	bopd	MMscfd	boepd		bopd	MMscfd		boepd
OMLs 4, 38 & 41	45%	14,866	114.1	34,538	15,422	112.3	34,791
OML 40	45%	10,455	-	10,455		6,557	-		6,557
OML 53	40%	1,212	-	1,212	1,689	-	1,689
OPL 283	40%	1,554	-	1,554		1,067	-		1,067
Total		28,087	114.1	47,758		24,735	112.3		44,104

Liquid production volumes as measured at the LACT (Lease Automatic Custody Transfer) unit for OMLs 4, 38 and 41; OML 40 and OPL 283 flow station. Gas conversion factor of 5.8 boe per scf.

Volumes stated are subject to reconciliation and may differ from sales volumes within the period.

In 2023, total liquids production was within guidance and increased by 14.4% to 10.3 MMbbls, compared to 9.0 MMbbls in 2022. Gas production was also higher by 1.5% to 41.6 Bcf (2022: 41.0) The oil and gas mix was 59% and 41% respectively. Total production deferred in the period was 31% (2022: 37%).

2023 working interest production by quarter
	Q4 2023			Q3 2023			Q2 2023			Q1 2023
Liquid	Gas	Total	Liquid	Gas	Total	Liquid	Gas	Total	Liquid	Gas	Total

			Seplat %		kbopd	MMscfd		kboepd		kbopd		MMscfd		kboepd		kbopd	MMscfd		kboepd		kbopd	MMscfd		kboepd
	OMLs 4,		45%			13.9		107.0			32.3		12.6		110.8			31.7		15.5		114.8			35.3		17.6		124.1			39.0
	38 & 41
OML 40	45%		11.3	-		11.3	8.9	-		8.9	12.0			12.0	9.6	-		9.6
	OML 53		40%			1.4		-			1.4		1.1		-			1.1		1.0					1.0		1.3		-			1.3
OPL 283	40%		1.6	-		1.6	1.2	-		1.2	1.6			1.6	1.9	-		1.9
	Total					28.1		107.0			46.6		23.8		110.8			42.9		30.1		114.8			49.9		30.3		124.1			51.7

Liquid production volumes as measured at the LACT (Lease Automatic Custody Transfer) unit for OMLs 4, 38 and 41; OML 40 and OPL 283 flow station. Gas conversion factor of 5.8 boe per scf.

Volumes stated are subject to reconciliation and may differ from sales volumes within the period.

Average daily working interest production increased by 8.3% to 47,758 bopd in 2023, compared to 44,104 bopd in 2022, and was delivered within our original guidance range. The higher production during the period was supported by new well stock, the availability of the Amukpe-Escravos Pipeline (AEP) and the improved operational performance of the Forcados Oil Terminal (FOT) compared to the prior year. Though FOT again experienced extended outage due to the need to repair the Single Point Mooring (SPM) system during 3Q 2023.

In OMLs 4, 38, & 41, working interest liquids production fell by 3.6% to 14,866 bopd (2022: 15,422 bopd). This decline in production was primarily attributed to delays in the on-stream dates of planned wells, resulting from challenges encountered during the execution of our drilling program, as described below. The alternative evacuation routes provided production reassurance as intended during the year, reducing the impact of pipeline outages by approximately 60% (measured in days).

Our operations at OML 40 contributed the most significant growth in the period. Working interest production from the asset grew by 59.5% to reach 10,455 bopd in 2023, up from 6,557 bopd in 2022. The volume increase in OML 40 is attributed to the successful execution of the 2023 wells campaign, which delivered ahead of expectations and higher production uptime, driven mainly by improved pipeline availability.

In OML 53, daily working interest production fell 28.3% to 1,212 bopd in 2023 due to challenges with the evacuation lines. Production from Ohaji was evacuated to the nearby Waltersmith Refinery. Ohaji potential remains constrained given the unavailability on the Trans Niger Pipeline (TNP), where zone 6 of the line did not operate at all during 2023. Issues with the Antan-Ebocha delivery line that is crucial for evacuation from Jisike, were resolved in August allowing the field to resume production. This resolution supported modestly higher output from OML 53 in 4Q 2023.

