Seplat Energy Plc has published the prospectus in relation to the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (‘MPNU’).
The transaction, which is expected to complete on 12 December 2024 is transformative for Seplat Energy, more than doubling production to around 120,000 barrels of oil equivalent per day and providing the Company with a significant opportunity to further drive its growth and profitability, whilst contributing significantly to the Nigerian economy. These assets are of proven quality, located in one of the world’s leading hydrocarbon basins.
According to Seplat, final cash consideration payable to ExxonMobil at closing is $672 million. The Total consideration was $800 million. $128 million deposit was paid in 2022 at first SPA signing. The transaction is fully funded from available cash and debt facilities, no new equity issuance required.