Seplat Energy Plc ("Seplat
Energy" or the "Company")
Completion of the Acquisition
of MPNU
Lagos and London, 12 December 2024: Seplat Energy Plc, a leading Nigerian energy company listed on
both the Nigerian Exchange Limited and the London Stock Exchange,
is delighted to announce that it has completed its
acquisition of Mobil Producing Nigeria Unlimited ("MPNU") from
ExxonMobil. The transaction is transformative for Seplat Energy,
more than doubling production and positioning the Company to drive
growth and profitability, whilst contributing significantly to
Nigeria's future prosperity.
Udoma Udo Udoma, Chairman of Seplat Energy,
said:
"Seplat Energy sincerely thanks His
Excellency, President Bola Ahmed Tinubu GCFR, for supporting this
transaction, and appreciates the support and diligence of the
various Ministries and regulators for all the work to reach a
successful conclusion.
"We are delighted to welcome the MPNU employees to Seplat
Energy. We are excited to begin our journey in a new region of the
country, and we look forward to replicating the positive impacts we
have achieved within our communities in our current areas of
operations.
"Seplat's mission is to deliver value to all our stakeholders,
and we treasure the good relationships we have developed with the
Government, regulators, communities and our
staff."
Roger Brown, Chief Executive Officer of Seplat Energy,
said:
"Today we have achieved a major milestone in the history of
Seplat Energy and I extend my thanks to the entire Seplat team for
their hard work and perseverance to complete this
transaction.
"MPNU's employees and contractors have a strong reputation for
safety and operational excellence, and I welcome them to the Seplat
Energy Group.
"We have acquired a company with one of the best portfolios of
assets and related infrastructure in a world class basin, providing
enormous potential for the Seplat Group. Our commitment is to
invest to increase oil and gas production while reducing costs and
emissions, maximising value for all our
stakeholders.
"MPNU is a perfect fit with our strategy to build a
sustainable business that can deliver affordable, accessible and
reliable energy for Nigeria alongside attractive returns to our
shareholders."
Strategic Priorities & Near-term Outlook
MPNU adds substantial reserves and
production to Seplat Energy; 409 MMboe 2P reserves and 670 MMboe 2P
+ 2C reserves and resources as at 30 June 2024 and 6M 2024 average
daily production of 71.4 kboepd.
As operator, Seplat's immediate
tasks are to ensure smooth transition of MPNU staff into Seplat,
and on the operations, to swiftly target numerous opportunities
that exist to organically grow production and further enhance the
value of the assets for all stakeholders.
Detailed guidance for the enlarged
Group in 2025 will be provided with Seplat's full year 2024
results, expected in late February 2025.
Readmission of Shares to Trading
In connection with the completion of
the acquisition of MPNU, the listing of Seplat's existing ordinary
shares on the Official List of the Financial Conduct Authority
("FCA") is expected to be cancelled with effect from the close of
trading later today and then readmitted to the equity shares
(International commercial companies secondary listing) segment of
the Official List of the FCA and to trading on the main market for
listed securities of the London Stock Exchange.
Re-admission is expected to occur at
8.00am on 13 December 2024.
No new shares will be issued in
connection with Re-admission.
The Company's ordinary shares will
continue to trade under the name Seplat Energy plc with the ticker
symbol "SEPL" and ISIN NGSEPLAT0008.
Invitation to Conference Call
The Company is delighted to invite
investors and analysts to join a conference call today,
Thursday 12 December at 12:00pm London (GMT), 1:00pm Lagos
(WAT).
The presentation can be accessed
remotely via a live webcast link and pre-registering details are
below. After the meeting, the webcast recording will be made
available and access details of this recording are also set out
below.
The presentation material for the
conference call will be available on our website later
today. www.seplatenergy.com
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Event Title:
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Seplat Energy plc: Investor
Call
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Event Date:
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12:00pm BST / 1:00 pm WAT
(London / Lagos), Thursday 12 December
2024
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Webcast Live Event Link:
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Seplat Energy Plc: Investor Call
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Further announcements will be made
as and when appropriate, in line with regulatory
requirements.
- ENDS -
For: Seplat Energy
Plc
Roger Brown
Chief Executive
Officer
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Seplat Energy plc
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+234 (0) 1 277
0400
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Roger Brown, Chief Executive
Officer
Eleanor Adaralegbe, Chief Financial Officer
Chioma Afe, Director External Affairs & Social Performance,
Edith Onwuchekwa, Director Legal/Company Secretary
James Thompson, Head of Investor Relations
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ir@seplatenergy.com
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Scotiabank (Sole Financial Adviser to Seplat
Energy)
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Moncef Attia / Luke
Kanczes
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Investec (Corporate Broker to Seplat Energy)
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Chris Sim / Charles
Craven
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Citi (Corporate Broker to Seplat Energy)
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Peter Brown / Peter
Catterall
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FTI
Consulting (PR Adviser to Seplat Energy)
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seplatenergy@fticonsulting.com
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Ben Brewerton / Christopher Laing /
Rosie Corbett
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Scotiabank is a business name used by The Bank of Nova Scotia,
its affiliates and subsidiaries
Further information
Legal Advisers to Seplat Energy
·
White & Case LLP
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Olaniwun Ajayi LP
·
Udo Udoma & Belo-Osagie
Notes to editors
Seplat Energy Plc is Nigeria's
leading indigenous energy company. It is listed on the Premium
Board of the Nigerian Exchange Limited (NGX: SEPLAT) and the Main
Market of the London Stock Exchange (LSE: SEPL).
Seplat Energy is pursuing a
Nigeria-focused growth strategy and is well positioned to
participate in future asset divestments by international oil
companies, farm-in opportunities, and future licensing rounds. The
Company is a leading supplier of gas to the domestic power
generation market. For further information please refer to the
Company website, http://seplatenergy.com/
