Seplat Energy Plc yesterday, denied some newspaper and social media reports that the Nigerian National Petroleum Company Limited (NNPC), had been cancelled following the latter’s exercise of a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (MPNU) Joint Operating Agreement (JOA).
Seplat in a statement issued by its Chief Financial Officer, Emeka Onwuka, clarified issues around the Sale and Purchase Agreement (SPA), earlier announced on February 25.
For the benefit of doubt, Onwuka explained that the SPA “deals with the acquisition of the entire share capital of MPNU’s shareholders, Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc., being entities of Exxon Mobil Corporation registered in Delaware (ExxonMobil).”
He also reiterated that “MPNU is not a party to the SPA, and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA.”
He therefore reaffirmed that “no event of termination has occurred, and the SPA remains valid and subsisting.”
He insisted that Seplat Energy is a compliant company and will continue to follow the laws of the Federal Republic of Nigeria, adding that “This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).”
MPNU is not a party to the SPA, and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA… no event of termination has occurred, and the SPA remains valid and subsisting.