We are actively pursuing solutions for the third-party evacuation issues affecting our Eastern assets. The OML 53 Joint Venture (JV) has successfully concluded negotiations and finalized the JV Crude Sale and Purchase Agreement (CSPA) with the Edo Refinery. This agreement facilitates the off-take of approximately 1,000 barrels of oil per day (bopd) of JV crude from Ohaji to the Edo Refinery. Furthermore, the finalization of Facility Use Agreements is underway, with off-take operations anticipated to commence in the first quarter of 2024. In addition, efforts are underway to reduce deferment from pipeline downtime by providing storage capacity at both Jisike and Ohaji.

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We remain committed to addressing current evacuation issues, with our priority in the East being the resumption of operations on the TNP, in addition to exploring alternative solutions, and working to optimise production efficiency across our operations.

Update on Sibiri Oil Discovery

In 2023, we commenced extended well testing (EWT) of Sibiri-01. In addition, the Sibiri-02 drilling operation was concluded and further well data acquisition and technical studies were conducted. This data confirmed the preliminary results that Oil-In-Place volumes were at the upper end pre-appraisalOil-In-Place estimates.

In H2 2023 a full Field Development Plan (FDP) was submitted to the regulators, with a base case Oil-in-Place estimate of 91.1 MMbbls oil. In February 2024 we received regulatory approval for the full lifecycle Field Development Plan (FDP) for Sibiri oil discovery. The project will now move into the development phase, initially from the two pre-driled wells Sibiri- 01 and Sibiri-02, tied back to Opuama.

Abiala Farm-in and development

In 2022, we announced that Elcrest (45% owned by Seplat Energy) had entered into an agreement with Naphta for a 95% equity farm-in to the Abiala marginal field, while Naphta would have a 5% carried interest. Additionally, Elcrest was designated as the Operator, Technical & Financial Partner in the Elcrest/Naphta Joint Venture.

In 2023, all definitive agreements about the Abiala Marginal Field (including the Farm-in Agreement, Joint Operating Agreement, Farmout and Technical Services Agreement, and Development Operations Agreement) were executed. Furthermore, we successfully convened the inaugural Abiala Joint Operating Committee (JOC) meeting. The drilling of the Abiala wells (Abiala 1 W/O and Abiala B) is scheduled for 2024, with the expectation of achieving first oil in Q3 2024. Abiala adds 6 MMboe to our 2P reserves.

Drilling activities

In 2023, we completed fourteen new wells across our operated and non-operated assets, meeting our revised targets for the year. Our drilling programme underwent adjustments in August 2023 due to the tragic incident involving the contracted rig, Majestic, which capsized when its rig owners were moving the rig to the new drill site. To mitigate the resulting delays, we implemented a drilling recovery plan. This initiative involved deploying three land rigs in the Western Asset region to partially compensate for the postponement of drilling activities for six swamp wells: Ovhor DKFW-01,Abiala-1 W/O, Abiala-B, Ovhor DNFT-02, Ovhor DMFU-01, and Ovhor DFFW-01, will now form part of future drilling programmes.

In OML 4, 38, & 41, we delivered four wells (Orogho-08,Okporhuru-08 WO, Sapele-07 WD, and Sapele-CEGX), which are expected to produce a combined gross rate of c.1,300 bopd and 55 MMscfd of gas. Three other wells; Okporhuru- HUHA-04, Sapele N EXP, and Ovhor 21ST were spudded towards the end of the year and will be completed in Q1 2024.

In OML 40, our drilling program delivered five new wells (including Gbetiokun-04 WO, Gbetiokun-09,Gbetiokun-10,Sibiri-02 and Opuama-17). Four wells in the initial program have been deferred to 2024 as drilling was suspended till Q2- 2024 to contract a new swamp rig.

In OML 53, we delivered three new wells, Ohaji-07,Ohaji-08,Ohaji-09. When on stream, the Ohaji wells are expected to produce at a combined gross rate of c. 5,000 bopd. Also, the ANOH upstream unit operated by Shell drilled and completed two new wells (ASSN-05, and ASSN-06) to further support feedstock for the ANOH gas plant.

Midstream Gas business performance

Seplat Energy continues to play a critical role in expanding the domestic gas market to fuel the Nigerian economy's growth. During the period, the Company delivered 41.6 Bcf of gas to the domestic market. The average working interest gas production volumes grew by 1.6% to reach 114.1 MMscfd, up from 112.3 MMscfd in 2022. This increase is attributed to enhanced well performance and the availability of condensate evacuation routes.

During the year, we entered into a new Gas Sales Agreement (GSA) with a bulk gas supplier for a volume of 50 MMscfd. The new customer met all the necessary conditions precedent, and gas supply under this agreement commenced in Q4 2023. We are also actively working on securing new gas resources from third parties and exploration to keep the process trains at the gas hubs (Oben and Sapele) full in the medium to long term.

