Heirs Energies has finalised the acquisition of the 20.07 per cent equity stake previously owned by French oil company Maurel & Prom S.A. in Seplat Energy Plc, in a deal valued at approximately $500 million.
The company announced on Wednesday that the transaction was executed at a price of 305 pence per share, further strengthening indigenous participation in one of Nigeria’s most strategic energy companies.
According to Heirs Energies, the acquisition aligns with its long-term objective of expanding African ownership of critical energy assets while promoting sustainable development and energy security across Nigeria and the continent.
Chairman of Heirs Energies, Tony Elumelu, said the deal underscores confidence in Africa’s ability to take charge of its natural resources and manage them responsibly.
“This acquisition reflects our strong belief in Africa’s capacity to own, develop and responsibly manage its strategic resources,” Elumelu said.
“It is a long-term investment in Nigeria’s and Africa’s energy future and supports our mission to drive energy security, industrialisation and shared prosperity.
“Seplat Energy has established a resilient and well-governed platform with strong long-term prospects, and we are pleased to support its continued growth and value creation,” he added.
The company said the transaction was backed by Afreximbank and the Africa Finance Corporation (AFC), a development it described as further evidence of Africa’s growing ability to finance large-scale, cross-border energy deals.
The acquisition follows closely on the heels of a $750 million loan facility secured by Heirs Energies from Afreximbank, boosting its financial capacity to pursue strategic investments across the energy value chain.
Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, focused on addressing the continent’s energy needs while aligning with global sustainability goals. Its operations emphasise safety, innovation-driven growth, environmental responsibility and shared prosperity.
The company operates OML 17 in the Niger Delta, producing over 50,000 barrels of oil per day and 120 million standard cubic feet of gas daily, with a reserves base exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas.
Since launching operations in 2021, Heirs Energies has earned a reputation for excellence in brownfield asset management, successfully tackling longstanding onshore challenges and contributing to the revival of safe and stable operations in the Niger Delta.
It is also a major supplier to Nigeria’s domestic gas market, delivering gas that supports more than 400 megawatts of electricity generation, powering homes, businesses and industries nationwide.
Seplat Energy Plc is a Nigerian independent energy company engaged in oil and gas exploration, production and gas processing, with core operations in the Niger Delta. The company is listed on both the Nigerian Exchange and the London Stock Exchange and is regarded as a key player in Nigeria’s energy transition.
As of December 31, 2024, Seplat Energy reported 2P reserves of 1.043 billion barrels of oil equivalent, with working interest production of 135.6 thousand barrels of oil equivalent per day as of October 31, 2025.
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