The management explained that a recent court decision is temporarily blocking ExxonMobil Corporation from selling assets in the country to the company.
Seplat, which is not party to the lawsuit, said its deal with Exxon is “still valid” and the company “remains confident. ” The acquisition would give Seplat additional production of about 95,000 barrels of oil equivalent a day from shallow-water assets that Exxon operates in a joint venture with the NNPC.
An Abuja high court had granted the Nigerian National Petroleum Company Limited, an “order of interim injunction” on July 6 barring ExxonMobil “from completing any divestment” in a unit that ultimately operates four licenses in the country Seplat said in a statement Monday.RELATED
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