NNPC Court Action

RNS Number : 0000S

Seplat Energy PLC

11 July 2022

 

Seplat Energy Plc ("Seplat Energy" or the "Company")

Interim Corporate Announcement on theCourtActionbroughtbyNNPCinrelation tothe acquisition of the shares of MobilProducingNigeria Unlimited

Lagos and London - 11 July2022: Seplat Energy PLC recentlybecameawarethat, on 5 July 2022, theNigerianNationalPetroleumCompanyLimited("NNPC")commenced an action at theState High Court of theFederalCapitalTerritory in Abuja,Nigeria ("State HighCourt") in relationtotheacquisition of theentireshares of MobilProducingNigeriaUnlimited("MPNU").MPNU,itsshareholders(MobilDevelopmentNigeria,Inc. and Mobil ExplorationNigeria,Inc.), and theNigerianUpstreamPetroleumRegulatoryCommissionarenamed as defendants in thesuit.NNPC has requestedtheStateHighCourtto declare that a dispute has occurredbetweenitself and MPNU in relationtotheinterpretation of pre-emptionrightsundertheir Joint OperatingAgreement("JOA") and orderNNPC and MPNUtoarbitration as required by theJOA.

On 6 July2022,theStateHighCourtmadeanex-parteorder of interiminjunctionrestrainingtheDefendantsfromcompletinganydivestmentinMPNU,includingtheShareSale and PurchaseAgreementsigned with SeplatEnergy OffshoreLimited(the "SPA").

Neither Seplat Energy PLC nor SeplatEnergyOffshoreLimited is a partyinthesuit.TheCompanycannotprovidefurthercomments, as thematter is awaitingresolution by theStateHighCourt and is thereforesub judice.SeplatEnergyPLCreiteratesthattheSPA is stillvalid and subsisting, and theCompanyremainsconfidentthatthematterwillbe brought to a properconclusion in accordancewiththe law. Any furtherinformationwillbeprovided if available to the Company and permittedbylaw.

This announcement is madepursuantto Rule 17.11,Rulebook of The NigerianExchangeLimited,2015(Issuers'Rule).

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For: SeplatEnergy Plc

MRS. EDITH ONWUCHEKWA

Director Legal/Company Secretary

Enquiries:

Seplat Energy Plc
Emeka Onwuka,	Chief Financial Officer
Chioma Nwachuku,	Director External Affairs and Sustainability
Edith Onwuchekwa,	Director Legal/Company Secretary
Carl Franklin,	Head of InvestorRelations
FTI Consulting	Ben Brewerton / Chris Laing [phone]

 

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