Seplat Energy Plc has extended agreement to acquire Mobil Producing Nigeria Inc amid pending the resolution of legal proceedings and receipt of regulatory approvals.
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However, the firm said, it remains committed to completing the acquisition, adding that the agreement has been revised so that in the event the transaction closes, Exxon Mobil Corp will share in a portion of the value of Mobil Producing Nigeria during the period of delay.
The exact amount of this value will depend on ‘a number of factors’, including the amount of oil produced and oil prices.
Back in February 2022, Seplat agreed to acquire 100 per cent of Mobil Producing Nigeria from Exxon Mobil for $1.28 billion.
