Seplat Energy Plc, Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange has announced that it has completed its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.
This was contained in a notice to the Nigerian Exchange Limited.
The transaction is transformative for Seplat Energy, more than doubling production and positioning the Company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.
It was recently reported that the $800m deal is set to be completed (Today) on December 12, 2024, and will more than double Seplat’s production capacity to approximately 120,000 barrels of oil equivalent per day.
Chairman of Seplat Energy, Udoma Udo Udoma said: “Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for supporting this transaction, and appreciates the support and diligence of the various Ministries and regulators for all the work to reach a successful conclusion.
“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.”
Chief Executive Officer of Seplat Energy, Roger Brown said: “Today we have achieved a major milestone in the history of Seplat Energy and I extend my thanks to the entire Seplat team for their hard work and perseverance to complete this transaction.
“MPNU’s employees and contractors have a strong reputation for safety and operational excellence, and I welcome them to the Seplat Energy Group.
“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 strategic priorities and near-term outlook, the Company said 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.
It noted that 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.
Detailed guidance for the enlarged Group in 2025 will be provided with Seplat’s full year 2024 results, expected in late February 2025.
On readmission of shares to trading the company said in connection with the completion of the acquisition of MPNU, the listing of Seplat’s existing ordinary shares on the Official List of the Financial Conduct Authority (FCA) is expected to be cancelled with effect from the close of trading later today and then 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.
According to the company, re-admission is expected to occur at 8.00am on 13 December 2024. No new shares will be issued in connection with re-admission. The Company’s ordinary shares will continue to trade under the name Seplat Energy Plc with the ticker symbol “SEPL” and ISIN NGSEPLAT0008.
