July 13, 2024

NNPC discontinues court proceedings against Seplat on acquisition of Mobil Producing Nigeria Unlimited

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Adebayo Obajemu

Seplat Energy has notified the Nigerian Exchange and the investing public of the update on the Court Action brought by NNPCL in relation to the acquisition of the shares of Mobil Producing Nigeria Unlimited.

In a statement signed by the Chief Executive Officer of Seplat Energy, Roger Brown, the Company stated thus:

“Seplat Energy notes the announcement on the 30 May 2024 by the Nigerian National Petroleum Company Limited (NNPCL) regarding the Settlement Agreement between NNPCL, ExxonMobil Corporation, Delaware and Mobil Producing Nigeria Unlimited (MPNU) and has since been notified of the termination of the court proceedings brought by NNPCL against MPNU and its affiliates over the proposed divestment of MPNU’s shares to Seplat Energy Offshore Limited (SEOL).

Seplat Energy commends the open cooperation and progress achieved by all stakeholders, and will diligently engage all key stakeholders, including the Government, in progressing towards a swift completion of the acquisition of MPNU”.

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