Seplat Energy has announced that it has entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation.<\/p>\n
According to financial results released today acquisition of MPNU will cost Seplat $1.28B and adds transformational shallow water portfolio with dedicated export routes.<\/p>\n
Roger Brown, Chief Executive Officer, said:<\/strong><\/p>\n \u201cSeplat Energy announced a major acquisition last week and despite a challenging year for Nigerian oil and gas, the robust <\/em>results delivered today clearly show how our increasing financial strength has made such an acquisition possible, without <\/em>the need to dilute shareholders, by giving international financial partners the confidence to invest in our vision.<\/em><\/p>\n The addition of MPNU nearly trebles our production and doubles our reserves on a pro forma 2020 basis, reinforcing our <\/em>leadership of Nigeria\u2019s indigenous energy sector and enabling us to generate strong future cash flows that will underpin <\/em>our investment in Nigeria\u2019s energy transition and improve our overall stakeholder returns.<\/em><\/p>\n