(Alliance News) - Seplat Energy PLC on Friday celebrated the settlement between the Nigerian National Petroleum Co Ltd, Exxon Mobil Corp and Mobil Producing Nigeria Unlimited.

The Lagos-based oil and gas firm with assets in Nigeria noted that Nigerian National Petroleum terminated court proceedings against Mobil Producing Nigeria and its affiliates over the proposed divestment of Mobil Producing Nigeria shares to Seplat.

The dropped legal case means Seplat Energy is progressing towards buying Exxon Mobil's shares in MPNU.

"Seplat Energy commends the open cooperation and progress achieved by all stakeholders, and will diligently engage all key stakeholders, including the government, in progressing towards a swift completion of the acquisition of MPNU," Seplat said.

Seplat back in February 2022 had said it planned to buy Exxon Mobil's shares in MPNU for USD1.28 billion, encompassing the entire offshore shallow water business of ExxonMobil in Nigeria. At the time, it said the deal would be funded through existing cash resources and credit facilities as well as a USD550 million loan facility and USD275 million offtake facility.

Seplat shares rose 3.4% to 198.04 pence each on Friday morning in London. Exxon Mobil shares had closed 0.8% lower at USD110.04 each in New York on Thursday, before Seplat's announcement.

By Tom Budszus, Alliance News slot editor

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