Technical update on Seplat

Regulatory News:

MP Nigeria (Paris:MPNG):

DeGolyer and MacNaughton Competent Person Report for OMLs 4, 38 and 41 (as of 30th April 2013):

Seplat requested from DeGolyer and MacNaughton, an appraisal of the reserves and resources for the OMLs 4, 38 and 41. In its latest report (as of 30^th April 2013), DeGolyer and MacNaughton have estimated a 27% increase in 2P reserves (to 181mmboe) and 21% in 2C resources (to 92mmboe).

The reserves listed below are presented as Seplat’s share, after payment of royalties (20% for oil and 7% for natural gas) and subject to the taxes applicable to the oil exploration-production sector.

In addition to the various production management projects undertaken and additional wells drilled, the increase in reserves reflects the conversion of 2C resources at the Okporhuru, Ovhor and Sapele fields especially, whilst additional work at Sapele Shallow and Okwefe enabled Seplat to increase its 2C resources.

In addition to the above appraisal of the reserves and contingent resources, DeGolyer and MacNaughton carried a review of the prospects identified by Seplat highlighted in the below asset map.

As a production update, Seplat achieved and sustained an operated production of 60,000bopd in May 2013, ahead of schedule on its 5-year plan which targets a gross production of 100,000bopd within the next three years.

Update on SPDC agreement with Seplat:

In February, Seplat signed an agreement with SPDC in connection with the installation of a LACT unit in Rapele. Subsequent to the installation and testing of the LACT unit, Seplat was credited with 2 million barrels as compensation for the misallocation of its oil production for the period of November 2011 to December 2012. Going forward, deductions previously linked to "measuring inaccuracies” will no longer apply. As a result, the company witnessed an improvement of its reconciliation factor since January 2013 down to approximately 8 percent (which account for vandalism and theft occurring along the pipeline).

Acquisition of 40% participating interest in the Umuseti / Isbuku marginal field

On 1^st June 2013, Seplat acquired a 40% participating interest in the Umuseti / Isbuku marginal field area in the Niger Delta in OML 56 and in doing so has added approximately 10 MMbbl of 2P liquid reserves net to Seplat (before royalties). It has been put in evidence that those fields had a significant upside for gas production.

The total consideration payable in respect of the OML 56 Investment is US$60 million, which includes an initial US$50m down payment as well as milestone payments linked to future production targets.

Under the terms of the above agreement, Pillar is obligated to submit the documentation necessary to obtain government approval.

Seplat is still in the process of formulating its definitive capital expenditure plans for the assets and has contracted DeGolyer and MacNaughton to draft a competent person report.

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This document may contain forward looking statements about MPI's financial position, income, activities and industrial strategy. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative and regulatory reforms, or even wars, terrorism and sabotage.