Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces that the Nigerian Upstream Petroleum Regulatory Commission ("NUPRC") has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited ("MPNU").

Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for granting this approval, and appreciates the support and diligence of the various Ministries and regulators for all the work on this Transaction.

The Company will now work with all parties to bring the Transaction to completion.

In February 2022, ExxonMobil announced that the company has reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary Seplat Energy Offshore Limited.

“This sale will allow us to prioritize competitively advantaged investments in our strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations,” said Liam Mallon, president, ExxonMobil Upstream Oil and Gas. “We value the relationships we have spent decades building with the government and people of Nigeria, which will continue as we maximize the value from our deepwater operations.”

When finalized, the sale will include the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of Mobil Producing Nigeria Unlimited, which holds a 40% stake in four oil mining licenses, including more than 90 shallow-water and onshore platforms and 300 producing wells.

ExxonMobil will maintain a significant deepwater presence in Nigeria, including interests in the Erha, Usan and Bonga developments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited.