In response to an article published in This Day newspaper, stating that the Federal Government of Nigeria has declined consent to the acquisition of Mobil Producing Nigeria Unlimited (MPNU), Seplat Energy confirms that it has received a letter from the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on the process.
The Company says it has also been notified by the shareholders of MPNU confirming that MPNU received a letter from NUPRC declining their consent.
Under the terms of the Sale and Purchase Agreement (“SPA”), announced on 25 February 2022, which remains valid and subsisting, the Company says it will further its engagement with all relevant stakeholders.
“Seplat Energy is confident that the process to obtain all approvals on the acquisition of MPNU’s entire share capital is being followed and will be achieved,” the firm said.
This announcement was made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange Limited, 2015 (Issuer’s Rule).