Board and Executive Management Changes

This Announcement Contains Inside Information

Seplat Energy Plc ("Seplat Energy" or the "Company")

Board and Executive Management Changes

Lagos and London - 9 June 2026: The Board of Seplat Energy PLC ('Seplat Energy' or the 'Company') today announces Board and executive management changes that will further support the Company's growth, whilst emphasising continuity in strategy and governance.

Chief Executive Officer succession:

After successfully leading the Company during a period of significant strategic expansion and transformation, including the acquisition of Mobil Producing Nigeria Unlimited ('MPNU'), Mr. Roger Brown will retire as Chief Executive Officer and as a Board Director on 31 July 2026. During Mr. Brown's 13-year tenure, initially as the Company's CFO through its landmark dual listing in 2014 and for the past 6 years as CEO, Seplat Energy has grown significantly through a combination of financial discipline, asset development and successful acquisitions, including Eland Oil and Gas in 2019 and the transformational acquisition of MPNU in 2024. Under Mr. Brown's leadership, Seplat Energy has established itself as one of Africa's leading independent energy companies, with a strong pipeline of organic growth projects.

The Board is pleased to announce the appointment of Engr. Effiong Okon as Chief Executive Officer and Executive Director commencing 1 August 2026. An accomplished leader with over 35 years of global industry expertise, he brings a formidable track record of operational excellence and strategic execution. He is deeply familiar with the organization having been with the Company since 2018, initially serving on Seplat Energy's Board as Operations Director for four years, then as our New Energy Director and most recently as Managing Director of ANOH Gas Processing Company ('AGPC'), where he successfully drove the project's execution to achieve first gas in January 2026. Prior to joining Seplat Energy, Engr. Effiong cultivated a globally diverse operations portfolio during a distinguished career at Royal Dutch Shell spanning Africa, the USA, Europe, and the Middle East (full CV below).

Chairman succession plan:

The Board also announces that the Chairman, Senator Udoma Udo Udoma, CON, has given notice of his intention to retire at the end of the year on 31 December 2026. Senator Udoma joined the Board in December 2023 and became Independent Chairman in April 2024. Since assuming the role, he has also worked closely with the Board and Management to oversee the successful integration of MPNU and setting out the 2030 strategic plan for the Company. Through his leadership and guidance, the Company has continued to thrive and play an increasingly important role in Nigeria's energy sector.

The Board has accordingly elected Mr. Tony O. Elumelu, CFR, as the next Chairman of Seplat Energy, effective 1 January 2027. Mr. Elumelu, who joined the Board in January 2026, is the Founder and Chairman of Heirs Holdings, which has a 20.07% shareholding in Seplat Energy. Heirs Holdings is a diversified investment company, with interests across strategic sectors of the African economy, including energy, power, banking, insurance, technology, real estate, hospitality, and healthcare. Mr. Elumelu has a multi-decade track record of value creation in listed and non-listed entities. Mr. Elumelu is also a distinguished philanthropist, globally recognised as one of the leading voices on Africa's transformation and governance agenda.

The Board believes this succession plan will support the Company's strategic vision as it executes delivery of its 2030 plan and strives to accelerate the growth projects in its portfolio.

Mr. Roger Brown, Chief Executive Officer, said: "It has been the greatest pleasure to be part of Seplat Energy's growth since joining in 2013 as CFO and having led the Company as CEO since August 2020. I am immensely proud that we have built a Company that has now become synonymous with financial resilience, balanced capital allocation, strong corporate governance and shareholder reward. The Company is a strong and reliable partner to Government and is well placed to support Nigeria in its ambitious growth targets. I want to personally thank the Board, Management and the entire workforce for all the support they have given me over the years, and I look forward to watching the Company grow from strength to strength."

Senator Udoma Udo Udoma, Chairman of Seplat Energy, commented: "On behalf of the entire Company, I wish to express our sincerest thanks to Roger for his exceptional contribution to the development of Seplat Energy into a leading African independent energy company. His legacy was cemented in the transformational acquisition of MPNU in 2024 and in the Roadmap 2030 strategy that we set out in 2025. Roger has been ever present in Seplat Energy's journey and under his leadership, Seplat Energy has materially outperformed the sector and delivering exceptional returns to shareholders; he leaves us well-placed to continue to deliver for all our stakeholders. I would also like to welcome Mr. Okon as our incoming CEO. He has extensive operational experience that will support our ambitious growth aspirations."

