Seplat Energy said it has completed the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil
While describing the transaction as transformative, Seplat Energy, on Thursday in a press statement stated that it will more than double the production and position the company towards driving growth and profitability while contributing significantly to Nigeria’s future prosperity.
“MPNU adds substantial reserves and production to Seplat Energy; 409 MMboe 2P reserves and 670 MMboe 2P + 2C reserves and resources as at 30 June 2024 and 6M 2024 average daily production of 71.4 kboepd,” Seplat said.
“As operator, Seplat’s immediate tasks are to ensure smooth transition of MPNU staff into Seplat, and on the operations, to swiftly target numerous opportunities that exist to organically grow production and further enhance the value of the assets for all stakeholders.”
Seplat said detailed guidance for the enlarged group in 2025 would be provided with Seplat’s full-year 2024 results, expected to be filed in February 2025.
‘READMISSION OF SHARES TO TRADING’
As regards the completion of the acquisition of MPNU, Seplat said the listing of its existing ordinary shares on the official list of the Financial Conduct Authority (FCA) of the United Kingdom is expected to be cancelled with effect from the close of trading later today.
Afterwards, Seplat said the shares would be readmitted to the equity shares (international commercial companies secondary listing) segment of the official list of the FCA and to trading on the main market for listed securities of the London Stock Exchange (LSE).
Seplat said the readmission is expected to occur at 8:00am on December 13.
“No new shares will be issued in connection with Re-admission,” the company said.
“The Company’s ordinary shares will continue to trade under the name Seplat Energy plc with the ticker symbol “SEPL” and ISIN NGSEPLAT0008.”
Udoma Udoma, chairman of Seplat Energy who thanked President Bola Tinubu for supporting the transaction, appreciating the support and diligence of the various ministries and regulators for all the efforts to reach a successful conclusion.
In his words, “we are delighted to welcome the MPNU employees to Seplat Energy. We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations”.
“Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the Government, regulators, communities and our staff.”
Roger Brown, the chief executive officer (CEO) of Seplat Energy while appreciating the entire Seplat team for their diligence and perseverance in completing the transaction, noted that the company has achieved a major feat.
“MPNU’s employees and contractors have a strong reputation for safety and operational excellence, and I welcome them to the Seplat Energy Group,” he said.
“We have acquired a company with one of the best portfolios of assets and related infrastructure in a world class basin, providing enormous potential for the Seplat Group. Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders”.
“MPNU is a perfect fit with our strategy to build a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria alongside attractive returns to our shareholders.”
On October 21, Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced approval of the deal by the federal government.
Seplat had said it will complete the transaction with a final consideration of $800 million.
The company said that further announcements will be made as and when appropriate, in line with regulatory requirements.
