Seplat Energy PLC UPDATE ON PROPOSED CASH ACQUISITION (4955A)
May 24 2023 - 3:03AM
UK Regulatory
TIDMSEPL
RNS Number : 4955A
Seplat Energy PLC
24 May 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR 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
======================================== ==================================
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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