By YANGE IKYAA
Seplat Energy on Monday denied media reports that its asset acquisition deal with ExxonMobil that was earlier announced in February has been cancelled.
Speaking through a statement signed by Emeka Onwuka, who is the company’s Chief Financial Officer, the company said it has become aware of newspaper and social media reports that the Nigerian National Petroleum Company (NNPC) Limited has exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (MPNU) Joint Operating Agreement (“JOA”), thereby terminating the transaction.
“The Company wishes to clarify that the Sale and Purchase Agreement (“SPA”), earlier announced on the 25 February 2022, deals with the acquisition of the entire share capital of MPNU’s shareholders, Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc., being entities of Exxon Mobil Corporation registered in Delaware (“ExxonMobil”). MPNU, is not a party to the SPA and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA,” the statement read in part.
“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,” it further read.
The indigenous energy giant also described itself as “a compliant company and will continue to follow the laws of the Federal Republic of Nigeria,” while further explaining that “this announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).”
