Indigenous energy multinational, Seplat energy Plc, has assured stakeholders that its Sales & Purchase Agreement (SPA) signed on 25 February 2022 to acquire Exxon’s shallow water operations in Nigeria, MPNU, remains valid.
The company stated in its quarterly operations briefing that it “remains confident that the proposed acquisition will be brought to a successful conclusion in accordance with the law.”
The assurance came with highlights on the company’s acreage management issues the nation’s lease administrator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Seplat stated that it has approached the NUPRC with provisional applications to the voluntary conversion of operated Oil Mining Leases (OMLs) under the provisions of the Petroleum Industry Act (PIA).
Mr. Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “We are working closely with all the relevant stakeholders on our transformational acquisition of MPNU and remain confident that the proposed acquisition will be brought to a successful conclusion in accordance with the law. The acquisition will add significant reserves and production capacity that will strongly reinforce Seplat Energy’s position as Nigeria’s leading indigenous oil and gas producer.”
