Heirs Energies has acquired the entire 20.07 percent equity stake previously held by Maurel and Prom S.A. in Seplat Energy Plc for about $500 million.
The transaction involved the purchase of 120.4 million ordinary shares at 305 pence per share.
The deal was disclosed in a statement issued by the companies.
Commenting on the acquisition, chairman of Heirs Energies, Tony Elumelu, said, “This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources. It is a long term investment in Nigeria’s and Africa’s energy future, and aligns with our mission to drive energy security, industrialisation, and shared prosperity. Seplat Energy has built a resilient, well governed platform with compelling long term prospects, and we are pleased to support its continued growth and value creation for all stakeholders.”
The transaction was supported by Afreximbank and Africa Finance Corporation.
Heirs Energies said the acquisition aligns with its plan to increase indigenous participation in strategic energy assets and support energy development in Nigeria and Africa.
Heirs Energies operates OML 17 in the Niger Delta, producing about 50,000 barrels of oil per day and 120 million cubic feet of gas per day.
The company has oil reserves of over 1.5 billion barrels and gas reserves of about 2.5 trillion cubic feet.
It supplies gas for more than 400 megawatts of power generation in Nigeria.
Seplat Energy Plc is a Nigerian oil and gas company focused on exploration, production and gas processing in the Niger Delta.
It is listed on the Nigerian Exchange and the London Stock Exchange.
As of December 31, 2024, the company had 2P reserves of 1.043 billion barrels of oil equivalent and working interest production of 135.6 thousand barrels of oil equivalent per day as of October 31.
Separately, the companies said Heirs Holdings Ltd agreed to acquire about 20 percent of Seplat Energy from France based Etablissements Maurel and Prom SA for $496 million.
Seplat Energy shares rose in London following the announcement, while Maurel and Prom shares gained in Paris.
Maurel and Prom is selling the stake at 305 pence per share.
Heirs will pay $248 million initially, with the balance payable within 30 days, according to the statement.
The acquisition expands Elumelu’s presence in the energy sector.
Heirs Holdings was founded in 2010 to invest in sectors including energy.
Seplat Energy acquired Exxon Mobil Corporation’s Nigerian onshore and gas assets last year, while Heirs acquired Shell Plc assets in 2021.
