Seplat Energy’s Acquisition of Offshore Shallow Water Business from Exxon Mobil in Nigeria

In UK White & Case, advised on the matter.

White & Case advised Seplat Petroleum Development Company with a team including Mukund Dhar (Commercial Law), Allan Taylor (Picture – Corporate M&A), Jason Kerr (Finance).

Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, executed the US$1.283 billion to US$1.583 billion acquisition of the entire offshore shallow water business of Exxon Mobil Corporation in Nigeria. 

The acquisition consists of a 40 percent operated interest in oil mining leases (67, 68, 70 and 104) and associated infrastructure, along with the Qua Iboe Terminal and a 51 percent interest in the Bonny River Terminal NGL Recovery Plant. The cash consideration payable will be funded through a combination of existing cash resources and credit facilities of Seplat Energy, and a new US$550 million to US$600 million secured loan facility and US$275 million to US$225 million junior debt facility. The acquisition constitutes a reverse takeover of Seplat Energy for the purposes of the UK Listing Rules and is expected to close during the second half of 2022 following receipt of regulatory approvals in Nigeria. This is the first transaction to be announced under the Nigerian government’s recently ratified Petroleum Industry Act. 

ExxonMobil is one of the world’s largest publicly traded international oil and gas companies. 

The White & Case team in London which advised on the transaction included partners Allan Taylor, Jason Kerr and Mukund Dhar, counsel Joanna Hayward and Alex Woodfield, and associates Henry Brendon, James Foo, Emma Roker, Edwina Daws, David Murray, Zack Trumper and Asad Khan.

Involved fees earner: Henry Brendon – White & Case; Edwina Daws – White & Case; Mukund Dhar – White & Case; Johanna Hayward – White & Case; Jason Kerr – White & Case; David Murray – White & Case; Emma Roker – White & Case; Allan Taylor – White & Case; Zack Trumper – White & Case; Alex Woodfield – White & Case;

Law Firms: White & Case;

Clients: Seplat Petroleum Development Company;

Author: Giulia Di Palma