TUE, 12 JULY, 2022-theGBJournal| Seplat Energy Plc said Monday that neither Seplat Energy PLC nor Seplat Energy Offshore Limited is a party in the suit brought by Nigerian National Petroleum Company Limited (NNPC) at the State High Court Abuja, Nigeria in relation to the acquisition of the entire shares of Mobil Producing Nigeria Unlimited (MPNU).
Seplat had in February 2021, agreed to acquire the entire share capital of MPNU from ExxonMobile Corporation for $1.3 billion. But the NNPC quickly moved to announce it is exercising a right of pre-emption on the deal.
The NNPC subsequently commenced an action at the State High Court in Abuja, in relation to the acquisition of the entire shares of Mobil Producing Nigeria Unlimited.
MPNU, its shareholders (Mobil Development Nigeria, Inc. and Mobil Exploration Nigeria, Inc.), and the Nigerian Upstream Petroleum Regulatory Commission are named as defendants in the suit.
NNPC has requested the State High Court to declare that a dispute has occurred between itself and MPNU in relation to the interpretation of preemption rights under their Joint Operating Agreement (JOA) and order NNPC and MPNU to arbitration as required by the JOA.
On 6 July 2022, the State High Court made an ex-parte order of interim injunction restraining the Defendants from completing any divestment in MPNU, including the Share Sale and Purchase Agreement (SPA) signed with Seplat Energy Offshore Limited.
Seplat said in a statement signed by its Director Legal/Company Secretary, MRS. EDITH ONWUCHEKWA that it cannot provide further comments, as the matter is awaiting resolution by the State High Court and is therefore sub judice.
Seplat in the statement insists that the SPA ‘’is still valid and subsisting, and the Company remains confident that the matter will be brought to a proper conclusion in accordance with the law.’’
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