SEPLAT ENERGY : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

Unaudited results for the three months ended 31 March 2022

Lagos and London, 28 April 2022: 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 three months ended 31 March 2022.

Operational highlights

• ▪ Strong safety record extended to 26.1 million hours without LTI from Seplat Energy operated assets (2.0m hours in Q1 2022)

• ▪ Working interest production averaged 47,603 boepd (liquids 29,079 bopd, gas 18,524 boepd)

• ▪ Full-year guidance remains unchanged at 50-60 kboepd

• ▪ Amukpe-Escravos Pipeline mechanically completed, all commercial terms have been agreed and are moving through counterparty approval processes for signature. Expected to be fully operational by end of Q2 2022.

• ▪ Sibiri exploration well drilled and successful, data analysis underway, working with partner to secure regulatory approval for Extended Well Test

• ▪ Decision to exit Ubima to focus on more profitable assets; agreement reached to sell Seplat Energy's share to its JV partner for $55 million. 2P reserves reduce by 2 MMboe from 457mmboe to 455 MMboe.

Financial highlights

• ▪ Revenues up 58.6% to $241.8 million

• ▪ EBITDA up 81.6% to $147.4 million (adjusted for non-cash items)

• ▪ Strong cash generation of $178.7 million, capex of $25.7 million

• ▪ Strong balance sheet with $312.2 million cash at bank, net debt of $442.6 million

• ▪ Q1 interim dividend of US2.5 cents per share

Update on proposed acquisition of Mobil Producing Nigeria Unlimited

• ▪ Sales & Purchase Agreement signed on 25 February to acquire Exxon's shallow water operations in Nigeria, Mobil

  Producing Unlimited, Nigeria (MPNU)

• ▪ Acquisition remains on track and awaiting necessary approvals, expected to complete in H2 2022

Roger Brown, Chief Executive Officer, said:

"Seplat Energy delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline. However, the alternative Amukpe-Escravos Pipeline is mechanically complete and once we have signed the commercial agreements, we expect Chevron to be lifting our oil through the Escravos Terminal in the third quarter.

Our proposed acquisition of MPNU remains on course. We are awaiting the necessary approvals from government and regulators and expect the transaction to complete in the second half of this year. The effective date of 1 January 2021 means we will benefit from higher recent oil prices and as we have previously reported, the addition of MPNU will nearly treble our production and double our reserves on a pro forma 2020 basis. The acquisition will reinforce our leadership of Nigeria's indigenous energy sector and enabling us to generate strong future cash flows that will underpin our investment in Nigeria's energy transition and improve our overall stakeholder returns. It will also bring a significant undeveloped gas resource base which, alongside our ANOH gas project development, will underpin Nigeria's energy transition and drive domestic and export revenues when developed.

We announce the decision to divest the Group's interest in the Ubima marginal field for a consideration of $55million, which marginally reduces the company's 2P reserves by 2 MMboe to 455 MMboe.

We have proven we have the financial strength and credibility to attract international finance into Nigeria's energy sector and this will help us in our aim to deliver energy transition and provide cleaner, more reliable and more affordable energy for Nigeria's young and growing population."

Summary of performance

$ million 3M 2022

₦ billion

3M 2021

% change

3M 2022

3M 2021

Revenue

241.8

152.448

58.6%

100.6 57.9

Gross profit	117.3	52.8	122.3%	48.8	20.1
EBITDA *	147.4	81.2	81.6%	61.3	30.8

Operating profit (loss)

102.1

44.4

130.0%

42.5 16.9

Profit (loss) before tax

83.4

28.0

197.8%

34.7

10.6

178.7

Cash generated from operations

4.4

3,961%

74.4 1.7

Working interest production (boepd)

47,603

48,239

(1.3%)

60.5% 0%

Average realised oil price ($/bbl)

Average realised gas price ($/Mscf)

$97.53 $2.76

$60.76 $2.76

* 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:

Mr. 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-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.

Enquiries:

Seplat Energy Plc
Emeka Onwuka, Chief Financial Officer	[phone]
Carl Franklin, Head of Investor Relations
Ayeesha Aliyu, Investor Relations
Chioma Nwachuku, Director External Affairs & Sustainability

FTI Consulting
Ben Brewerton / Christopher Laing	[phone]

Citigroup Global Markets Limited
Tom Reid / Luke Spells	[phone]
Investec Bank plc
Chris Sim / Charles Craven / 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 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/

Operating review

HSE performance

Safe and responsible operations are critical to the delivery of Seplat Energy's strategy. Staff and contractors worked a total of 2.0 million man-hours with no fatalities, lost-time injuries, or major injuries in the period.

The Company has now achieved more than 26 million man-hours without LTI on its operated assets. There were 20 HSE incidents in total, compared to 22 incidents in the first three months of 2021, including one reportable spill and two gas leaks, all of which were remediated with limited environmental impact. The Group established appropriate processes and safeguards for its people and operations against Covid-19.

By the end of March 2022, we had conducted nearly 18,000 Covid-19 tests since the start of the pandemic, with a positivity rate of 2.8%. We have a vaccination policy for Covid-19 management and 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 three months ended 31 March 2022

3M 2022	3M 2021
Liquids(1)	Gas	Total	Liquids	Gas	Total
Seplat %	bopd	MMscfd	boepd	bopd	MMscfd	boepd
OMLs 4, 38 & 41	45%	17,655	107.4	36,180	19,842	114	39,540
OML 40	45%	7,420	-	7,420	3,615	-	3,615
OML 53	40%	2,712	-	2,712	3,570	-	3.570
OPL 283	40%	1,291	-	1,291	1,178	-	1,178
Ubima	82%	-	-	-	337	-	337
Total	29,078	107.4	47,603	28,541	114	48,239

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.

Working interest production for 3M 2022 averaged 47,603 boepd, (3M 2021: 48,239), with an oil and gas mix of 61% and 39% respectively. Within this, liquids production was up 1.9% year-on-year, to 29,078 bopd, with significantly higher volumes from OML 40 slightly offsetting lower volumes from OML 4, 38 and 41 due to further outages in the Trans Forcados System, which experienced higher than planned downtime of 18% in the first three months of this year. The impact of future FOT outages on production from OMLs 4, 38 and 41 will be alleviated by our use of the long-delayed Amukpe-Escravos Pipeline, which, having been completed mechanically, awaits finalisation of commercial agreements. We expect to be using the AEP by July 2022.

Despite 23% downtime as a result of outages on the TEP and the TFP, produced volumes from OML 40 were higher than Q1 2021, as the four Gbetiokun wells drilled in the previous year came onstream. We expect to sustain higher production throughout the year.

Gas volumes were down 6.1% year-on-year to 107.4 impacted by lower gas demand due to price renegotiation and issues with the hot oil burner at Oben that affected production. Price discussions with customers have been concluded and a new Burner-C was installed and commissioned late February, and gas production volumes have subsequently improved in March.

We have not reported any production for Ubima in Q1 2022 as the Seplat Energy Board approved an exit from the Ubima asset in April 2022. The Ubima asset, operated by All Grace Energy Limited (AGEL) was acquired in 2019 as part of the Eland acquisition. A settlement agreement of $55 million has been agreed with AGEL and we expect to receive payments in due course.

Ubima is in a high operating cost environment, with major evacuation challenges currently being experienced in the Niger Delta. Because substantial capital expenditure would be required to create more secure evacuation routes, the decision to exit will enable us to invest in other parts of our business that generate higher returns. Current reserves in Ubima stand at approximately 2 MMbbls and necessary adjustments to the financial statements will be made in the second quarter and reported in the 6M 2022 results.