SEPLAT ENERGY PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2021

Unaudited results for the nine months ended

30 September 2021

28 October 2021

Reliable energy, limitless potential

Lagos and London, 28 October 2021: Seplat Energy Plc ("Seplat Energy" or "the Company"), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the nine months ended 30 September 2021.

Operational highlights

• YTD working-interest production of 47,280 boepd down 6.7% year on year largely as a result of the shut-in of the Forcados Oil Terminal (FOT) in August (Q3: 40,381 boepd)
• Liquids production down 16.6% year on year at 27,804 bopd, recovering to 33kbopd liquids in October
• Gas production up 13% to 113 MMscfd, despite FOT impact on associated gas
• Completed two gas wells and three oil wells in the period, new Gbetiokun wells performing strongly

Financial highlights (9M 2021)

• Revenue after adjusting for an underlift was $535 million
• EBITDA of $266.4 million
• Cash generated from operations $163.8 million
• Cash at bank $273.9 million, net debt of $479.8 million
• Total capital expenditure of $83.9 million
• Interim dividend of 2.5 cents ($0.025)

Corporate updates

• Name changed to Seplat Energy Plc to reflect new strategic vision outlined in July; new branding launched in October
• Acquisition of Cardinal Drilling rigs for $36 million and cessation of legal proceedings by Access Bank

Outlook for 2021

• Expected production narrowed to 48-50 kboepd for full year, subject to market conditions
• Amukpe-EscravosPipeline (AEP) commissioning has commenced, oil flow expected in December 2021
• Capex now expected to be $167 million for the full year
• ANOH project remains on track for first gas in H1 2022

Roger Brown, Chief Executive Officer, said:

"Production has recovered strongly since the outage at Forcados Oil Terminal (FOT) and we have been averaging nearly 33kbopd liquids throughout October. Now that production has normalised, we expect production to be in the range 48-50 kboepd for the year, provided uptime on the Forcados Pipeline and FOT remains above the budgeted 80%. I'm pleased to report that our new wells at Gbetiokun are performing strongly, and we will soon commence drilling the exciting Sibiri prospect on OML40.

We have taken the difficult, but practical decision to bring an end to the uncertainty of the Access Bank legal dispute regarding Cardinal Drilling Services, which completes the Board-mandated removal of Related Party Transactions. Although we maintain our previously stated position that legal action against the Company was wholly without merit, the risk of significant disruption to our operations and other opportunities from a long, drawn-out legal case brought us to a negotiated settlement with Access Bank. We have therefore acquired the four Cardinal rigs and we are now focusing on fast tracking their deployment in future drilling campaigns. `

Our business model is robust, despite setbacks in the third quarter, thanks to the prudent and flexible approach we have taken to managing the business. With an increased focus on efficiency in our operations, improving uptime by opening up the Amukpe to Escravos Pipeline and driving further cost reduction across our portfolio, this will provide the bedrock allowing us to operate effectively in fluctuating commodity prices and generate returns for shareholders. I am optimistic that the coming year will be much stronger, with many of the problems of the past put behind us.

After we set out our future strategy in July's Capital Markets Day and launched our new corporate name of Seplat Energy plc, complete with its new branding, we are now focusing on building out and executing the energy transition that is right for Nigeria. A strong step forward will be when we bring on stream the ANOH project next year delivering more transition gas to an energy poor market, over reliant on expensive, high carbon-emitting electricity generated from small-scale diesel and PMS generators. Our three-pillar strategy is designed to ensure we balance carbon emission reduction with the essential social agenda for undeniably the most under-electrified, youngest and fastest growing population on earth.

Seplat Energy's focus is clear: "Reliable energy, limitless potential".

Unaudited results for the nine months ended 30 September 2021

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Summary of performance

		$ million						₦ billion
		9M 2021			9M 2020		% change			9M 2021			9M 2020
Revenue	460.4		387.8	18.7%	182.7		135.6
Gross profit		146.5			90.6		61.7%			58.1			31.7
Impairment of assets *	(6.9)		(179.7)	96.2%	(2.7)		(62.8)
EBITDA **		266.4			205.6		29.6%			105.7			71.9
Operating profit (loss)	157.8		(79.3)	299.0%	62.6		(27.7)
Profit (loss) before tax		97.4			(130.1)		174.9%			38.6			(45.5)
Operating cash flow	163.8		197.8	(17.1%)	64.9		74.8
Working interest production (boepd)		47,280			50,653		(6.7%)
Average realised oil price ($/bbl)	67.43		38.60	74.7%
Average realised gas price ($/Mscf)		2.86			2.88		(0.7%)

• Includes $158.2 million impairment on revaluation of assets and $21.4 million impairment of financial assets in 2020
• Adjusted for non-cash items

Outlook for 2021

Liquids production has recovered strongly following the outage and force majeure at Forcados and after averaging approximately 33 kbopd liquids in October, we expect the Group's full-year liquids and gas production to be in the range 48-50 kboepd, assuming 80% uptime.

