Tax Implications of 2019 Final Dividend

Seplat Petroleum Development Company Plc

("Seplat" or "the Company")

ANNOUNCEMENT ON TAX IMPLICATIONS OF 2019 FINAL DIVIDEND

Lagos and London - 19 May 2020: Further to the corporate actions announcement made on 23 March 2020, wherein Seplat declared a final dividend of US$0.05 (United States Five Cents) per ordinary share; shareholders are hereby advised that following the amendment of the finance laws in Nigeria - Finance Act, 2020 (dividends paid out of after tax petroleum profits are now subject to With Holding Tax (WHT)), the dividend of US$0.05 (United States Five Cents) per ordinary share will be subject to a WHT rate of 10%.

For shareholders that are tax resident in countries with a Double Tax Treaty (DTT) with Nigeria, a reduced rate of 7.5% will be applicable. However, there is a requirement for the shareholder to prove to the Federal Inland Revenue Service (FIRS) their tax residency in the foreign country as the ultimate beneficiary of the dividend and apply for the treaty rate of 7.5%. Shareholders from treaty nations should notify the Company's registrars- Computershare (London register) and Datamax (Lagos register) as applicable, that they are subject to the lower WHT by filling and submitting the qualification form available on the Company website by 27 May 2020: https://seplatpetroleum.com/investors/dividend/ 

We recommend that shareholders consult with their professional advisers regarding the application for this treaty benefit of a reduced WHT rate.

For information on tax treaties and related forms; visit https://www.firs.gov.ng/TaxResources/TaxTreaties 

For information on the Finance Act, 2020; visit https://www.firs.gov.ng/TaxResources/FinanceAct2019 

The timetable released on 23 March 2020 remains unchanged.

- ENDS -

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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).

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/