Share awards and Long Term Incentive Plan

NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

Seplat Energy PLC ("Seplat" or "Company")

Share Awards granted under the Seplat 2024 and 2014 Long Term Incentive Plan ("LTIP")

Lagos and London - 30^th May 2025. Seplat Energy PLC ("Seplat"), today announces:

2025 LTIP AWARDS

The following awards ("LTIP Awards") over ordinary shares of Seplat were granted under the LTIP to the Executive Directors of the Company on 22 May 2025 (the "Award Date") as set out below using the average share price over the 5-day period preceding the date of grant.  For the avoidance of doubt, the LTIP awards are granted in respect of the 2025 financial year.

Vesting of the LTIP Awards is dependent on the achievement of stretching relative Total Shareholder Return ("TSR") performance targets, an overall assessment of corporate performance through an underpin and continued employment over a three-year performance period which began on 01 January 2025.  The LTIP Awards will be subject to a two-year post vesting holding period.  Full details of the vesting conditions of these LTIP Awards will be set out in the Company's 2025 Annual Report.

*In line with the 2024 Directors' Remuneration Policy, the number of shares awarded was calculated by dividing the monetary value of the salary multiple relevant for each Executive Director by the grant price, which equals the five-day average closing share price prior to the date on which the LTIP Awards were granted (i.e. £2.0082).

The Remuneration Committee retains discretion to adjust the LTIP Awards vesting level and amounts payable resulting from the application of the performance measures if it considers that the outcomes are not a fair and accurate reflection of corporate performance.

2024 DEFERRED BONUS AWARDS

On 22 May 2025 (the Award date), the Company also granted the following awards ("Deferred Share Awards") in respect of the 2024 Annual Performance Bonus over Shares under the LTIP to the Executive Directors of the Company as set out below.  Under the Directors' Remuneration Policy approved by shareholders at Seplat's 11^th Annual General Meeting, 25% of the Executive Directors' annual performance bonus relating to the 2024 financial year is deferred into an award over shares and the shares will normally vest and be released on 31 December 2026 (two years following the end of the performance year in respect of which the Deferred Share Award is granted) subject to continued employment in line with the LTIP Rules.

**The number of Shares awarded was calculated by reference to Seplat's closing share price on 31 December 2024 of £1.95 in line with the shareholder-approved Remuneration Policy.

No consideration was paid for the above Awards and no consideration is due on the vesting of the Awards.

EXERCISE AND HOLD OF VESTED LTIPS 

Seplat also announces the exercise, on 30^th May 2025, of vested shares awarded to Roger Brown in 2020, and the exercise, on 30^th May 2025, of vested shares awarded to Eleanor Adaralegbe from 2020 - 2022 under the terms of the Seplat Energy PLC 2014 Long Term Incentive Plan ("LTIP").

Roger Brown and Eleanor Adaralegbe will now hold 4,673,201 and 659,691 ordinary shares, respectively, in Seplat Energy PLC, which sufficiently satisfies the minimum shareholding requirement mandated by the shareholder approved remuneration policy. The Board of Seplat Energy notes that this quantum of shareholding ensures that the Executive Directors' interests in the Company remain closely aligned with those of other shareholders in Seplat Energy.

The transaction has been approved by the Board of Seplat Energy PLC and is in accordance with normal market practice on the exercise of share options by an Executive Director.

The LTIP share award were made in accordance with the Company's Remuneration Policy for Executive Directors and under the terms of the Company's 2014 Long Term Incentive Plan.

Further details of the transaction are set out in the attached Notification and Public Disclosure of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them.

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

Mrs. Edith Onwuchekwa

Director, Legal/Company Secretary

FOR: SEPLAT ENERGY PLC

Details of duly authorised officer of issuer responsible for making notification:

Edith Onwuchekwa, Director, Legal/Company Secretary +234 (0) 1 277 0400

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