Seplat Says Deal With ExxonMobil Not Terminated

The board of Seplat Energy, on Monday debunked 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).

In a filing to the Nigerian Exchange Limited and made available to newsmen, the company while clarifying “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).”

The NGX filing signed by Emeka Onwuka, Chief Financial Officer of Seplat, pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015, further stressed that Mobil Producing Nigeria Unlimited, “is not a party to the SPA and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA.”

Onwuka further denounced some reports that the SPA between ExxonMobil and Seplat Energy has been terminated, confirming “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, he added.

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