SEPLAT ENERGY : CORPORATE ANNOUNCEMENT ON THE PUBLICATION OF 2021 ANNUAL REPORT AND ACCOUNTS OF SEPLAT ENERGY PLC.

22 April 2022

Seplat Energy Plc

2021 Annual Report and Notice of AGM

Seplat Energy Plc ("Seplat" or the "Company") confirms it has today published its Annual Report and Accounts for the year ended 31 December 2021 together with the notice of the Company's ninth Annual General Meeting ("AGM") and forms of proxy. The Company will hold its AGM at 11:00am (WAT) on Wednesday 18 May 2022 at 16a Temple Road (Olu Holloway), Ikoyi, Lagos, Nigeria.

In accordance with Listing Rule 14.3.6 copies of the Company's Annual Report and Accounts for the year ended 31 December 2021, the Notice of AGM and proxy forms have also been submitted to the FCA for publication through the document viewing facility of the National Storage Mechanism and will shortly be available for inspection athttps://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism

In accordance with Disclosure Guidance and Transparency Rule ("DTR") 6.3.5R(3), copies are available on the Company's website,https://www.seplatenergy.com/

The Company's audited financial statements and extracts of the management report were included in the Company's Final Results announcement on 28 February 2022. That information, together with the Appendices to this announcement, which contains the following additional information that has been extracted from the 2021 Annual Report, constitutes the material required for the purposes of compliance with DTR 6.3.5 only:

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the Directors' Responsibilities Statement;

a description of principal risks and uncertainties that the Company faces; and related party transactions.

This announcement should be read in conjunction with and is not a substitute for reading the full 2021 Annual Report. Page and note references in the text below refer to page numbers and notes in the 2021 Annual Report and terms defined in that document have the same meanings in these extracts.

FOR: SEPLAT ENERGY PLC.

Mr. Emeka Onwuka

Chief Financial Officer

Enquiries

Seplat Energy plc

Emeka Onwuka, CFO

[phone]

Edith Onwuchekwa, Company Secretary/General Counsel Carl Franklin, Head of Investor Relations

Ayeesha Aliyu, Investor Relations

Chioma Nwachuku, Director - External Affairs and Sustainability FTI Consulting

Ben Brewerton / Christopher Laing

[phone]

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed on the Premium Board of the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focused growth strategy through participation in asset divestments by international oil companies, farm-in opportunities, and future licensing rounds. The Company is a leading supplier of gas to the domestic power generation market. For further information please refer to the Company website,http://seplatenergy.com/

Appendices

Appendix A: Statement of Directors' responsibilities

The following Statement of Directors' responsibilities is extracted from the 2021 Annual Report and Accounts (page 136).

The Companies and Allied Matters Act, 2020, requires the Directors to prepare financial statements for each financial year that gives a true and fair view of the state of financial affairs of the Group at the end of the year and of its profit or loss. The responsibilities include ensuring that the Group:

1. keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Group and comply with the requirements of the Companies and Allied Matters Act, 2020;

2. establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and

3. prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgements and estimates and are consistently applied.

The Directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards (IFRS), the requirements of the Companies and Allied Matters Act, 2020 and Financial Reporting Council of Nigeria Act, No. 6, 2011.

The Directors are of the opinion that the financial statements gives a true and fair view of the state of the financial affairs of the Group and of its financial performance and cash flows for the year. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.

Nothing has come to the attention of the Directors to indicate that the Group will not remain a going concern for at least twelve months from the date of this statement.

Signed on behalf of the Directors by:

A.B.C Orjiako Chairman FRC/2014/IODN/00000003161 28 February 2022

R.T. Brown

Chief Executive Officer FRC/2014/ ANAN/00000017939 28 February 2022

Appendix B: Principal risks and uncertainties

The following principal risks and uncertainties table is extracted from the 2021 Annual Report and Accounts (pages 40 to 45).

The implementation of our strategy can be hindered by various risks and uncertainties. The risks that the Board considers most significant are described here.

