LAGOS - Seplat Energy Plc, a prominent Nigerian energy company with listings on the Nigerian Exchange Limited and the London Stock Exchange (LON:LSEG), announced today the completion of its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil (NYSE:XOM). This strategic move is set to more than double Seplat's production capabilities and significantly bolster the nation's energy landscape.
The acquisition, which has been hailed as a transformative step for Seplat Energy, adds substantial reserves and production to the company's portfolio. The added assets include 409 million barrels of oil equivalent (MMboe) in proven and probable reserves (2P) and 670 MMboe in 2P plus contingent resources (2C), with an average daily production of 71.4 thousand barrels of oil equivalent per day (kboepd) for the first half of 2024.
Chairman Udoma Udo Udoma expressed gratitude to Nigeria's President Bola Ahmed Tinubu and various ministries and regulators for their support in seeing the transaction to fruition. He emphasized the company's commitment to replicating its positive community impacts in this new region of operations.
Roger Brown, CEO of Seplat Energy, welcomed MPNU's employees and contractors, commending their reputation for safety and operational excellence. Brown outlined the immediate focus on integrating MPNU's staff and targeting growth opportunities to enhance asset value for stakeholders.
In anticipation of the acquisition's completion, Seplat's shares are expected to be cancelled from the Financial Conduct Authority's Official List at the close of trading today and readmitted to the equity shares (International commercial companies secondary listing) segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange at 8:00 am on December 13, 2024.
Further details regarding the impact of the acquisition on Seplat's 2025 guidance will be provided with the full year 2024 results, projected for release in late February 2025.
Investors and analysts were invited to join a conference call hosted by the company today to discuss the acquisition's completion and future outlook.
This news article is based on a press release statement from Seplat Energy Plc.
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