Seplat Energy Extends Acquisition of ExxonMobil
Seplat Energy Plc said on Thursday that the company has extended its share sale and purchase agreement for its acquisition of ExxonMobil’s interest in Mobil Producing Nigeria Unlimited.
The extension of the agreement with Mobil Development Nigeria and Mobil Exploration Nigeria is meant to ensure the deal remains in place while certain legal proceedings are resolved and regulatory approvals are obtained.
The Nigerian oil and Gas Company originally signed the deal in February 2022 and agreed an extension in May 2023.
“Seplat Energy announces that it has extended with Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc. (ExxonMobil) the Share Sale and Purchase Agreement for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU) in order to preserve the transaction pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals.
“There has been no material change in terms of the announcements dated 25 February 2022 and 24 May 2023. The headline consideration, effective date and the contingent payment structure remain unchanged. Seplat Energy continues to engage key stakeholders and remains committed to completing the Transaction as soon as possible”, the energy company told regulator on Thursday. #Seplat Energy Extends Acquisition of ExxonMobil
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