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NNPC updates on the OB3 pipeline (important for ANOH)

NNPC Limited Records Major Breakthrough With Successful River Niger Crossing On OB3 Gas Pipeline

https://nnpcgroup.com/insights/press-release-nnpc-limited-records-major-breakthrough-with-successful-river-niger-crossing-on-ob-3-gas-pipeline

Just to clarify the revenue model, Seplat makes money from ANOH in two ways:

1. Wet gas sales to ANOH

2. Dividends received from ANOH

Seplat doesn't book ANOH's revenues or gas sales, it simply receives dividends. Theres a helpful slide on this in Seplat's 2021 capital markets day deck.

You can watch the commissioning here:

https://m.youtube.com/watch?v=lPoWYnyORuc&feature=youtu.be

(On YouTube, search for NNPC Limited)

The research note is here on Seplat's website: https://www.seplatenergy.com/media/q1cgd5dp/seplat-energy-valuation-catalysts.pdf

Not quite true, the NNPC is the national oil company, and the regulator

is the Nigerian Upstream Petroleum Regulatory Commission. The NNPC is not the regulator.

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