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Thursday, March 30, 2023

Seplat Pays $128.3 million Deposit to Exxon for Mobil Acquisition

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Seplat Energy has made a deposit of $128.3 million to Exxon Mobil Corporation, Delaware as part of the consideration to acquire the entire share capital of Mobil Producing Nigeria Unlimited.

The completion of the transaction is subject to ministerial consent and other required regulatory approvals and is expected to be completed in the second half of 2022.

The addition of MPNU will nearly treble our production and double our reserves on a pro forma 2020 basis. The acquisition will reinforce our leadership of Nigeria’s indigenous energy sector and enabling us to generate strong future cash flows that will underpin our investment in Nigeria’s energy transition and improve our overall stakeholder returns,” Roger Brown, Chief Executive Officer, of Seplat Energy said.

During the period, the Group also incorporated a subsidiary, Seplat Energy Offshore Limited. The percentage ownership of the Company is 100%.

The Company was incorporated for oil and gas exploration and production.

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.

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