Mr. Effiong Okon, Incoming Chief Executive Officer, said: "I am delighted to be taking on this appointment at an important juncture. My immediate focus will be on ensuring the Company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio."

Mr. Tony O. Elumelu, Incoming Chairman of Seplat Energy, commented: "I am honoured to succeed Senator Udoma as Chairman in January 2027 and to lead the Board through Seplat Energy's next phase of growth. I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy's culture of execution and governance aligns strongly with my own values. I thank Senator Udoma and Roger for their stewardship and look forward to delivering further value for shareholders. I also congratulate Mr. Okon on his appointment as Chief Executive Officer. His deep industry experience gives me great confidence that Seplat Energy is well positioned for its next chapter of growth."

-  ENDS -

FOR: SEPLAT ENERGY PLC

Mrs. Edith Onwuchekwa

Director, Legal/Company Secretary

Notes to Editors:

Mr. Effiong Okon has over 35 years industry experience, joined Seplat Energy PLC in 2018 as Executive/Operations Director during which he was accountable for the company operational performance and championed several business improvement initiatives geared towards operational excellence. He was appointed Director New Energy in July 2022 to drive growth in the midstream gas business, as well as being accountable for the delivery of the Company's energy transition strategy. Including developing a roadmap for decarbonizing upstream operations, to support the Company's net zero strategy and developing new opportunities in integrated gas, power and renewable energy in Nigeria. In 2024 he was appointed Managing Director, ANOH Gas Processing Company, where he delivered project execution, commissioning, start-up, completion, and first gas in January 2026. 

Prior to joining Seplat, he cultivated a globally diverse operations portfolio during a distinguished career at Royal Dutch Shell for over 26 years spanning Africa, the USA, Europe, and the Middle East. He was appointed Vice President of Cost Leadership & Continuous Improvement (Netherlands), served as General Manager of Deepwater Production (Nigeria) managing Shell's largest deepwater asset globally and General Manager of Offshore Assets (Deepwater and Shallow Water). Notably, he also served as Deputy Vice President Technical/Manager North Field Wells and Reservoir (largest gas field in the world - straddled Iran and Qatar) and in the leadership team for the commissioning, start-up and early production phase of two mega-projects, Pearl GTL and Qatar Gas LNG Trains 7 & 8, for Qatar Shell, and Chief Reservoir Engineer for Shell EP Sub-Saharan Africa. 

Mr. Okon is an alumnus of University of Benin, Nigeria, IMD Business School, Lausanne, Switzerland and Harvard Business School, Boston, Massachusetts, USA. He is a Member of The Society of Petroleum Engineer (SPE), Fellow Nigeria Society of Engineers (FNSE) and Fellow Energy Institute (FEI) UK. 

Enquiries:

About Seplat Energy

"Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed on the Premium Board of the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL). Through our strategy to build a sustainable business and deliver energy transition, we are transforming lives by delivering affordable, reliable and sustainable energy that drives social and economic prosperity.

Seplat Energy's portfolio consists of 11 PMLs, 17 PPLs and 5 OMLs in onshore and shallow water locations in the prolific Niger Delta region of Nigeria, which we operate with partners including the Nigerian Government and other producers. Furthermore, we have an operated interest in three export terminals including; the Qua Iboe export terminal, Yoho FSO, and Bonny River Terminal (BRT), and operate two large offshore NGL recovery plants at Oso and EAP.

We operate three gas processing plants onshore, at Oben and Sapele on our Western Assets and the 300 MMscfd ANOH Gas Processing Plant on our Eastern Assets, an integrated joint venture with NGIC. Combined, these gas facilities augment Seplat Energy's position as a leading supplier of natural gas to the domestic power generation market."

For further information please refer to our website, https://www.seplatenergy.com/