BUSINESS

Seplat Energy Dismisses Report Of Mobil Producing Acquisition Cancellation

 

Seplat Energy Plc has reacted to media reports suggesting that its planned acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil has been cancelled.

The company in a notice at the Nigerian Exchange said it was  aware of newspaper and social media reports that the Nigerian National Petroleum Company Limited (NNPC) has exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (MPNU) Joint Operating Agreement (JOA), but that its proposed acquisition is not part of the Sale and Purchase Agreement (SPA).

“ The Company wishes to clarify that the Sale and Purchase Agreement (SPA), earlier announced on the 25 February 2022, deals with the acquisition of the entire share capital of MPNU’s shareholders, Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc., being entities of Exxon Mobil Corporation registered in Delaware. MPNU, is not a party to the SPA and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA,” the note said.

“There are also some reports that the SPA between ExxonMobil and Seplat Energy has been terminated. Seplat Energy confirms that no event of termination has occurred, and the SPA remains valid and subsisting.

“Seplat Energy is a compliant company and will continue to follow the laws of the Federal Republic of Nigeria.”

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