Seplat Energy Plc ("Seplat Energy" or the "Company")

 

Interim Corporate Announcement on theCourtActionbroughtbyNNPCinrelation tothe acquisition of the shares of MobilProducingNigeria Unlimited

 

Lagos and London - 11 July2022: Seplat Energy PLC recentlybecameawarethat, on 5 July 2022, theNigerianNationalPetroleumCompanyLimited("NNPC")commenced an action at theState High Court of theFederalCapitalTerritory in Abuja,Nigeria ("State HighCourt") in relationtotheacquisition of theentireshares of MobilProducingNigeriaUnlimited("MPNU").MPNU,itsshareholders(MobilDevelopmentNigeria,Inc. and Mobil ExplorationNigeria,Inc.), and theNigerianUpstreamPetroleumRegulatoryCommissionarenamed as defendants in thesuit.NNPC has requestedtheStateHighCourtto declare that a dispute has occurredbetweenitself and MPNU in relationtotheinterpretation of pre-emptionrightsundertheir Joint OperatingAgreement("JOA") and orderNNPC and MPNUtoarbitration as required by theJOA.

 

On 6 July2022,theStateHighCourtmadeanex-parteorder of interiminjunctionrestrainingtheDefendantsfromcompletinganydivestmentinMPNU,includingtheShareSale and PurchaseAgreementsigned with SeplatEnergy OffshoreLimited(the "SPA").

 

Neither Seplat Energy PLC nor SeplatEnergyOffshoreLimited is a partyinthesuit.TheCompanycannotprovidefurthercomments, as thematter is awaitingresolution by theStateHighCourt and is thereforesub judice.SeplatEnergyPLCreiteratesthattheSPA is stillvalid and subsisting, and theCompanyremainsconfidentthatthematterwillbe brought to a properconclusion in accordancewiththe law. Any furtherinformationwillbeprovided if available to the Company and permittedbylaw.

 

This announcement is madepursuantto Rule 17.11,Rulebook of The NigerianExchangeLimited,2015(Issuers'Rule).

- ENDS -

 

For: SeplatEnergy Plc

 

MRS. EDITH ONWUCHEKWA

Director Legal/Company Secretary

 

Enquiries:

Seplat Energy Plc
Emeka Onwuka,	Chief Financial Officer
Chioma Nwachuku,	Director External Affairs and Sustainability
Edith Onwuchekwa,	Director Legal/Company Secretary
Carl Franklin,	Head of InvestorRelations
FTI Consulting	Ben Brewerton / Chris Laing +44 (0) 203 727 1000