Seplat Power finalizes acquisition of ExxonMobil’s MPNU

LAGOS – Seplat Power Plc, a distinguished Nigerian power firm with listings on the Nigerian Change Restricted and the London Inventory Change (LON:LSEG), introduced as we speak the completion of its acquisition of Mobil Producing Nigeria Limitless (MPNU) from ExxonMobil (NYSE:XOM). This strategic transfer is about to greater than double Seplat’s manufacturing capabilities and considerably bolster the nation’s power panorama.

The acquisition, which has been hailed as a transformative step for Seplat Power, provides substantial reserves and manufacturing to the corporate’s portfolio. The added belongings embrace 409 million barrels of oil equal (MMboe) in confirmed and possible reserves (2P) and 670 MMboe in 2P plus contingent assets (2C), with a mean every day manufacturing of 71.4 thousand barrels of oil equal per day (kboepd) for the primary half of 2024.

Chairman Udoma Udo Udoma expressed gratitude to Nigeria’s President Bola Ahmed Tinubu and varied ministries and regulators for his or her help in seeing the transaction to fruition. He emphasised the corporate’s dedication to replicating its constructive group impacts on this new area of operations.

Roger Brown, CEO of Seplat Power, welcomed MPNU’s workers and contractors, commending their popularity for security and operational excellence. Brown outlined the speedy deal with integrating MPNU’s employees and concentrating on development alternatives to boost asset worth for stakeholders.

In anticipation of the acquisition’s completion, Seplat’s shares are anticipated to be cancelled from the Monetary Conduct Authority’s Official Checklist on the shut of buying and selling as we speak and readmitted to the fairness shares (Worldwide business corporations secondary itemizing) phase of the Official Checklist and to buying and selling on the primary marketplace for listed securities of the London Inventory Change at 8:00 am on December 13, 2024.

Additional particulars relating to the affect of the acquisition on Seplat’s 2025 steerage will probably be supplied with the total 12 months 2024 outcomes, projected for launch in late February 2025.

Buyers and analysts had been invited to affix a convention name hosted by the corporate as we speak to debate the acquisition’s completion and future outlook.

This information article relies on a press launch assertion from Seplat Power Plc.

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