Seplat Energy completes acquisition of MPNU

On December 12, 2024, Maurel & Prom, Seplat Energy’s largest shareholder with a 20.46% stake, announced that Seplat Energy has completed the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil. This acquisition covers ExxonMobil’s shallow water offshore operations in Nigeria, a sector where MPNU has excellent operational expertise.

The transaction represents a turning point for Seplat Energy, promising strong growth. Planned production increases by 148%, reaching 120 kboe/d in the first half of 2024. 2P reserves increase by 86% to 887 Mboe. Adjusted EBITDA increases by 199%, reaching $800 million.

This acquisition, amounting to $672 million, was financed by the cash and credit facilities of Seplat Energy, which maintains a strong balance sheet with a net debt to EBITDA ratio of 0.8x.