REG - Seplat Energy PLC - Ministerial consent to proposed cash acquisition

Seplat EnergyAnnouncement

08/08/2022 17:15

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RNS Number : 3129V  Seplat Energy PLC  08 August 2022

 

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

 

Ministerial consent to the proposed cash acquisition of mobil producing
Nigeria unlimited by Seplat Energy

 

Lagos and London - 8 August 2022: Seplat Energy Plc, a leading Nigerian energy
company listed on the Nigerian Exchange and the London Stock Exchange, is
pleased to announce that it has received a letter from the Honourable Minister
of State for Petroleum Resources ("HMSPR") notifying Seplat Energy that His
Excellency, President Muhammadu Buhari has graciously approved that
Ministerial Consent be granted to Seplat Energy Offshore Limited's (a Seplat
Energy subsidiary) cash acquisition of the entire share capital of Mobil
Producing Nigeria Unlimited ("MPNU") from its shareholders, Mobil Development
Nigeria Inc ("MDNI") and Mobil Exploration Nigeria Inc ("MENI"), being
entities of Exxon Mobil Corporation registered in Delaware, USA
("ExxonMobil").

As announced on 25 February 2022, Seplat Energy had agreed to acquire the
entire share capital of MPNU for a purchase price of $1.283 billion plus up to
$300 million contingent consideration. The transformational transaction will
create one of the largest independent energy companies on both the Nigerian
and London Stock Exchanges, and bolster Seplat Energy's ability to drive
increased growth, profitability and overall stakeholder prosperity.

The approval is given by His Excellency, President Muhammadu Buhari in his
capacity as the Honourable Minister of Petroleum Resources ("HMPR"), with the
granting of Ministerial Consent pursuant to the powers of the Minister under
Paragraphs 14-16 of the First Schedule of the Petroleum Act, 1969. A separate
announcement from the State House was released earlier.

In the letter, the President as HMPR directed that the HMSPR shall convey
Ministerial Consent to all relevant parties, including but not limited to the
Nigerian Upstream Petroleum Regulatory Commission ("NUPRC"), the Nigerian
National Petroleum Company Limited ("NNPC"), the ExxonMobil companies, the
Federal Competition and Consumer Protection Commission ("FCCPC"), and Seplat
Energy/Seplat Energy Offshore Limited. The President further directed that the
HMSPR shall ensure that the ExxonMobil/Seplat Energy operating entity (being
MPNU) carries out operatorship of all the OMLs in the related shallow water
assets to optimise production in support of Nigeria's OPEC quota in the short
term as well as ensure accelerated development and monetisation of the gas
resources in the assets for the Nigerian economy.

The Board and Management of Seplat Energy thank His Excellency, President
Muhammadu Buhari, for the Ministerial Consent to this landmark acquisition of
the entire share capital of MPNU.

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.

Responsibility for publication

This announcement has been authorised for publication on behalf of Seplat
Energy by Emeka Onwuka, Chief Financial Officer, Seplat Energy Plc.

Signed:

 

 

Emeka Onwuka

Chief Financial Officer

 

Enquiries:

 Emeka Onwuka, Chief Financial Officer                             +234 1 277 0400
 Edith Onwuchekwa, Director Legal/Company Secretary

 Chioma Nwachuku, Director External Affairs & Sustainability

 Carl Franklin, Head of Investor Relations
 Ayeesha Aliyu, Investor Relations

 Ben Brewerton / Christopher Laing                                 +44 203 727 1000

                                                                   seplatenergy@fticonsulting.com

 Tom Reid / Luke Spells                                            +44 207 986 4000

 Chris Sim / Charles Craven / Jarrett Silver                       +44 207 597 4000

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed
on 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 through
participation in 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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