Financial Energy Review
Seplat Energy has dismissed reports in some sections of the media that there were moves by the Nigeria National Petroleum Corporation Limited (NNPC) to stall the Sale Purchase Agreement ( SPA) it has signed with Exxonmobil.
Seplat said that it has come to it’s notice the reports in some Nigerian newspapers and social media 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”).
Seplat therefore wished to clarify that the SPA earlier announced on the 25 February 2022, has to deal with the acquisition of the entire share capital of MPNU’s shareholders, Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc., which are the entities of Exxon Mobil Corporation registered in Delaware in the United States, (“ExxonMobil”).
According to Seplat in a statement MPNU, is not a party to the SPA and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA.
Seplat Energy also dismissed the reports in some media, that the SPA between ExxonMobil and Seplat Energy has been terminated. The company in the same statement explains no event of termination had occurred, and that the SPA remains valid and subsisting pact.
Seplat Energy pointed out that as a compliant company and it will continue to follow the laws of the Federal Republic of Nigeria.
This clarifications Seplat maintained is in pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).
