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Seplat Says Not Yet Notified of Reversal of Mobil $1.3bn Assets Approval

Seplat Energy, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, yesterday, said that it has not yet been officially informed about the withdrawal of the Federal Government’s consent in its $1.3 billion oil deal with Mobil Producing Nigeria Unlimited, MPNU.

However, the company promised to continue working with relevant parties to conclude the proposed acquisition.

The company stated: “Seplat Energy has become aware of a news report claiming that Ministerial Approval of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) has been withdrawn.

“Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities. We will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.”

President Buhari had reversed his earlier Consent, authorising the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc.

Before then, Seplat Energy had agreed to acquire the entire share capital of MPNU at the cost of $1.3 billion-plus up to $300 million contingent consideration.

But the Nigerian National Petroleum Company Limited had disagreed, arguing that as a partner, it should have been granted the right of first refusal in purchasing the assets.

The Nigerian Upstream Petroleum Regulatory Commission, NUPRC had also objected to offering the assets to Seplat Energy Plc.

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