SEPLAT ENERGY : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

Unaudited results for the six months ended 30 June 2022

28 July 2022

Reliable energy, limitless potential

Lagos and London, 28 July 2022: 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 unaudited results for the six months ended 30 June 2022.

Financial highlights

• Revenues up 71% from 6M 2021 to $527.0 million, higher realised oil prices of $107/bbl
• EBITDA up 92% to $342.7 million (adjusted for non-cash items)
• Strong cash generation of $330.1 million, capex of $70.7 million
• Strong balance sheet with $350.0 million cash at bank, net debt of $418.6 million
• Lower production opex of $8.1/boe achieved
• Average realised gas pricing sustained at $2.76 despite pricing pressure on domestic gas delivery obligation
• Q2 dividend of US$2.5 cents per share, taking 6M 2022 total to US$5.0 cents per share

Operational highlights

• Strong safety record extended to 28.4 million man-hours without lost-time injury from Seplat Energy-operated assets
• Working interest production improved to 52.4 kboepd in Q2 (liquids 30.3 kbopd, gas 22.1 kboepd), 6M average of 49.9 kboepd (excludes volumes from Ubima, which was divested in Q1)
• Amukpe-EscravosPipeline commercial agreements signed, continuous injection expected from first week of August
• Exit from Ubima completed for consideration of $55 million, with initial payment of $6.4 received in July
• Agreement for 95% equity farm-in to the Abiala Marginal Field carved out of OML 40
• Five wells drilled
• Full-yearguidance narrowed to 50-54 kboepd (excludes Ubima)

Update on proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU)

• Transformational acquisition announced in February 2022 will almost triple production and boost reserves
• Seplat Energy reiterates that the Sales & Purchase Agreement (SPA) signed on 25 February 2022 to acquire Exxon's shallow water operations in Nigeria, MPNU, remains valid and the Company remains confident that the proposed acquisition will be brought to a successful conclusion in accordance with the law

Q2 corporate updates

• Ongoing strengthening of governance continues with transition from founder Chairman to Independent Chairman, Basil Omiyi, appointed 18 May; three new Board members announced during the period
• Samson Ezugworie joins Board in newly created role of Chief Operating Officer
• 'Tree for Life' decarbonisation initiative launched in May with a commitment to plant five million trees in five years across five states in Nigeria
• Seplat West (OMLs 4,38 &41) recommended for ISO 55001 (Asset Management), a first for African E&P

Roger Brown, Chief Executive Officer, said:

"Production increased strongly in the second quarter, achieving 52.4 kboepd across our operations, and we expect to maintain higher volumes for the rest of the year now that we plan to export liquids through the more secure Amukpe- Escravos Pipeline. Having divested our interest in Ubima because of its high production costs and export difficulties, we recently acquired a 95% interest in the Abiala marginal field and plan to begin operations there next year using existing infrastructure in OML 40. This is consistent with the strategy for low-cost,low-risk upstream growth we announced last year."

"We remain confident that our transformational acquisition of MPNU will be approved, adding significant reserves and production capacity that will strongly reinforce Seplat Energy's position as Nigeria's leading indigenous oil and gas producer."

"We have recently launched a roadmap for decarbonisation, with a clear path to ending routine flaring by 2024. In addition, our 'Tree for Life' initiative will plant five million saplings to sequester carbon across five states. All of these initiatives demonstrate our strategic commitment to build a sustainable company that delivers energy transition for the benefit of all Nigerians."

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Summary of performance

				$ million							₦ billion
				6M 2022			6M 2021			% Change			6M 2022			6M 2021
Revenue	527.0		308.8	70.7%	219.2		120.4
	Gross profit			274.3			88.9			208.5%			114.1			34.7
	EBITDA *			342.7			178.9			91.6%			142.6			75.0
Operating profit (loss)	245.3		109.4	124.2%	102.0		42.7
	Profit (loss) before tax			209.9			62.1			238.0%			87.3			24.2
Cash generated from operations	330.1		125.6	162.8%	137.3		49.1
	Working interest production (boepd)			49,924			**50,786			-1.7%
Average realised oil price ($/bbl.)	$107.35		$64.69	65.9%
	Average realised gas price ($/Mscf)			$2.76			$2.86			-3.5%

* Adjusted for non-cash items **includes Ubima production

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-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.

