By Sulaimon Salau 01 May 2022 | 4:20 am More facts have emerged on why the planned acquisition of shallow water assets of Mobil Producing Unlimited, Nigeria (MPNU) is delayed. Seplat, an indigenous energy company, had in February sealed an agreement to acquire… Chief Executive Officer, Seplat Energy Plc, Roger Brown More facts have emerged on why the planned acquisition of shallow water assets of Mobil Producing Unlimited, Nigeria (MPNU) is delayed. Seplat, an indigenous energy company, had in February sealed an agreement to acquire the entire share capital of MPNU from Exxon Mobil Corporation. The transaction, which is subject to ministerial consent and other required regulatory approvals, is a sale and purchase agreement to acquire the entire share capital of MPNU for a purchase price of $1.28 million, plus up to $300 million contingent consideration. Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, while reviewing the company’s unaudited results for the three months ended 31 March 2022, said the parties are still “awaiting the necessary approvals from government and regulators.” He, however, said the “proposed acquisition of MPNU remains on course,” adding that the deal is expected to be completed in the second half of 2022. He said: “Our proposed acquisition of MPNU remains on course. We are awaiting the necessary approvals from government and regulators and expect the transaction to complete in the second half of this year. “The effective date of January 1, 2021 means we will benefit from higher recent oil prices and as we have previously reported, the addition of MPNU will nearly treble our production and double our reserves on a pro forma 2020 basis. “The acquisition will reinforce our leadership of Nigeria’s indigenous energy sector and enabling us to generate strong future cash flows that will underpin our investment in Nigeria’s energy transition and improve our overall stakeholder returns. “It will also bring a significant undeveloped gas resource base which, alongside our ANOH gas project development, will underpin Nigeria’s energy transition and drive domestic and export revenues when developed,” he said. He added that the company delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline. “However, the alternative Amukpe-Escravos pipeline is mechanically complete and once we have signed the commercial agreements, we expect Chevron to be lifting our oil through the Escravos Terminal in the third quarter,” he stated. Meanwhile, the company has declared an improved revenue by 58.6 per cent to N100.6 billion in its unaudited results for the three months ended 31 March 2022. Seplat said it grew the revenue from N57.9 billion year-on-year. According to the report, its gross profit soared to N48.8 billion from N20.1billion year-on-year, rising by 122.3 per cent. The company recorded a rise in profit before tax by 197.8 per cent to N34.7 billion from N10.6 billion year-on-year. Seplat also generated cash from its operations to the tune of N74.4 billion from N1.7 billion year-on-year, rising by 197.8 per cent. Latest 27 mins ago If you say that trouble came knocking, you would be right. Validations and confessional statements were scrutinised and those who were in the wrong were exposed. Catch up on the trendy stories that made the previous week: “My enemies are after me” Simon Leviev of the infamous Netflix “Tinder Swindler” is in trouble again. Spanish… 56 mins ago As workers across the world today mark this Year’s Workers’ Day, otherwise known as International Labour Day, organised labour has expressed deep concerns that the country is still struggling in its quest for good governance several years after independence. 58 mins ago It was the great playwright, songwriter and song composer who advised a young man who threatened to take his life that there are one thousand women in the marketplace, one thousand fish exist in the sea, why would you kill yourself… 59 mins ago One of the things that informed what we do is our strong belief that we are at the brink of another breaking forth of God’s move. The Joshua Generation is a kind of response to the situation… 59 mins ago From Oshodi, Cele, Ojota, Ketu/Mile 12, Iyana Ipaja, Onipanu inward Anthony, Jakande Gate, Ikotun junction, Igando, Ikeja under bridge, Ikorodu roundabout to Idumota….
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