The acquisition is key to actualising the most ambitious move ever by Seplat, which is both listed in
The acquisition is key to actualising the most ambitious move ever by Seplat, which is listed in both
The deal, which has ground to a halt for nearly two years, is expected to expand Seplat's production by as much as 186 per cent.
"We have very good relationships with the regulator and that is why it takes time and the NNPC is a partner to us and we want to respect the partnership," Reuters quoted CEO
"Now we are starting to get to that crux point to try and resolve the issue," he added.
Seplat opened talks in 2021 to buy
Owning the assets also entitles Seplat to run
The deal has been stalled after
"We are very optimistic that parties to the transaction will go back, look at the position of the regulator and come back by abiding by the provisions of Nigerian laws and the right thing will be done," Reuters quoted
Seplat has extended the share sale and purchase agreement to keep the deal alive until the legal battle is resolved and regulatory approvals are in the bag, its half-year earnings report stated.
The company's shares have gained 67 per cent this year and are currently at their all-time high of N1,837 per unit with a combined valuation of N1.1 trillion.
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