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    SEPL   NGSEPLAT0008

SEPLAT ENERGY PLC

(SEPL)
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Seplat to Acquire ExxonMobil's Oilfields in Nigeria

11/30/2021 | 09:23am EST

Nigerian independent oil and gas company, Seplat Energy Plc together with a partner, is in competitive discussions to acquire ExxonMobil's Nigerian shallow water business.

The Energy Company listed on both the London and Nigerian Stock Exchanges disclosed this in a statement issued on the Nigerian Exchange Limited (NGX).

It would be recalled that in October, ExxonMobil's President, Liam Mallon, had said the company remains "committed" to Nigeria despite its decision to divest from the joint venture (shallow water) with the Nigerian National Petroleum Corporation (NNPC).

The company has divested some of its assets in Africa this year, selling an 80 per cent interest in a Ghanaian offshore block and proposing to offload its stake in the Doba oilfield in Chad.

However, the Chief Financial Officer, Seplat Energy, Emeka Onwuka, noted that the company was looking to acquire the asset in partnership with an ally.

"Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil's Nigerian shallow water business.'

"Deliberations are ongoing and accordingly, there can be no certainty as to the outcome," the statement reads.

"A further announcement will be made as and when appropriate, in line with regulatory requirements," he added.

When Energy Vanguard contacted ExxonMobil's Manager, Media and Communications, Oge Udeagha, he said: "Thanks for checking in with us. As a matter of practice, we don't comment on details of commercial agreements."

Vanguard News Nigeria

Copyright Vanguard. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION 1.72% 74.04 Delayed Quote.18.96%
SEPLAT ENERGY PLC 0.82% 98.4 Delayed Quote.16.75%
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Financials (USD)
Sales 2021 701 M - -
Net income 2021 110 M - -
Net Debt 2021 526 M - -
P/E ratio 2021 6,76x
Yield 2021 8,17%
Capitalization 775 M 773 M -
EV / Sales 2021 1,86x
EV / Sales 2022 1,31x
Nbr of Employees 528
Free-Float 50,3%
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Number of Analysts 4
Last Close Price 1,32 $
Average target price 1,94 $
Spread / Average Target 47,1%
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Managers and Directors
Roger Thompson Brown Chief Executive Officer & Executive Director
Emeka Onwuka Chief Financial Officer & Executive Director
Ambrosie Bryant Chukwueloka Orjiako Non-Executive Chairman
Jay Smulders Technical Director
Effiong Udofia Okon Operations Director & Executive Director
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