We expect to introduce liquids into the Amukpe-Escravos Pipeline in December, which will provide a secure and reliable alternative export route and reduce our reliance on the TFP, which has caused significant problems in the past.

Following its successful funding, the completion of the ANOH project remains a major priority and we expect first gas to be achieved in H1 2022, at lower cost than originally estimated at FID.

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-looking information 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 as a result of new information, future events or otherwise, except to the extent legally required.

Unaudited results for the nine months ended 30 September 2021

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Enquiries:

Seplat Energy Plc

	Emeka Onwuka, Chief Financial Officer		[phone]
	Chioma Nwachuku, Director, External Affairs & Sustainability
	Carl Franklin, Head of Investor Relations
	Ayeesha Aliyu, Investor Relations
	FTI Consulting
	Ben Brewerton / Christopher Laing	[phone]
		[e-mail]
	Citigroup Global Markets Limited
	Tom Reid / Luke Spells		[phone]
	Investec Bank plc
	Chris Sim / Jarrett Silver	[phone]

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed on 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 and is well positioned to participate in future 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/

Unaudited results for the nine months ended 30 September 2021

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Operating review

HSE performance

Staff and contractors worked a total of 5.6 million man-hours with no fatalities, lost-time injuries or major injuries in the period. The Company has achieved 26 million hours without LTI on assets operated by Seplat Energy. There were 64 HSE incidents in total, compared to 66 in 9M 2020, including two reportable spills and six gas leaks, all of which were remediated with limited environmental impact. By the end of September, we had conducted 9,348 Covid-19 tests, with a positivity rate of 2.2%. We continue to enforce all Covid-19 control protocols at our field operations and offices, with no major Covid-19 related incidents.

Working-interest production for the nine months ended 30 September 2021

			9M 2021			9M 2020
		Liquids(1)	Gas	Oil equivalent	Liquids	Gas	Oil equivalent
	Seplat %	bopd	MMscfd	boepd	bopd	MMscfd	boepd
OMLs 4, 38 & 41	45.0%	17,722	113	37,197	20,731	100	38,057
OML 40	45.0%	5,058	-	5,058	8,285	-	8,285
Ubima	88.0%	719	-	719	866	-	866
OPL 283	40.0%	1,004	-	1,004	914	-	914
OML 53	40.0%	3,302	-	3,302	2,531	-	2,531
Total		27,804	113	47,280	33,327	100	50,653

1. Liquid production volumes as measured at the LACT unit for OMLs 4, 38 and 41; OML 40 and OPL 283 flow station. Volumes stated are subject to reconciliation and may differ from sales volumes within the period.

Average working-interest production for the first nine months of 2021 was 47,280 boepd (12.9 MMboe), down 6.7% on the same period in 2020. Within this, liquids production was down 16.6% to 27,804 bopd, impacted by decreased production from the Western Assets owing to the disruption caused by the suspension of exports at the Forcados Oil Terminal (FOT), as well as previously reported delays in replacing the MT Harcourt storage vessel on OML40, which reduced exports from the asset in Q1 2021. However, gas production increased by 13% to 113 MMscfd for the nine-month period (9M 2020: 100 MMscfd).

The impact of an unplanned 40% downtime for one full month in the third quarter of the FOT (as against budgeted downtime of 20%) amounted to a loss of c.885 kbbls of oil in the third quarter from OMLs 40, 4, 38 and 41. Consequently, there was 74% uptime for the Trans Forcados Pipeline during the nine-month period and the produced liquid volumes from OMLs 4, 38 and 41 were subject to reconciliation losses of 11.3%.

Oil business performance

Seplat Energy's oil operations produced 7.6 MMbbls on a working-interest basis in 9M 2021 (9M 2020: 9.1 MMbbls). Oil production in the third quarter was affected by the curtailment of production and suspension of export operations from OMLs 4, 38, 41 and 40, after Shell Petroleum Development Company Limited (SPDC) declared a force majeure at the Forcados Oil Terminal on 13 August because of a failure of the loading buoy around the terminal export pipeline. Production uptime recorded for the third quarter was 60% as repairs took longer than planned, with the resumption of normal operations and exports commencing 14 September. Previously, delays in siting a new storage vessel at OML 40 to replace the MT Harcourt, which was damaged in November 2020, resulted in significantly lower volumes in the first quarter.

The average price realised per barrel in the period was $67.43 (9M 2020: $38.60), following the recovery of Brent prices on the receding threat from the Covid-19 pandemic and the resultant return of global economic activity.

Unaudited results for the nine months ended 30 September 2021

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