Seplat says it buys Mobil in Nigeria, not just assets
Seplat Energy Plc has clarified that media reports pointing at exercise of right of pre-emption by Nigerian National Petroleum Company (NNPC) Limited under the NNPC/Mobil Producing Nigeria Unlimited (“MPNU”) Joint Operating Agreement (“JOA”) has nothing to do with its acquisition deal with ExxonMobil Corporation.
Seplat said in a short media release that the Sale and Purchase Agreement (“SPA”) it 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 ExxonMobil Corporation registered in Delaware (“ExxonMobil”).
MPNU is not a party to the SPA and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA.
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.
“This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015,” Seplat stated.
