Seplat Energy Regulatory News (SEPL)

15 May 2015

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

Notice of dividend currency exchange rates - 2014 final dividend

On 26 March 2015, Seplat announced its intention to pay a 2014 final dividend of 9 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 21 May 2015 and will be communicated by the Company on 22 May 2015.

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 27 May 2015, 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 2014 final dividend of 9 US cents per share is subject to shareholder approval at the Annual General Meeting to be held in Lagos, Nigeria on 2 June 2015. If approved, the final dividend is to be paid on or shortly after 10 June 2015 to shareholders on the register as of 21 May 2015. The Nigerian shareholder register will be temporarily closed on 22 May 2015 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 2014 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.

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Enquiries:

Notes to editors

Seplat Petroleum Development Company Plc is a leading indigenous Nigerian oil and gas exploration and production company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange ("LSE") (LSE:SEPL) and Nigerian Stock Exchange ("NSE") (NSE:SEPLAT).

In July 2010, Seplat acquired a 45 percent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil and gas leases in the Niger Delta (OMLs 4, 38 and 41), which includes the producing Oben, Ovhor, Sapele, Okporhuru, Amukpe and Orogho fields. Since acquisition, Seplat has more than tripled production from these OMLs.

In June 2013, Newton Energy Limited, a wholly-owned subsidiary of the Company, entered into an agreement with Pillar Oil Limited to acquire a 40 percent participating interest in the Umuseti/Igbuku marginal field area within OPL 283. In February 2015, Seplat completed the acquisition of a 40 percent working interest in OML 53 and a 22.5 percent working interest in OML 55, Onshore Nigeria.

Seplat is pursuing a Nigeria focused growth strategy and is well positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds.

For further information please refer to the company website, http://seplatpetroleum.com/