TIDMSEPL

RNS Number : 7061T

Seplat Petroleum Development Co PLC

18 November 2019

ANNOUNCEMENT ON THE APPOINTMENT OF A NEW CEO FOR SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC.

Lagos and London, 18(th) November 2019 - Seplat Petroleum Development Company PLC ("SEPLAT") has announced that her pioneer Managing Director and later CEO, Mr. Austin Avuru will be retiring in July 2020 after 10 years of leading the company.

In these 10 years, Mr. Avuru led the development of a strong organization, the deployment of agile systems, processes and stakeholder relationships that allowed the organization to grow rapidly from a gross production of 22,700boepd as at December 2010 to peaks of 111,368boepd gross production as at December 2018 through major drilling campaigns and major new Oil and Gas plants development.

The acquisition of 45% of OML 53, post Company's IPO of 2014, created an opportunity in partnership with NNPC, to spawn a mid-stream subsidiary, ANOH Gas Processing Company Ltd currently progressing what will ultimately be a 300MMscf/d of Gas, 22,500bdp of condensate and 1,200boepd of LPG processing Company. All these could not have been achieved without Mr. Avuru's leadership skills, personal dedication and hard work, at the head of the Company.

The Board of SEPLAT is grateful to Mr. Avuru for these accomplishments and is looking forward to his continued service at the Board level.

Looking forward, Seplat plans to position itself for a next phase growth ambition which would see the expansion of its footprint in terms of energy business activities, a plan to pursue offshore assets as well as opportunity driven entry into different geographies. The Company believes that such a corporate transition would require a different kind of organizational structure, people skills set and mentality to compete well in the expanded space. In view of this, Seplat will be reviewing its current organizational and systems structure.

To lead the Company in her latest aspirations, the Board has selected Mr. Roger Brown as the successor to Mr. Avuru as CEO, when Mr. Avuru steps down on 31 July 2020. The Board also decided that the CEO designate will lead the restructuring during the Transition period between now and final exit date of Mr. Avuru on 31 July 2020.

Mr. Brown joined SEPLAT in 2013 as the CFO and played a key role in the successful dual listing of the Company in 2014. Similarly, since joining the Company, he has played significant roles in various asset acquisitions by the Company.

Mr. Brown brings to the CEO role, a deep knowledge of the Company in his 6 years as the CFO and a member of the Board. He has strong financial, commercial and M&A experience as well as proven people skills which will be an asset as the Company embarks on the next phase of its growth plan.

Prior to joining SEPLAT, Mr. Brown was an advisor to the Company since 2010 while he was the Managing Director and head of EMEA Oil and Gas at Standard Bank Group. During his time at the bank, he was instrumental in providing advice and deploying capital across the African continent in the Oil & Gas, Power & Infrastructure and the renewable energy sectors.

While we thank Mr. Avuru for a meritorious service, we welcome Mr. Brown and wish him every success in his upcoming new role.

- ENDS -

Mrs. Edith Onwuchekwa

Company Secretary

FOR: SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC.

Enquiries:

 
 SEPLAT Petroleum Development Company Plc 
 Chioma Nwachuku, GM External Affairs & Communications    +234 (0) 12 770 400 
 
 FTI Consulting 
 Ben Brewerton/Sara Powell                                +44 (0) 203 727 1000 
                                                          Seplat@fticonsulting.com

Notes to editors

SEPLAT Petroleum Development Company Plc is a leading indigenous Nigerian oil and gas exploration and production company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange ("LSE") (LSE:SEPL) and Nigerian Stock Exchange ("NSE") (NSE:SEPLAT).

SEPLAT is pursuing a Nigeria focused growth strategy and is well positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds. For further information please refer to the company website, http://seplatpetroleum.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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November 18, 2019 02:18 ET (07:18 GMT)

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