ANOH Gas Processing Plant

The ANOH gas plant achieved mechanical completion on 29th December 2023 without recording any Lost Time Incident (LTI) across 11 million hours. Current activity on the ANOH gas project involves moving all key work streams to completion ahead of first gas, planned for 3Q 2024.

All upstream wells required for first gas were completed by the operator, SPDC, in 2023, with well deliverability tests conducted in Q1 2024. Work is ongoing to connect the wells to the gas plant.

Our government partner, NGIC, is responsible for delivering the pipelines required to transport the gas from ANOH to the demand centres, including the 23km spur line and the Obiafu-Obrikom-Oben (OB3) pipeline.

With respect to the OB3 pipeline, grouting of the unconsolidated formation along the tunnelling pathway on the River Niger has been completed, and our government partners announced that tunnelling operations are ongoing. Our partners recently reaffirmed their guidance for completion of construction of the OB3 pipeline in 1Q 2024.

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Regarding the Spur Line project, the operations in Imo State are witnessing improved progress following the engagement of additional contractors to expedite the completion of the remaining pipeline sections. NGIC is advising an expected completion date of the end of Q1 2024.

The project has achieved several notable milestones in recent months, providing greater assurance that the project is on track to achieve first gas as estimated by Seplat in Q3 2024.

Upon commencement of operations, ANOH will provide two income streams to Seplat.

First, the sales of wet gas from Upstream to AGPC. The ANOH gas plant has a design capacity of 300 mmscf/d. Seplat will report our net share (40% working interest) of wet gas production as working interest production. We note that gas sales will benefit from lower opex than our current gas operations by virtue of not having to bear the burden of midstream processing costs.

Second, as a 50% owner in the AGPC incorporated joint venture, Seplat will receive dividends from the AGPC's profits. As previously reported, we anticipate c.6-month ramp up to plateau production after first gas, during which period AGPC will establish plant stability and offtake performance. Incorporating these elements, we estimate that AGPC should provide a dividend stream net to Seplat of c.$30m per annum. The dividends are expected to begin approximately 12-18 months after first gas. We expect that a $10/bbl change in the oil price would change the expected dividend by c.$5m, while a 1% change in production deferment changes the expected dividend by c.$1m; both figures are net to Seplat.

Sapele Gas Plant

Project execution work continues on the new Sapele Gas Plant, with progress at 81%. Upon completion, the processing capacity will be 90 MMscfd. The upgraded facility will produce gas that meets export specifications, and the LPG processing module will enhance the economics of the plant and eliminate routine gas flaring.

In 2023, we completed the procurement of equipment and delivery to site for the plant construction, significantly progressed engineering and other milestones to support expected completion of the plant in 2024. This represents a material component of our program to ending our routine flaring at Sapele.

New Energy Business

In line with our strategy to deliver energy transition, we have assessed various midstream gas, power, and renewable investment opportunities that are focused on increasing energy supply and reliability, lowering costs, and reducing carbon intensity of Nigeria's electricity consumption.

In view of this, we have high-graded a gas-to-power development project, which has the potential to reach Final Investment Decision (FID) in 2024, subject to Board approval.

In addition, following the completion of internal due diligence, Seplat is reviewing two other potential acquisition opportunities in the Compressed Natural Gas (CNG) and Renewable Power Generation markets.

Ending routine flaring

Reducing the carbon intensity of our operations is a key strategic focus. Seplat has implemented its end of routine flaring (EORF) roadmap, which includes investments across our production facilities to minimise Scope 1 & 2 greenhouse gas emissions and improve overall energy efficiency. This work is ongoing with a number of projects expected to reach completion in 2024 (Sapele AG, Oben AG, Jisike, Amukpe). However, the overall goal of eliminating routine flaring across all our assets has been extended to 2H 2025 due to delays in the delivery of the Oben LPG Flares Solution and the Ohaji South AG Compression solution projects in 2024. These delays were primarily caused by procurement setbacks related to essential equipment, subsequently impacting project timelines.

The carbon intensity recorded for the period was 27.9 kg CO2/boe, higher than the 23.9 kg CO2/boe recorded in 2022. The increase was driven by a combination of: higher production in the year, and also by the unavailability of some evacuation options resulting in increased flaring. In addition, as we continue to strive for improvements in data gathering and recording, the commissioning of the Fluenta meter at the Oben GP site resulted in a year-on-year increase in recorded flare volumes compared to the prior year's estimate.

