Response to Media Article on Proposed Acquisition of Mobil Producing Nigeria Unlimited ("MPNU")

Source: www.gulfoilandgas.com 5/19/2022, Location: Africa

In response to an article published today in This Day newspaper, stating that the Federal Government of Nigeria has declined consent to the acquisition of Mobil Producing Nigeria Unlimited ("MPNU"), Seplat Energy confirms that it has received a letter from the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission ("NUPRC") on the process. The Company has also been notified by the shareholders of MPNU confirming that MPNU received a letter from NUPRC declining their consent.

Under the terms of the Sale and Purchase Agreement ("SPA"), announced on 25 February 2022, which remains valid and subsisting, the Company will further its engagement with all relevant stakeholders.

Seplat Energy is confident that the process to obtain all approvals on the acquisition of MPNU's entire share capital is being followed and will be achieved.

This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange Limited, 2015 (Issuer's Rule).


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