Seplat Energy Regulatory News (SEPL)

12th April 2016

Seplat Petroleum Development Company Plc ("Seplat" or the "Company")

Notice of dividend currency exchange rates - 2015 final dividend

On 24 March 2016, Seplat announced its intention to pay a 2015 final dividend of 4 US cents per share. The default currency for the dividend will depend on whether the shareholder has a Nigerian Certificate for Capital Importation ("CCI") and is determined as follows:

· Shareholders holding their shares on the Nigerian Stock Exchange and do not hold a valid CCI will be paid their dividend in Naira;

· Shareholders holding their shares on the Nigerian Stock Exchange with a valid CCI will be paid their dividend in US dollars as the default currency. However, those shareholders may instead elect to receive their entire dividend payment in Naira (partial elections are not permissible); and

· Shareholders holding their shares through depository interests on the London Stock Exchange will be paid their dividend in US dollars as the default currency. However, those shareholders may instead elect to receive their entire dividend payment in pounds sterling. Partial elections are not permissible.

The exchange rate for the Naira or pounds sterling amounts payable will be determined by reference to the relevant exchange rates applicable to the US dollar on 19 May 2016 and will be communicated by the Company on 20 May 2016.

Shareholders who have the option to elect to be paid their dividends in a currency other than their default currency must make the election to the Company's registrars by 25 May 2016, otherwise the dividend will be paid in the default currency. The election form will be sent out to the relevant shareholders and can also be found on the company website at http://seplatpetroleum.com/investor-centre/corporate-governance/circulars/. Those shareholders holding their shares on the Nigerian Stock Exchange who hold a valid CCI should notify Seplat's Nigerian registrars, DataMax Registrars Limited ("DataMax"), of that fact.

The 2015 final dividend of 4 US cents per share is subject to shareholder approval at the Annual General Meeting to be held in Lagos, Nigeria on 1 June 2016. If approved, the final dividend is to be paid on or shortly after 9 June 2016 to shareholders on the register as of 19 May 2016. The Nigerian shareholder register will be temporarily closed on 20 May 2016 to enable the Company's registrar, DataMax, to prepare for the payment of the final dividend.

Seplat shareholders who are yet to provide their account details for the direct credit of the 2015 final dividend payment should please provide the necessary information to DataMax. Holders of shares through depositary interests on the London Stock Exchange should please provide their account details to the Company's UK depositary, Computershare.