Our sale, purchase agreement with ExxonMobil not terminated – Seplat Energy

the Nigerian National Petroleum Company Ltd. (NNPC) had exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (MPNU) Joint Operating Agreement (JOA).

 

Seplat Energy says its Sale and Purchase Agreement (SPA) with ExxonMobil has not being terminated.

 

Mr Emeka Onwuka, Chief Financial Officer, Seplat Energy, made the clarification in a statement on Monday in Lagos.

 

Onwuka said the clarification was necessitated by media reports that

 

the Nigerian National Petroleum Company Ltd. (NNPC) had exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (MPNU) Joint Operating Agreement (JOA).

 

He said: “The company wishes to clarify that the SPA, earlier announced on Feb. 25, deals with the acquisition of the entire share capital of MPNU’s shareholders.

 

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“Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc., being entities of Exxon Mobil Corporation registered in Delaware (“ExxonMobil”). MPNU, is not a party to the SPA and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA.

 

“There are also some reports that the SPA between ExxonMobil and Seplat Energy has been terminated.

 

“Seplat Energy confirms that no event of termination has occurred, and the SPA remains valid and subsisting.”

 

Onwuka said Seplat Energy was a compliant company and would continue to follow the laws of the Federal Republic of Nigeria.

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