REG - Seplat Energy PLC - Completion of the Acquisition of MPNU

Seplat EnergyAnnouncement

12/12/2024 07:15

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RNS Number : 8400P  Seplat Energy PLC  12 December 2024

 

 

 

 

Seplat Energy Plc ("Seplat Energy" or the "Company")

Completion of the Acquisition of MPNU

Lagos and London, 12 December 2024: Seplat Energy Plc, a leading Nigerian
energy company listed on both the Nigerian Exchange Limited and the London
Stock Exchange, is delighted to announce that it has completed its acquisition
of Mobil Producing Nigeria Unlimited ("MPNU") from ExxonMobil. The transaction
is transformative for Seplat Energy, more than doubling production and
positioning the Company to drive growth and profitability, whilst contributing
significantly to Nigeria's future prosperity.

Udoma Udo Udoma, Chairman of Seplat Energy, said:

"Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu
GCFR, for supporting this transaction, and appreciates the support and
diligence of the various Ministries and regulators for all the work to reach a
successful conclusion.

"We are delighted to welcome the MPNU employees to Seplat Energy. We are
excited to begin our journey in a new region of the country, and we look
forward to replicating the positive impacts we have achieved within our
communities in our current areas of operations.

"Seplat's mission is to deliver value to all our stakeholders, and we treasure
the good relationships we have developed with the Government, regulators,
communities and our staff."

Roger Brown, Chief Executive Officer of Seplat Energy, said:

"Today we have achieved a major milestone in the history of Seplat Energy and
I extend my thanks to the entire Seplat team for their hard work and
perseverance to complete this transaction.

"MPNU's employees and contractors have a strong reputation for safety and
operational excellence, and I welcome them to the Seplat Energy Group.

"We have acquired a company with one of the best portfolios of assets and
related infrastructure in a world class basin, providing enormous potential
for the Seplat Group. Our commitment is to invest to increase oil and gas
production while reducing costs and emissions, maximising value for all our
stakeholders.

"MPNU is a perfect fit with our strategy to build a sustainable business that
can deliver affordable, accessible and reliable energy for Nigeria alongside
attractive returns to our shareholders."

Strategic Priorities & Near-term Outlook

MPNU adds substantial reserves and production to Seplat Energy; 409 MMboe 2P
reserves and 670 MMboe 2P + 2C reserves and resources as at 30 June 2024 and
6M 2024 average daily production of 71.4 kboepd.

 

 

As operator, Seplat's immediate tasks are to ensure smooth transition of MPNU
staff into Seplat, and on the operations, to swiftly target numerous
opportunities that exist to organically grow production and further enhance
the value of the assets for all stakeholders.

Detailed guidance for the enlarged Group in 2025 will be provided with
Seplat's full year 2024 results, expected in late February 2025.

Readmission of Shares to Trading

 

In connection with the completion of the acquisition of MPNU, the listing of
Seplat's existing ordinary shares on the Official List of the Financial
Conduct Authority ("FCA") is expected to be cancelled with effect from the
close of trading later today and then readmitted to the equity shares
(International commercial companies secondary listing) segment of the Official
List of the FCA and to trading on the main market for listed securities of the
London Stock Exchange.

Re-admission is expected to occur at 8.00am on 13 December 2024.

No new shares will be issued in connection with Re-admission.

 

The Company's ordinary shares will continue to trade under the name Seplat
Energy plc with the ticker symbol "SEPL" and ISIN NGSEPLAT0008.

 

Invitation to Conference Call

 

The Company is delighted to invite investors and analysts to join a conference
call today, Thursday 12 December at 12:00pm London (GMT), 1:00pm Lagos (WAT).

 

The presentation can be accessed remotely via a live webcast link and
pre-registering details are below. After the meeting, the webcast recording
will be made available and access details of this recording are also set out
below.

 

The presentation material for the conference call will be available on our
website later today. www.seplatenergy.com (http://www.seplatenergy.com)

 

 Event Title:               Seplat Energy plc: Investor Call
 Event Date:                12:00pm BST / 1:00 pm WAT (London / Lagos), Thursday 12 December 2024

 Webcast Live Event Link:  Seplat Energy Plc: Investor Call
                           (https://sparklive.lseg.com/SeplatPetroleumDevelopmentCo/events/b8319db9-3c1b-4a42-9d50-c1452d2bc199/seplat-energy-plc-investor-call)

 

 

Further announcements will be made as and when appropriate, in line with
regulatory requirements.

 

-  ENDS -

 

 

For: Seplat Energy Plc

 

 

 

Roger Brown

Chief Executive Officer

 

 Seplat Energy plc                                                 +234 (0) 1 277 0400
 Roger Brown, Chief Executive Officer                              ir@seplatenergy.com (mailto:ir@seplatenergy.com)

Eleanor Adaralegbe, Chief Financial Officer

Chioma Afe, Director External Affairs & Social Performance,

Edith Onwuchekwa, Director Legal/Company Secretary

James Thompson, Head of Investor Relations

 Scotiabank (Sole Financial Adviser to Seplat Energy)
 Moncef Attia / Luke Kanczes

 Investec (Corporate Broker to Seplat Energy)
 Chris Sim / Charles Craven

 Citi (Corporate Broker to Seplat Energy)
 Peter Brown / Peter Catterall

 FTI Consulting (PR Adviser to Seplat Energy)                      seplatenergy@fticonsulting.com (mailto:seplatenergy@fticonsulting.com)
 Ben Brewerton / Christopher Laing / Rosie Corbett

 

Scotiabank is a business name used by The Bank of Nova Scotia, its affiliates
and subsidiaries

 

 

 

 

 

Further information

Legal Advisers to Seplat Energy

·    White & Case LLP

·    Olaniwun Ajayi LP

·    Udo Udoma & Belo-Osagie

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed
on the Premium Board of the Nigerian Exchange Limited (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/
(http://seplatenergy.com/)

 

 

 

 

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