Seplat Energy expresses confidence in Tinubu to approve acquisition of Mobil Nigeria

Seplat Energy Plc, a leading Nigerian independent energy company has expressed confidence in President Bola Ahmed Tinubu to approve the acquisition of Mobil Nigeria.

The Energy company had earlier announced that it had acquired the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation, Delaware (ExxonMobil).

The company added that the transaction is subject to ministerial approval and other required regulatory backings.

In a statement on Monday after the company released its nine months results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy said Seplat remains confident that it can conclude its transformational acquisition of MPNU.

“We wholly align with and support President Tinubu’s efforts to make Nigeria a more attractive place to invest, and we will play our part by delivering affordable and reliable energy that will support our nation’s growth,”  He said.

Commenting on the results, Brown said: “Seplat Energy’s operational performance was strong in the third quarter, particularly September which mitigated some of the outages experienced on third party infrastructure and supported production growth of 11% on the same period in 2022.

“Our balance sheet remains strong and thanks to higher commodity pricing and our proactive approach to cash management, we have generated more than $170m in free cash flow year to date. Our focus for the rest of 2023 is on safe and reliable operations, revenue assurance and cost management, all of which will deliver further strengthening of our cash position. This keeps us on track for an excellent year that will support the increased quarterly dividends we announced in April and allow us to continue our commitment to reward shareholders.

“Following the serious incident on the Depthwize Majestic rig, which resulted in the tragic loss of life, we have provided significant support to Depthwize, its owner, in its recovery operation. Our own investigations are ongoing, but I can assure all stakeholders of our unwavering commitment to safety on all of our operations.

“Ongoing third-party delays to ANOH’s export infrastructure remain a source of frustration, but we are confident that the quality of the project will support dividend growth for Seplat in the coming years as we diversify the business and deliver on our strategy to provide more affordable energy for Nigeria.”