13 March 2018

Seplat Petroleum Development Company Plc

("Seplat" or the "Company")

Seplat successfully refinances US$300 million Revolving Credit Facility

Lagos and London, 13 March 2018:  Seplat Petroleum Development Company Plc ("Seplat" or the "Company"), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, today announces that it has successfully refinanced its existing US$300 million revolving credit facility due December 2018 with a new four year US$300 million revolving credit facility due June 2022 (the "RCF").  The RCF carries initial interest of Libor +6% payable semi-annually. 

In conjunction with the issuance of the US$350 million 9.25% senior notes due 2023 (the "Notes"), the pricing of which was announced separately today, the Company envisages its pro forma gross debt post-closing of both the Notes and the RCF (expected to occur on 21 March 2018) will be US$550 million.  The proceeds from the Notes and RCF will be used to repay and cancel existing indebtedness. 

Commenting on today's announcement Roger Brown, Seplat's Chief Financial Officer, said:

"This successful re-financing reflects the confidence that the market has continued to show in our business and ability to proactively manage our balance sheet even through challenging times.  Our debut bond issuance further diversifies our capital base and along with the new RCF strengthens our liquidity position which will allow us to scale up our work programme and focus on delivering our growth strategy."

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Important notice

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

Certain statements may contain forward-looking information concerning Seplat's strategy, operations, financial performance or condition, outlook, growth opportunities or circumstances in the countries, sectors or markets in which Seplat operates.  By their nature, forward-looking statements involve uncertainty because they depend on future circumstances, and relate to events, not all of which are within Seplat's control or can be predicted by Seplat. Although Seplat believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. Actual results and market conditions could differ materially from those set out in the forward-looking statements. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in Seplat or any other entity, and must not be relied upon in any way in connection with any investment decision. Seplat undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

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/