Seplat Energy Plc | 6M 2022 Financial Results	3

Investor call

At 09:00 BST / WAT on Thursday 28 July 2022, 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 Half year results
Event date	9.00am (BST/WAT) Thursday 28 July 2022
Webcast live link	https://secure.emincote.com/client/seplat/seplat014
Conference call and pre-register link	https://secure.emincote.com/client/seplat/seplat014/vip_connect
Archive link	https://secure.emincote.com/client/seplat/seplat014

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

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]
		[e-mail]
	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, https://seplatenergy.com/

Seplat Energy Plc | 6M 2022 Financial Results	4

Operating review

Working interest production for the six months ended 30 June 2022

6M 2022

Q2 2022

6M 2021

		Liquids	Gas	Total	Liquids	Gas	Total	Liquids	Gas	Total
		(1)
	Seplat %	bopd	MMscfd	boepd	bopd	MMscfd	boepd	bopd	MMscfd	boepd
OMLs 4, 38	45%	17,386	117.7	37,681	17,119	127.9	39,166	19,618	120	40,376
& 41

OML 40	45%	8,688
OML 53	40%	2,139

	-		8,688			10,150
	-	2,139	1,573

-	10,150
-	1,573

5,211

3,275

-	5,211
-	3,275

	OPL 283		40%		1,416		-		1,416		1,496		-		1,496				1,159		-		1,159
	Total				29,629		117.7		49,924		30,338		127.9		52,385		29,263		120		50,021

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. Following the decision to exit from the Ubima asset in April 2022, volumes from the marginal field have not been reported

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

Production

Working interest production for 6M 2022 averaged 49,924 boepd, (6M 2021: 50,021 boepd, excluding Ubima), with an oil

• gas mix of 59% and 41%, respectively. Within this, liquids production was up 1.3% year-on-year, to 29,629 bopd. Second- quarter total production averaged 52,385 boepd, up 10.0% from the previous quarter (Q1 2022). The higher overall production in Q2 was from higher oil and gas volumes, up 4.3% and 19.1%, respectively, because of an improvement in overall uptime.

Compared to the first half of 2021, lower volumes from OMLs 4, 38 and 41 were primarily due to outages in the Trans Forcados System that resulted in a third-party downtime of 16%, exacerbated by scheduled and unscheduled maintenance activities leading to a total downtime of 23%. However, the impact of future FOT (Forcados Oil Terminal) outages on production from OMLs 4, 38 and 41 is expected to be alleviated by our use of the Amukpe-Escravos Pipeline from August 2022, which will deliver liquids to the alternative Escravos terminal through more secure underground pipeline.

Despite evacuation constraints, significantly higher volumes of 8,688 bopd were achieved from OML 40 (6M 2021: 5,211 bopd) and following the deployment of additional vessels, 10,150 bopd production was achieved in the second quarter of 2022.

At our smaller OML 53 operation, which contributed less than 11% of liquids in 2021, production was affected by major disruption to export operations in Eastern Nigeria, although we continue to export 2,000 bopd to the nearby Waltersmith Refinery.

Six-month gas volumes were down 1.9% year-on-year to 117.7 MMscfd, impacted by lower gas supply in Q1 2022 when price renegotiation with customers and issues with a hot oil burner at the Oben Gas Plant affected production. However, following successful conclusion of these price discussions and installation of a new burner, gas production improved significantly to 127.9 MMscfd in Q2 2022.

Overall, the Group's oil and gas production for the period totalled 9.0 MMboe compared to 9.1 MMboe in the same period in 2021 (excluding Ubima).

Drilling activities

The Group's ongoing drilling programme has a minimum of ten wells planned for 2022 to arrest decline and grow production across the assets. We completed three oil wells (Amukpe-05,Opuama-12 and Gbetiokun-13 well, which was spudded late 2021) and concluded drilling on the Sibiri exploration well. The Owu-02 (appraisal well), Opuama-13 and Oben-52 oil wells were spudded in the second quarter with drilling progressing according to plan.

As reported in the 3M 2022 results, the Sibiri exploration well has been drilled to TD, with initial indications it has encountered eight oil-bearing reservoirs with 353 ft of gross hydrocarbon pay, net pay of 229 ft.

Seplat Energy Plc | 6M 2022 Financial Results	5