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Seplat, Exxon Mobil SPA not Terminated, Says Seplat

Seplat Energy has countered speculations and reports in some sections of the media which purport that the Sale and Purchase Agreement (SPA) between it and Exxon Mobil has been cancelled.
This rebuttal is contained in a statement signed by its Chief Financial Officer, Emeka Onwuka, made available to the media on Monday evening.
“Seplat Energy has become aware of newspaper and social media reports that the Nigerian National Petroleum Company Limited (“NNPC”) has exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (“MPNU”) Joint Operating Agreement (“JOA”).
“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.

“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.

“Seplat Energy is a compliant company and will continue to follow the laws of the Federal Republic of Nigeria,”, the statement concluded.

This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).

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