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Seplat Energy Plc confirmed on May 19, 2022, that it received a letter from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) regarding the process for its proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU). Seplat Energy was also notified by MPNU shareholders that MPNU received a letter from NUPRC declining consent for the acquisition. The Sale and Purchase Agreement, announced on February 25, 2022, remains valid and subsisting.
| Date | 19 May 2022 |
| Time | 17:54:38 |
| Category | Corporate updates |
| ID | 1766M |
Seplat Energy Plc ("Seplat Energy" or "the Company")
Response to media article on proposed acquisition of Mobil Producing Nigeria Unlimited ("MPNU").
Lagos and London, 19 May 2022: In response to an article published today in This Day newspaper, stating that the Federal Government of Nigeria has declined consent to the acquisition of Mobil Producing Nigeria Unlimited ("MPNU"), Seplat Energy confirms that it has received a letter from the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission ("NUPRC") on the process. The Company has also been notified by the shareholders of MPNU confirming that MPNU received a letter from NUPRC declining their consent.
Under the terms of the Sale and Purchase Agreement ("SPA"), announced on 25 February 2022, which remains valid and subsisting, the Company will further its engagement with all relevant stakeholders.
Seplat Energy is confident that the process to obtain all approvals on the acquisition of MPNU's entire share capital is being followed and will be achieved.
This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange Limited, 2015 (Issuer's Rule).
Inside Information
Some of the information contained within this announcement is considered by Seplat Energy to constitute inside information, as defined under the EU Market Abuse Regulation, EU No.596/2014. By the publication of this Announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of Seplat Energy is Emeka Onwuka, Chief Financial Officer.
Issued by:
Emeka Onwuka
Chief Financial Officer
Seplat Energy PLC.
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Enquiries: Seplat Energy |
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Emeka Onwuka, CFO |
+234 (0) 1 2 770 400 |
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Carl Franklin, Head of Investor Relations |
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Chioma Nwachuku, Director, External Affairs and Sustainability Edith Onwuchekwa, Director, Legal & Company Secretary |
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FTI Consulting |
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Ben Brewerton / Chris Laing
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+44 (0) 203 727 1000 seplat@fticonsulting.com |
Notes to editors
Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed on the Premium Board of the Nigerian Exchange (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).
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 Company is a leading supplier of gas to the domestic power generation market. For further information please refer to the Company website, http://seplatenergy.com/