Seplat Energy Plc (Nigeria) – Announcement on Court Action by NNPC on Mobil Nigeria takeover

By Published On: July 12th, 2022Categories: Corporate announcement

Lagos and London – 11 July 2022: Seplat Energy PLC recently became aware that, on 5 July 2022, the Nigerian National Petroleum Company Limited (“NNPC”) commenced an action at the State High Court of the Federal Capital Territory in Abuja, Nigeria (“State High Court”) in relation to the acquisition of the entire shares of Mobil Producing Nigeria Unlimited (“MPNU”). MPNU, its shareholders (Mobil Development Nigeria, Inc. and Mobil Exploration Nigeria, Inc.), and the Nigerian Upstream Petroleum Regulatory Commission are named as defendants in the suit. NNPC has requested the State High Court to declare that a dispute has occurred between itself and MPNU in relation to the interpretation of pre-emption rights under their Joint Operating Agreement (“JOA”) and order NNPC and MPNU to arbitration as required by the JOA.

On 6 July 2022, the State High Court made an ex-parte order of interim injunction restraining the Defendants from completing any divestment in MPNU, including the Share Sale and Purchase Agreement signed with Seplat Energy Offshore Limited (the “SPA”).

Neither Seplat Energy PLC nor Seplat Energy Offshore Limited is a party in the suit. The Company cannot provide further comments, as the matter is awaiting resolution by the State High Court and is therefore sub judice. Seplat Energy PLC reiterates that the SPA is still valid and subsisting, and the Company remains confident that the matter will be brought to a proper conclusion in accordance with the law. Any further information will be provided if available to the Company and permitted by law.

This announcement is made pursuant to Rule 17.11, Rulebook of The Nigerian Exchange Limited, 2015 (Issuers’ Rule).

– ENDS –

For: Seplat Energy Plc
MRS. EDITH ONWUCHEKWA
Director Legal/Company Secretary

Enquiries:
Seplat Energy Plc
Emeka Onwuka, Chief Financial Officer
Chioma Nwachuku, Director External Affairs and Sustainability
Edith Onwuchekwa, Director Legal/Company Secretary
Carl Franklin, Head of Investor Relations
FTI Consulting Ben Brewerton / Tom Reynolds
+44 (0) 203 727 1000 [email protected]


Seplat Energy Plc (SEPLAT.ng)

Share price: 1,430.50 NGN (0.00 | 0.00% – 10/08/22)

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