Operational risks
Field operations and project deliverability	Third-party infrastructure downtime	HSSE risks
Description Failure to manage operational activities in line with planned expectations can lead to production misses, project delays and cost overruns, high production costs and earlier than expected field decommissioning.	Description An over-reliance on third-party operated transportation infrastructure can expose the Company to an extended period of production being shut in.	Description Oil and gas activities carry significant levels of HSSE risks if not properly managed. As activity levels continue to increase there is a strong focus on preventing major environmental (including the emerging climate change - GHG emissions risk), health or safety incidents.
Mitigation Focus on risk management at planning phase and mitigation plans activated. Compulsory 'peer-to-peer' review for high-value projects and better project management techniques. Protracted land acquisition, preparation and rig startup have been contributory factors which have received focused attention and significant process improvements and improved communications with JV partner and approving regulators to mitigate delays. Use of smart/ intelligent wells to improve recovery and improved rig performance monitoring and reporting to manage NPTs.	Mitigation Work is ongoing to secure a second export line to complement Forcados. Continue to explore export via barging as a back-up option in extreme cases. FEED completed and outcome prepared for presentation to JV Partners to pave way for Contracting Strategy concurrence for Engineering, Procurement, Installation and Commissioning (EPIC) of Amukpe LTF Upgrade. Finalising the Amukpe to Escravos pipeline (AEP) project in a bid to provide a major alternative for crude evacuation in the core assets. The AEP project is at 99.8% completion and crude deliverability test conducted. Two contingency tanks in Amukpe for partial storage during shut-in over shorter periods.	Mitigation Deployment of an HSSE Management System in line with best practices. Monitoring and reporting of HSSE performance scorecards at management and Board levels. Our HSSE systems and process are subjected to independent review and identified improvement initiatives are deployed. Continual focus on HSSE training and initiatives on incidence prevention. Emergency Response plan set for any eventuality and comprehensive Incident Review panels to identify and channel lessons learnt to improvement activities. Focus on the delivery of projects earmarked to reduce and/or eliminate gas flaring as spelt out under the company's "Gas Flares Out Roadmap" and new energy transition plan..
KPI/Performance metric Net working interest production Operating costs per boe	KPI/Performance metric Net working interest production Days downtime EBIT	KPI/Performance metric HSSE scorecards LTIF TRIR
Strategic pillars 1, 2, 3	Strategic pillars 2, 3	Strategic pillars 2, 3, 5
Assessment Very high	Assessment Very high	Assessment High
Trend Steady. We continue to redefine our project management approach for improved speed of delivery and efficiency, finalised the integration of the newly acquired Eland assets into our business, consolidate performance across board, maximise production, maintain a strong balance sheet, and strategically position the Company for future growth.	Trend Steady. Remarkably improved uptime of Forcados export system. However, risk trend is Steady, even though there is no near term line of sight for an alternative evacuation line, in the sudden event of prolonged outage of the TFP. Alternative line (AEP) is now scheduled for Q2 2021 delivery.	Trend Steady. Though the risk is inherent, we will continue to deploy our HSSE risk management in line with best practices and with strong emphasis on prevention.

Infectious diseases outbreak in Seplat (e.g. Covid-19)	Sustaining E&A programme
Description Risk of an index case manifesting in Seplat offices or field locations. This leads to an unsuccessful initial control of an index case (probably resulting in communal spread of the disease in the Seplat community as a result of late detection of secondary contact cases which may have had close contacts with index case or close contacts from other external primary sources). Risk also covers supply chain disruptions emanating from the pandemic i.e. the extent to which the disease will have an impact on all key projects of the Company (including ANOH) as designed in the work programme (impacting the supply chain and major contractors scheduled to deliver in a few months).	Description Exploration and appraisal activities carry significant levels of subsurface risk. Sustained E&A drilling failure will impact the Company's ability to organically replace reserves and production.
Mitigation The Company's leadership	Mitigation Strict compliance with reservoir
through the COVIMOG (monitoring and response team) continued to sustain the Company business and observed all recommended preventive measures advised by both the Presidential Task Force (PTF) and State Governments. Over 90% of employees were fully vaccinated via a concerted Industry (OPTS) support, while PCR tests remained mandatory for everyone carrying out activities in the various areas of the company's operation and Travel Advisory updates were shared with staff. Provision continued to remain in place for targeted tests of personnel in all locations as required. Follow up treatment of positive cases continued to be managed and funded by the Company. Also, as facilitated by the Lagos State Government, the Covid-19 booster dose vaccines are now readily available in Government Health centres, and the Company plans to keep on liaising with appropriate bodies in the industry to facilitate this process. Manage press/publicity and communication to avoid miscommunication/ wrong press.	management guidelines. Building internal capacity with skilled sub-surface expertise. Drill a minimum of two exploration wells, as well as continuous M&A work to secure available opportunities at the right price.
KPI/Performance metric HSSE scorecards LTIF TRIR	KPI/Performance metric Reserve replacement
Strategic pillars 2,5	Strategic pillars 1, 2, 3
Assessment High	Assessment Very high
Trend Steady. Our risk landscape remained largely stable with respect to existing exposures since our last update in 2020. The Company did well to manage the lingering impact of	Trend Steady. High grading our exploration portfolio through a thorough prospect screening exercise. In the near term, plan is to commence exploration drilling campaign in the West.