QUICK LINKS

×
  • Oil & Gas - News
  • Updated: March 07, 2022

Our Sale, Purchase Agreement With ExxonMobil Not Terminated – Seplat Energy

Seplat Energy has said that its Sale and Purchase Agreement (SPA) with ExxonMobil has not been terminated.

Chief Financial Officer, Seplat Energy, Emeka Onwuka 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.

“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.

Tags

Join our Telegram platform to get news update Join Now
Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

More From this Author

MOVIE RATING & REVIEW

The Millions
The Millions
  • No Review Yet
  • 0
  • Users Rating
  • 0 (0 Votes)
PG - Sci-fi, Animation | August 30, 2019
  • Users Rating
  • 0 (0 Votes)

a charismatic con man plays the main lead character to successfully launch the heist as planned. But things don't go in the way he would...

Movie Trailer & Reviews

0 Comment(s)

SPONSORED

See this post in...