Seplat Energy Regulatory News (SEPL)

ANNOUNCEMENT OF FULL YEAR 2019 FINAL DIVIDEND CURRENCY EXCHANGE RATES

Lagos and London, 12th May 2020: Seplat Petroleum Development Company Plc ("Seplat" or the "Company"), a leading Nigerian independent oil and gas company listed on both the Nigerian Stock Exchange and London Stock Exchange, today confirms that the following currency exchange rates will be applicable in determination of the Full Year 2019 final dividend payment to any shareholders that qualify for and have elected to receive the Full Year 2019 final dividend payment in Naira or GBP:

Exchange Rate

1 USD = 360.50 Naira

1 USD = 0.8086 GBP

The exchange rate for the Naira or Pounds Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 11th May 2020.

The closing date for Dividend currency election to the Company's Registrars is 27th May 2020. In the absence of a qualifying Dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency. Shareholders should refer to the Company's announcement on 23rd March 2020 for definition of default currencies and dividend currency election forms can be found on the company website at https://seplatpetroleum.com/investors/dividend.

Dated 12th May 2020

Signed:

Mr. Roger Brown

(Chief Financial Officer)