The Sapele Flow Station contributed significantly to the higher carbon intensity recorded in 2023 vs. 2022 given a lack of evacuation availability for associated gas. However, the commissioning of the new Sapele Gas Plant, discussed above, should materially reduce absolute emissions (by ca. 40%) once gas offtake begins. Sapele and Ohaji Flow Stations' are the biggest contributors to our carbon emissions intensity, excluding these assets, our remaining portfolio of production facilities averages under 19.0 kg CO2/boe carbon intensity.

HSE Performance

The Company achieved a total of 8.7-million hours without any Lost Time Injury (LTI) on its operated assets in 2023, which reflects the Company's strong focus on safety and the dedication of its workforce to maintaining a secure work environment. Till date, the company has achieved a cumulative 10.6-million-man hours since last LTI recorded (on 13th October 2022). In addition, TRIR was 0.46 with no major injuries reported during this period. There was one Tier 2 incident which resulted in 95bbls of oil spilled. While it is not shown in our HSE statistics, we were deeply saddened by the tragic incident on the Majestic rig, which was transiting to our operations when it capsized. Seplat has undertaken a number of reviews related to the incident, and we will continue to work with our contractors and supply chain to ensure incidents of this nature do not happen in the industry again. Safety remains our top priority.

Training sessions on Incident Management (Tripod Beta methodology) were held to enhance incident investigation and prevention with 42 participants at the Lagos and Sapele locations. Also, Process Safety Management Training for

Seplat Energy Plc | FY 2023 Financial Results

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Operations, Engineering, Maintenance, Wells, and HSE Team members to prevent process-related incidents was conducted with 63 participants. We also conducted IMS 300 training for 80 participants during the year.

The company is on a path to achieve ISO 45001 and 14001 standards certifications, demonstrating its commitment to top-tier safety and environmental performance. These certifications are globally acknowledged benchmarks for occupational health and safety management systems and environmental management systems, respectively.

Proposed acquisition of MPNU

On 24 May 2023, we announced that we have extended with Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc. (ExxonMobil) the Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil's share capital of Mobil Producing Nigeria Unlimited (MPNU) to preserve the transaction pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals.

The Board remains confident that the transaction will be approved and all associated legal issues will be resolved. We continue to work with all parties to achieve a successful outcome, including our financiers, who remain supportive. We have been encouraged by the continued efforts of the President Tinubu administration to drive positive change in Nigeria and a more supportive environment for businesses that want to invest and grow in the country.

We will provide further updates on the transaction as appropriate.

Intra-group transfer of OML 53 from Seplat Energy to Seplat East Onshore Company Limited

During the year, Seplat completed the internal transfer of the business activities and assets of OML 53 from the Holding Company to its wholly-owned subsidiary Seplat East Onshore Limited having obtained regulatory and partner approvals. This Intra-Group transfer will not change the current business strategy for the assets, nor will it affect how the Seplat

Group commercially operates. Therefore, the operatorship of the asset remains with Seplat under the Joint Operating Agreement ("JOA"), as the transfer to an affiliate of Seplat under the terms of the JOA is permitted.

The new structure of the Seplat Group is consistent with Seplat's efforts to simplify its structure and is designed to segregate the businesses of the Group more efficiently thereby reducing risk, cost, and complexity. This is also expected to result in a simplified management and reporting framework for the Seplat Group.

The outcome of the transfer will not, in any way, result in a loss of tax revenue to the Government or an extinguishment of liabilities. Similarly, it will not diminish shareholder value in (and returns from) Seplat as a listed company.

Shareholder actions

In 2023, Seplat Energy announced that the Immigration Documents of the Company's Chief Executive Officer ("CEO"), Mr. Roger Brown were withdrawn by the Ministry, following baseless and false allegations of racism, unfair prejudice, discrimination, and improper immigration status made by certain individuals parading as "concerned workers and stakeholders of Seplat Energy Plc". The Company cooperated fully with the verification checks conducted by the Immigration Authorities, which resulted in the restored immigration status of Roger Brown.

Subsequently, we announced his resumption as the CEO of Seplat Energy and the return of his ability to validly enter and stay in Nigeria. This followed the Ministry of Interior ("Ministry") and the Nigeria Immigration Service ("NIS") restoration of his Working Permit, Combined Expatriate Residence Permit and Aliens Card ("CERPAC") and other Visas for the entry or stay in Nigeria ("Immigration Documents").

