Seplat Energy Plc has said that the SPA (Sales Purchase Agreement) between ExxonMobil and Seplat Energy remains “valid and subsisting.” The company says that “no event of termination has occurred,” as claimed by some media reports.
Seplat disclosed this on Monday in a publication on the Nigerian Exchange.
The document signed by the Chief Financial Officer, Mr. Emeka Onwuka read: “Seplat Energy has become aware of newspaper and social media reports that the Nigerian National Petroleum Company Limited (“NNPC”) has exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (“MPNU”) Joint Operating Agreement (“JOA”).
“The Company wishes to clarify that the Sale and Purchase Agreement (“SPA”), earlier announced on the 25 February2022, 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”). 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.
“Seplat Energy is a compliant company and will continue to follow the laws of the Federal Republic of Nigeria.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.