Seplat Energy Completes Acquisition of Mobil Producing Nigeria Unlimited
Dual-listed Seplat Energy Plc has completed the acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, according to a regulatory filing posted on the Nigerian Exchange (NGX).
The oil company said the transaction is transformative, more than doubling production and positioning the company to drive growth and profitability whilst contributing significantly to Nigeria’s future prosperity.
The completion of this acquisition has created Nigeria’s leading independent energy company, with the enlarged capability having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.
The acquisition of the entire issued share capital of MPNU adds 40% operated interest in OML 67, 68, 70 and 104; 40% operated interest in the Qua Iboe export terminal and the Yoho FSO; 51% operated interest in the Bonny River Terminal NGL recovery plant; 9.6% participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.
Commenting, Senator Udoma Udo Udoma, Chairman of Seplat Energy, said: “Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for supporting this transaction, and appreciates the support and diligence of the various Ministries and regulators for all the work to reach a successful conclusion.
“We are delighted to welcome the MPNU employees to Seplat Energy. We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations.
“Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the government, regulators, communities, and our staff.”
Also, Roger Brown, Chief Executive Officer of Seplat Energy, said: “Today we have achieved a major milestone in the history of Seplat Energy and I extend my thanks to the entire Seplat team for their hard work and perseverance to complete this transaction.
“MPNU’s employees and contractors have a strong reputation for safety and operational excellence, and I welcome them to the Seplat Energy Group. We have acquired a company with one of the best portfolios of assets and related infrastructure in a world class basin, providing enormous potential for the Seplat Group.
“Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders.”
“MPNU is a perfect fit with our strategy to build a sustainable business that can deliver affordable, accessible, and reliable energy for Nigeria alongside attractive returns to our shareholders.
Seplat Energy is pursuing a Nigeria-focused growth strategy and is well positioned to participate in future asset divestments by international oil companies, farm-in opportunities, and future licensing rounds
The purchase is expected to increase the London-listed Nigerian energy company’s production capacity as well as support its growth and profitability. Seplat said it will immediately work on the transition of the new asset’s tasks, staff, and operations into the company.
In line with the transaction, Seplat’s shares will be cancelled from the Official List of the UK Financial Conduct Authority on Thursday and will be readmitted to the list and trading on the London bourse’s main market on Friday.
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