No official notice of withdrawal of consent on Mobile acquisition – Seplat Energy

Admin l Thursday, August 11, 2022

 

LAGOS, Nigeria – The management of Seplat Energy says it has not received any official communication to the effect that the Ministerial Consent it received for the acquisition of the share capital of  Mobile Producing Nigeria Unlimited, MPNU has been withdrawn.

Seplat Energy agreed to acquire the entire share capital of MPNU for a purchase price of $1.283 billion plus up to $300 million contingent consideration.

In a statement, Emeka Onwuka, Chief Financial Officer, Seplat Energy Plc said the company has become aware of a news report claiming that Ministerial Approval of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (“MPNU”) has been withdrawn.

But that on the contrary, it is yet to receive any official notice to the contrary after the ministerial consent was received.

“Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities”, he said, adding that  the company will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.