Ministerial consent to proposed cash acquisition

RNS Number : 3129V
Seplat Energy PLC
08 August 2022
 

 

Seplat Energy Plc ("Seplat Energy" or the "Company")

 

Ministerial consent to the proposed cash acquisition of mobil producing Nigeria unlimited by Seplat Energy

 

Lagos and London - 8 August 2022: Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, is pleased to announce that it has received a letter from the Honourable Minister of State for Petroleum Resources ("HMSPR") notifying Seplat Energy that His Excellency, President Muhammadu Buhari has graciously approved that Ministerial Consent be granted to Seplat Energy Offshore Limited's (a Seplat Energy subsidiary) cash acquisition of the entire share capital of Mobil Producing Nigeria Unlimited ("MPNU") from its shareholders, Mobil Development Nigeria Inc ("MDNI") and Mobil Exploration Nigeria Inc ("MENI"), being entities of Exxon Mobil Corporation registered in Delaware, USA ("ExxonMobil").

As announced on 25 February 2022, Seplat Energy had agreed to acquire the entire share capital of MPNU for a purchase price of $1.283 billion plus up to $300 million contingent consideration. The transformational transaction will create one of the largest independent energy companies on both the Nigerian and London Stock Exchanges, and bolster Seplat Energy's ability to drive increased growth, profitability and overall stakeholder prosperity.

The approval is given by His Excellency, President Muhammadu Buhari in his capacity as the Honourable Minister of Petroleum Resources ("HMPR"), with the granting of Ministerial Consent pursuant to the powers of the Minister under Paragraphs 14-16 of the First Schedule of the Petroleum Act, 1969. A separate announcement from the State House was released earlier.

In the letter, the President as HMPR directed that the HMSPR shall convey Ministerial Consent to all relevant parties, including but not limited to the Nigerian Upstream Petroleum Regulatory Commission ("NUPRC"), the Nigerian National Petroleum Company Limited ("NNPC"), the ExxonMobil companies, the Federal Competition and Consumer Protection Commission ("FCCPC"), and Seplat Energy/Seplat Energy Offshore Limited. The President further directed that the HMSPR shall ensure that the ExxonMobil/Seplat Energy operating entity (being MPNU) carries out operatorship of all the OMLs in the related shallow water assets to optimise production in support of Nigeria's OPEC quota in the short term as well as ensure accelerated development and monetisation of the gas resources in the assets for the Nigerian economy.

The Board and Management of Seplat Energy thank His Excellency, President Muhammadu Buhari, for the Ministerial Consent to this landmark acquisition of the entire share capital of MPNU.

Inside Information

Some of the information contained within this announcement is considered by Seplat Energy to constitute inside information, as defined under the EU Market Abuse Regulation, EU No.596/2014. By the publication of this Announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Responsibility for publication

This announcement has been authorised for publication on behalf of Seplat Energy by Emeka Onwuka, Chief Financial Officer, Seplat Energy Plc.

Letter Description automatically generated with medium confidence Signed:

 

 

Emeka Onwuka

Chief Financial Officer

 

Enquiries:



Emeka Onwuka, Chief Financial Officer

+234 1 277 0400

Edith Onwuchekwa, Director Legal/Company Secretary

 

Chioma Nwachuku, Director External Affairs & Sustainability

 

Carl Franklin, Head of Investor Relations


Ayeesha Aliyu, Investor Relations








Ben Brewerton / Christopher Laing

+44 203 727 1000

seplatenergy@fticonsulting.com





Tom Reid / Luke Spells

+44 207 986 4000





Chris Sim / Charles Craven / Jarrett Silver

+44 207 597 4000

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focused growth strategy through participation in asset divestments by international oil companies, farm-in opportunities, and future licensing rounds. The Company is a leading supplier of gas to the domestic power generation market. For further information please refer to the Company website, http://seplatenergy.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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCEVLFBLVLEBBD
UK 100

Latest directors dealings