Seplat Energy PLC on Thursday said it has extended the share sale and purchase agreement with Mobil Development Nigeria Inc and Mobil Exploration Nigeria Inc to an undisclosed date.
The Lagos-based oil and gas firm with assets in Nigeria said this concerned acquiring Exxon Mobil Corp’s shares in Mobil Producing Nigeria Unlimited.
In February 2022, Seplat Energy announced it had agreed the $1.28 billion planned deal, encompassing the entire offshore shallow water business of ExxonMobil in Nigeria. At the time, it said the deal would be funded through existing cash resources and credit facilities as well as a $550 million loan facility and $275 million offtake facility.
Seplat Energy said extending the share sale and purchase agreement was in order to preserve the transaction, pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals.
It said it continues to engage key stakeholders and remains committed to completing the transaction ‘as soon as possible’. It added there are no material changes in terms from the announcements made in May 2023 and February 2022, with the headline consideration, effective date and the contingent payment structure remaining unchanged.
In May 2023, Seplat Energy extended the agreement for the same reason.
Shares in Seplat Energy closed down 2.6% to 167.50 pence each in London on Thursday.
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