Seplat shares soar as ExxonMobil asset deal sealed

Seplat Energy Plc, one of three oil and gas operators listed on the Nigerian Exchange Limited, rose by almost 10 percent on Monday as its acquisition of ExxonMobil’s shallow-water assets in the country has received the green light from the government.

The company was the fourth-biggest gainer as its share price closed at N5,738.20, up from N5,217.20 on Friday. Its market capitalisation increased to N3.37 trillion, making it the most valuable oil company on the bourse.

Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission, announced on Monday that the ExxonMobil-Seplat deal, which was signed in February 2022, had been approved by the minister of petroleum resources, a position occupied by President Bola Tinubu.