Seplat Energy said in a statement today that interim Orders of Mareva Injunctions granted in the court action by Zenith Bank PLC against Shebah Exploration & Production Company Limited and Others has no impact on its operations.
A Mareva injunction is a court order freezing a debtor’s assets to prevent them being taken abroad.
Seplat Energy said it has been made aware of the ex parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.
“The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako,” Seplat Energy said.
“The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.”