QUICK TAKE: Seplat’s Westport Oil Ltd Refinances its $100M Lending Facility

Lagos and London – March 18, 2021: Seplat Petroleum Development Company Plc, a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announces that its wholly owned subsidiary, Westport Oil Limited, has successfully refinanced its existing US$100 million reserve-based lending facility due November 2023 with a new five-year US$100 million reserve-based lending facility due March 2026 (the “RBL”). The RBL carries initial interest of Libor + 8% payable semi-annually and is scheduled to commence repayment from March 2023. The RBL includes a US$75 million accordion to accommodate further commitments in the future.

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