Seplat Refutes Reports On Cancellation of ExxonMobil Asset Buyout

Seplat Refutes Reports On Cancellation of ExxonMobil Asset Buyout (News Central TV)

Seplat Energy has debunked newspaper and social media reports that its recent deal with ExxonMobil to buy some of the latter’s oil assets in Nigeria has been called off.

The oil driller made the disclosure in a note to the Nigerian Exchange Limited on Monday.

Seplat Refutes Reports On Cancellation of ExxonMobil Asset Buyout (News Central TV)

The energy firm equally responded to reports claiming the Nigerian National Petroleum Corporation (NNPC) has decided to exercise a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (MPNU) joint operating agreement.

Also called right of first refusal, right of pre-emption confers the contractual right to be offered a property first on a person/entity in the event that the owner resolves to get rid of it.

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According to the energy firm, MPNU, is not a party to the agreement and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA.

Seplat declared in February it had inked a deal worth $1.3 billion with Exxon Mobil, the parent company of MPNU, towards procuring its Nigerian shallow water assets.


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