More facts have emerged on why the planned acquisition of shallow water assets of Mobil Producing Unlimited, Nigeria is delayed.
Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, while reviewing the company’s unaudited results for the three months ended 31 March 2022, said the parties are still “awaiting the necessary approvals from government and regulators.” “The effective date of January 1, 2021 means we will benefit from higher recent oil prices and as we have previously reported, the addition of MPNU will nearly treble our production and double our reserves on a pro forma 2020 basis.
He added that the company delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline.