Business
UPDATE ON PROPOSED CASH ACQUISITION
UPDATE ON PROPOSED CASH ACQUISITION.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n\n \n \n \nNOT 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\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n24 May 2023\n \nUPDATE ON PROPOSED CASH ACQUISITION\nof\nMobil Producing Nigeria Unlimited (\"MPNU\")\nby\nSeplat Energy Plc (\"Seplat Energy\" or the \"Company\")\n \nLagos 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.\nIn 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.\n \nSeplat Energy continues to engage key stakeholders and remains committed to completing the Transaction as soon as possible.\n \n \nResponsibility for publication\n \nThis announcement has been authorised for publication by Mr. Basil Omiyi, Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.\n \nSigned:\n\n \n \nMr. Basil Omiyi CON\nBoard Chairman\n Enquiries:\n \n\n\n\n\n\n\n\n\nEmeka Onwuka, Chief Financial Officer\n\n\n+234 1 277 0400\n\n\n\n\nEdith Onwuchekwa, Director Legal/Company Secretary\n\n\n\n\n\n\n\nCarl Franklin, Head of Investor Relations\n\n\n\n\n\n\n \n\n\n\nFTI Consulting\n\n\n\n\nBen Brewerton / Christopher Laing\n\n\n+44 203 727 1000\n...