Seplat Energy Plc has announced an extension of the Share Sale and Purchase Agreement (“SSPA”) with Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc. for the proposed cash acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (“MPNU”). The extension aims to preserve the transaction while certain legal proceedings are resolved and regulatory approvals are obtained.
As part of the revised agreement, if the necessary regulatory approvals are granted and the transaction is completed, ExxonMobil will share in a portion of the value that would otherwise be accrued to Seplat Energy between the effective economic date and the completion date of the transaction. The exact amount of the contingent payment will depend on various factors, including MPNU’s production and the price of oil. However, the headline consideration, effective date, and overall structure of the deal remain unchanged from the initial announcement made on 25 February 2022.
Seplat Energy is actively engaging with key stakeholders and reaffirms its commitment to finalizing the transaction as expeditiously as possible.
In accordance with corporate procedures, the publication of this announcement has been authorized by Mr. Basil Omiyi, Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.