$1.28bn Exxon Mobil Deal: No Notification On Withdrawal – Seplat

Seplat Energy has said, it’s yet to receive any notification on the withdrawal of the Federal Government of Nigeria from the $1.28 billion Exxon Mobil Deal.

Seplat’s Chief Financial Officer, Emeka Onwuka, disclosed this in a statement, Thursday, August 11, 2022.

The company in the statement said, it has “become aware of a news report claiming that Ministerial Approval of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (“MPNU”) has been withdrawn.

“Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities.

“We will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.

“This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule)”, it said.

Recall, it was reported that President Muhammadu Buhari withheld his initial approval of Exxon Mobil’s sale of local offshore shallow water assets to Seplat on Thursday, after the oil regulator refused to give its consent.

Buhari on Monday consented to the $1.28 billion transaction, only for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)to say it opposed the deal, although it did not give a reason.

“The President has decided to allow the regulator to do their work. He is withholding his earlier given approval, for now, to allow the process to be completed, that is basically it,” presidential spokesman Garba Shehu told Reuters.

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