ANNOUNCEMENT OF Q3 2020 INTERIM DIVIDEND CURRENCY EXCHANGE RATES

Lagos and London, 13^th November 2020:   Seplat Petroleum Development Company Plc ("Seplat" or the "Company"), a leading Nigerian independent energy 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 Q3 2020 interim dividend payment to shareholders that qualify for and have elected to receive the Q3 2020 interim dividend payment in Naira or GBP:

Exchange Rate

1 USD = 385.78 Naira

1 USD = 0.7595 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 12^th November 2020. The Naira rate used is the FMDQ benchmark rate for foreign exchange spot operations in the Investors and Exporters FX Window (NAFEX).

The closing date for Dividend currency election to the Company's Registrars is 28^th November 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 30^th October 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 13^th November 2020

  Signed:

  Mr. Emeka Onwuka

  (Chief Financial Officer)