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Seplat: We’ll engage stakeholders to obtain approvals for Mobil Producing Oil assets deal

Seplat: We’ll engage stakeholders to obtain approvals for Mobil Producing Oil assets deal
May 20
10:26 2022

Seplat Energy Plc says it will continue to engage relevant stakeholders to get required approvals for the proposed acquisition of Mobil Oil Producing Nigeria Unlimited (MPNU) assets.

On Thursday, TheCable reported that the FG declined to approve the deal citing “overriding national interest”. 

Emeka Onwuka, chief financial officer, Seplat Energy, released a statement to this effect on Thursday. 

The statement was titled “Response to media article on the proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU)”. 

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“In response to an article published today in This Day newspaper, stating that the Federal Government of Nigeria has declined consent to the acquisition of Mobil Producing Nigeria Unlimited (“MPNU”), Seplat Energy confirms that it has received a letter from the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) on the process,” the statement reads. 

The oil company said it has also been notified by the shareholders of MPNU confirming same letter from NUPRC.

“Under the terms of the Sale and Purchase Agreement (“SPA”), announced on 25 February 2022, which remains valid and subsisting, the Company will further its engagement with all relevant stakeholders,” Seplat Energy added.

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“Seplat Energy is confident that the process to obtain all approvals on the acquisition of MPNU’s entire share capital is being followed and will be achieved.”

In February, Seplat Energy announced plans to acquire MPNU assets from ExxonMobil.

The deal is still pending required regulatory approvals.

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