Seplat Energy Plc announced the company has extended its agreement to acquire Mobil Producing Nigeria amidst pending the resolution of legal proceedings and receipt of regulatory approvals, but “remains committed” to completing the acquisition.

In a statement submitted to the regulator, the energy company said the agreement had been revised so that if the transaction closes, Exxon Mobil Corp will share in a portion of the value of Mobil Producing Nigeria during the period of delay.

The exact amount of this value will depend on “a number of factors”, including the amount of oil produced and oil prices. In February 2022, Seplat agreed to acquire 100% of Mobil Producing Nigeria from Exxon Mobil for US$1.28 billion.

In addition, the parties have revised the initial sales and purchase agreement such that, in the event that applicable regulatory approvals are obtained and the transaction closes.

“ExxonMobil would share in a portion of the value that would otherwise accrue to Seplat Energy in the period between the effective economic date and the completion date of the Transaction.

Seplat Energy said it continues to engage key stakeholders and remains committed to completing the Transaction as soon as possible.