The Company had also previously announced the striking out by the Federal High Court sitting in Lagos, of the Petition commenced on 8th March 2023 by Moses Igbrude and others in Suit No. FHC/L/CP/402/2023. The Court ordered the Petitioners to pay NGN1 million in costs. This followed the filing of a Notice of Discontinuance by the Petitioners.

Similarly, the Federal High Court in Abuja had struck out the criminal charge brought by the Nigeria Immigration Service against the Company and some of its Officers. The Court fully discharged all named defendants. The charge had earlier been withdrawn by the Nigerian Immigration Service on the 20th April 2023 and was in relation to the immigration status of Mr. Roger Brown and the withdrawal of his immigration visa by the Ministry of Interior.

The Court of Appeal also suspended the ex parte Interim Orders granted by the Federal High Court (Abuja) in Suit No. FHC/ABJ/CS/626/2023 - Juliet Gbaka & two others v. Seplat Energy Plc & thirteen others.

The Company continues to be successful in its defense against these lawsuits and remains confident that the courts will appropriately address the outstanding frivolous litigations. Seplat, as a responsible corporate citizen, will continue to engage all its stakeholders in accordance with applicable law and established corporate governance best practices.

Outlook

Seplat Energy's production has recorded improved stability in the past year, supported by measures to diversify evacuation routes.

In 2024, we expect this to continue, our 2024 capex program aims to maintain production, and we provide initial guidance at 44 - 52 kboepd. The guidance assumes availability of TNP from end 3Q 2024. It also assumes first gas on ANOH inline with guidance, and gradual ramp up of contribution from the gas field through the end of the year.

Capital expenditure for 2024 is expected to be in the range of $170-$200 million.

The program includes drilling 13 new wells across our operated and non-operated assets, as follows:

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• OMLs 4, 38 & 41: Nine wells (seven oil wells, two gas wells)
• OML 40: Four oil wells (including two wells in Abiala)

The 2024 drilling program will address normal production decline and, along with the completion of maintenance activities, support long-term production levels from the assets.

Our key focus areas and expenditure on facility and project deliverables include:

• Completion of the ANOH Gas Processing Plant commissioning and commencement of operations
• Completion of the Sapele Gas Plant
• Installation of Abiala surface production facilities
• Delivery of Oben, Amukpe, Sapele & Ohaji flares out projects

Furthermore, we aim to enhance our infrastructure by developing alternative evacuation routes, ensuring operational resilience and efficiency. Additionally, we are committed to exploring and developing new business opportunities, fostering growth and diversification within our portfolio. Finally, a significant priority for the business will be the elimination of routine gas flares, aligning with our commitment to environmental sustainability and regulatory compliance. These deliverables underscore our dedication to innovation, sustainability, and value creation across all operations.

We recognise the importance of the sustainability of our evacuation options and strive to bolster security measures along our evacuation routes to safeguard our operations. These initiatives are geared towards maximising the volume of oil sales and revenue for the company, highlighting our commitment to operational efficiency and financial sustainability.

Our ESG (Environmental, Social, and Governance) performance and 2024 targets reflect our heightened emphasis on ESG measurement and reporting. As early adopters of the IFRS Sustainability Disclosure Standards, we are proud to announce that we will commence reporting in alignment with these standards starting from our 2023 annual report.

In line with our climate strategy, which includes a commitment to achieving carbon neutrality by 2050, our immediate priority is to eliminate routine flares in 2025. To achieve this goal, we are actively working on completing our Flares Out projects to capture and monetise gas for productive use. This initiative will significantly reduce our carbon intensity and contribute to our broader sustainability objectives.

Furthermore, we are dedicated to contributing to the growth and development of our communities, and we have successfully attained the ISO 26000 endorsement, which underscores our adherence to internationally recognized sustainable and ethical business practices standards. In 2023, we made substantial progress by installing solar panels, granting 100% renewable energy access to five (5) schools and three (3) hospitals, advancing our goal of increasing energy access while enhancing our capabilities in the power and renewable energy sectors. In 2024, we plan to provide additional host community hospitals and schools with reliable renewable power. These initiatives underscore our commitment to sustainability, social responsibility, and creating long-term value for all stakeholders.

We will exercise discretion over drilling investments and selectively consider opportunities in our existing portfolio, focusing on delivering the highest cash return whilst diligently preserving a solid balance sheet.

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