Maurel & Prom report that Seplat Energy, a leading Nigerian energy company of which M&P is the largest shareholder with a 20.46% holding, announced today the completion of the acquisition of Mobil Producing Nigeria Unlimited (“MPNU”) from ExxonMobil Corporation.

MPNU, which includes the entire offshore shallow water business of ExxonMobil in Nigeria, is an established operator with a highly skilled local team and a proven track record of safe operations. 

The Transaction is transformative for Seplat Energy, and provides significant opportunities to further drive its growth and profitability:

• Production increase of 148% on a proforma basis for the first half of 2024, from 48 kboepd to 120 kboepd;
• 2P reserves increase of 86% on a proforma basis as at 30 June 2024, from 478 mmboe to 887 mmboe;
• Adjusted EBITDA increase of 199% on a proforma basis for the first half of 2024, from $267 million to $800 million.

The cash consideration paid to ExxonMobil at closing was $672 million, fully funded from Seplat Energy’s available cash and debt facilities. The company retains a strong balance sheet position post acquisition, with a proforma net debt to EBITDA ratio similar to Seplat Energy’s reported leverage of 0.8x at 30 June 2024.

KeyFacts Energy: SEPLAT Nigeria country profile   l   KeyFacts Energy: Acquisitions & Mergers news