Official: Seplat will Open at N576 Per Share..See Final Listing Details

SUMMARY OF THE OFFERING:

COMPANY                                           

Seplat Petroleum Development Company Plc. (“Seplat”)

 COUNTRY OF INCORPORATION

Nigeria

 COUNTRY OF OPERATIONS

Nigeria

 SECTOR                                              

Oil & Gas Production and Exploration

 OFFER TYPE                                      

Initial Public Offering

 SECURITIES OFFERED

Ordinary Shares on NSE / Ordinary Shares (in the form of Depositary Interests) on LSE

LISTING                                              

London Stock Exchange, Nigerian Stock Exchange

TICKER                                               

SEPLAT NL / SEPL LN

OFFER PRICE

LSE: GBp 210 per share

NSE: NGN 576 per share

BASE OFFER SIZE                              

143,284,130 shares

USD500.0m (GBP300.9m or NGN82.5bn equivalent)

PRIMARY / SECONDARY                     

100% Primary

— USE OF PROCEEDS                            

US$48 million to repay in full all outstanding amounts under its shareholder loan from MPI S.A. (“MPI”); and (ii) the remainder of the net proceeds to be available for acquiring and developing new

acquisitions, and/or pay down any additional debt raised in connection therewith, of both onshore and shallow offshore acreages, assets or joint venture (“JV”) farm-ins.

INDICATIVE TIMETABLE

Pricing and Allocations (T)                                 Apr 9^th

Conditional LSE Trading                                    Apr 9^th

LSE and NSE unconditional trading (T+3)           Apr 14^th

SELLING RESTRICTIONS                    

OFFERING TO INSTITUTIONAL INVESTORS UNDER REG S OUTSIDE THE UNITED STATES

OFFERING TO QIBS IN THE UNITED STATES PURSUANT TO RULE 144A

OFFER TO QUALIFIED INSTITUTIONAL INVESTORS AND HIGH NETWORTH INDIVIDUALS IN NIGERIA

SALES TO ACCREDITED INVESTORS IN ONTARIO AND BRITISH COLUMBIA

SALES TO QUALIFIED INVESTORS IN EEA