Mobil $1.3bn assets: A reversed approval has not yet been sent to us – Seplat

Leading Nigerian energy company Seplat Energy, which is traded on the Nigerian Exchange and the London Stock Exchange, claimed yesterday that it has not yet received official notification of the Federal Government’s decision to revoke its approval of its $1.3 billion oil deal with Mobil Producing Nigeria Unlimited, MPNU.
The business committed to keep in touch with the necessary parties in order to complete the proposed transaction.
The company stated: “Seplat Energy has become aware of a news report claiming that Ministerial Approval of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) has been withdrawn.
“Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities. We will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.”
President Buhari had revoked his prior consent and let Seplat Energy Plc to purchase the assets of the ExxonMobil Corporation.
Seplat Energy had previously agreed to purchase MPNU’s full share capital for $1.3 billion plus an additional $300 million in contingent payment.
However, the Nigerian National Petroleum Company Limited had objected, claiming that as a partner, it ought to have been given the option to buy the properties first.
The sale of the assets to Seplat Energy Plc has also drawn criticism from the Nigerian Upstream Petroleum Regulatory Commission, or NUPRC.

GOGAN Media.