…as SPA between ExxonMobil and Seplat Energy remains valid and subsisting
Olusola Bello
Seplat Energy has clarified issues on the purported cancellation of its deal with ExxonMobil.
According to a statement signed by Emeka Onwuka, Chief Financial Officer of the company, it states: “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.”
He 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 CFO also said Seplat Energy is a compliant company and will continue to follow the laws of the Federal Republic of Nigeria.
“This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).”