Seplat’s Joint Venture, ANOH Gas Processing Company, Raises $260 Million for Project Completion

Seplat Petroleum Development Company Plc announced earlier today that its incorporated joint venture with the Nigerian Gas Company, ANOH Gas Processing Company, has raised the sum of $260 million through debt instrument. The funding is intended to facilitate the completion of the 300MMscfd capacity ANOH Gas Processing Plant project.

According to a press statement that was made available by Seplat, the loan was made available by seven Nigerian and offshore banks, including United Bank for Africa Plc, Zenith Bank Plc, Stanbic IBTC Bank Plc, FirstRand Bank Limited (London Branch), The Mauritius Commercial Bank Limited, Union Bank of Nigeria Plc, RMB Nigeria Limited, and FCMB Capital Markets Limited.

The statement further disclosed that the arrangement allows for a $60 million accordion, which will help ANOH Gas Processing Company to fund an equity rebalancing payment, if that option is so preferred.

Note that ANOH Gas Processing Company received more than $450 million worth of funding committeemen, a situation it had described as a sign of stakeholders’ strong confidence in the project.

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While commenting on the development, the Managing Director of ANOH Gas Processing Company said that the successful fund raising “means that the ANOH project is now fully funded. Once operational, AGPC will be a significant supplier of gas to Nigeria’s power sector, supporting local employment and the cleaner generation of power for Nigerian homes and businesses. We conservatively estimate that the gas from AGPC will be enough to generate electricity for more than 5 million people”.

Roger Brown, the Chief Executive Officer of Seplat Petroleum Development Company Plc, also commented on the development, saying:

“Completing the funding of ANOH is an important milestone for AGPC. The ANOH development is one of the
government’s Seven Critical Gas Development Projects and our involvement provides a clear path towards
strengthening Seplat’s position as Nigeria’s leading indigenous diversified energy producer. It will help us drive,
alongside our government partners, Nigeria’s transition to cleaner, less expensive power generation. We are
extremely proud to partner with the Nigerian Gas Company in this strategically important project, which will create jobs and prosperity in the Nigerian economy.

“Seplat will continue to diversify its business and invest in gas to help Nigeria develop its own natural resources,
which in turn will drive more sustainable social and economic growth for a young, rapidly growing population.”

Further Details: The 300MMscfd capacity ANOH plant is located on OML 53 in Imo State. It is an incorporated joint venture that is equally owned by Seplat and the Nigerian Gas Company which a subsidiary of Nigerian
National Petroleum Corporation. Prior to this time, Seplat and the Nigerian Gas Company have provided a combined sum of $420m in equity funding to execute the project.