REG - Seplat Energy PLC - UPDATE ON PROPOSED CASH ACQUISITION

Seplat EnergyAnnouncement

24/05/2023 08:15

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RNS Number : 4955A  Seplat Energy PLC  24 May 2023

 

 

 

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INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

24 May 2023

 

UPDATE ON PROPOSED CASH ACQUISITION

of

Mobil Producing Nigeria Unlimited ("MPNU")

by

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

 

Lagos and London, 24 May 2023: Seplat Energy announces that it has extended
with Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc.
("ExxonMobil") the Share Sale and Purchase Agreement ("SSPA") for the
acquisition of ExxonMobil's share capital of Mobil Producing Nigeria Unlimited
("MPNU") (the "Transaction"), in order to preserve the Transaction pending the
resolution of certain legal proceedings and receipt of applicable regulatory
approvals.

In addition, the parties have revised the SSPA such that, in the event that
applicable regulatory approvals are obtained and the Transaction closes,
ExxonMobil would share in a portion of the value that would otherwise accrue
to Seplat Energy in the period between the effective economic date and the
completion date of the Transaction. The exact amount will depend on a number
of factors, including production by MPNU and oil price. Except as disclosed
herein, there has been no significant change in terms of the announcement
dated 25 February 2022, and the headline consideration, effective date and the
contingent payment structure remain unchanged.

 

Seplat Energy continues to engage key stakeholders and remains committed to
completing the Transaction as soon as possible.

 

 

Responsibility for publication

 

This announcement has been authorised for publication by Mr. Basil Omiyi,
Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.

 

Signed:

 

 

Mr. Basil Omiyi CON

Board Chairman

  Enquiries:

 

 Emeka Onwuka, Chief Financial Officer               +234 1 277 0400
 Edith Onwuchekwa, Director Legal/Company Secretary
 Carl Franklin, Head of Investor Relations

 

 FTI Consulting
 Ben Brewerton / Christopher Laing            +44 203 727 1000

                                              seplatenergy@fticonsulting.com (mailto:seplatenergy@fticonsulting.com)

 Citigroup Global Markets Limited
 Tom Reid / Luke Spells                       +44 207 986 4000

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

 

Notes to editors

Seplat Energy PLC (Seplat) is Nigeria's leading indigenous energy company.
Listed on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of
the London Stock Exchange (LSE: SEPL), we are pursuing a Nigeria-focused
growth strategy in oil and gas, as well as developing a Power & New Energy
business to lead Nigeria's energy transition.

 

Seplat's energy portfolio consists of seven oil and gas blocks in the prolific
Niger Delta region of Nigeria, which we operate with partners including the
Nigerian Government and other oil producers. We also have a revenue interest
in OML 55. We operate a 465MMscfd gas processing plant at Oben, in OML4, and
are building the 300MMscfd ANOH Gas Processing Plant in OML53 and a new
85MMscfd gas processing plant at Sapele in OML41, to augment our position as a
leading supplier of gas to the domestic power generation market.

 

Seplatenergy.com

 

 

Important Notices

This announcement does not constitute or form part of any offer or invitation
to purchase, otherwise acquire, issue, subscribe for, sell or otherwise
dispose of any securities, nor any solicitation of any offer to purchase,
otherwise acquire, issue, subscribe for, sell or, otherwise dispose of, any
securities. This announcement is not an offer of securities for sale or a
solicitation of an offer to purchase securities.  The securities of the
Company referred to herein have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be
offered or sold in the United States unless they are registered with the U.S.
Securities and Exchange Commission or an exemption from the registration
requirements of the Securities Act is available.

The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or
distributed should inform themselves about and observe such restrictions.

Certain statements in this announcement are forward-looking statements which
are based on the Company's, expectations, intentions and projections regarding
its future performance, anticipated events or trends and other matters that
are not historical facts.  These statements are not guarantees of future
performance and are subject to known and unknown risks, uncertainties and
other factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements.  Given these risks
and uncertainties, prospective investors are cautioned not to place undue
reliance on forward-looking statements. Forward-looking statements speak only
as of the date of such statements and, except as required by applicable law or
regulation, the Company undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information, future
events or otherwise.

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