Seplat Energy said yesterday that the sale and purchase agreement (SPA) announced by the company on the February 25, 2022, deals with the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU’s) shareholders, Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc.
The Nigerian indigenous oil exploration company said in statement signed by the chief financial officer, Mr. Emeka Onwuka that the listed companies are entities of Exxon Mobil Corporation registered in Delaware (“ExxonMobil”), adding that “MPNU, is not a party to the SPA and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA.”
Seplat Energy said the announcement has become necessary given some “newspaper and social media reports that the Nigerian National Petroleum Company Limited has exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited Joint Operating Agreement.”
The statement also said there are also some reports that the SPA between ExxonMobil and Seplat Energy has been terminated. “Seplat Energy confirms that no event of termination has occurred, and the SPA remains valid and subsisting,” the statement said.
Onwuka said Seplat Energy is a compliant company and will continue to follow the laws of the country, adding that the announcement is made “pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).”
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