Seplat Energy Plc has announced that founding shareholder Etablissements Maurel & Prom S.A. has completely exited its shareholding in the company.

The sale involved 120,400,000 ordinary shares, acquired by Heirs Energies Limited (86,639,377 shares) and Heirs Holdings Limited (33,760,623 shares). Following the transaction, M&P no longer holds any stake in Seplat Energy, while the Heirs group now jointly controls 20.07 per cent of the company’s issued share capital.

“Seplat Energy has been notified that major shareholder Etablissements Maurel & Prom S.A. (M&P) has sold its entire 120,400,000-share stake. Heirs Energies Limited acquired 86,639,377 shares, and Heirs Holdings Limited took 33,760,623 shares. Following the transaction, M&P no longer holds any shares, while the Heirs group now owns 20.07 per cent of the company’s issued share capital.”

M&P, one of Seplat Energy’s original investors, has been instrumental in the company’s growth, supporting its evolution into a leading independent Nigerian energy company. Seplat Energy expressed its appreciation for M&P’s contributions, wishing the investor success in future endeavours.

The company also welcomed its new shareholders, noting that the Heirs group would play a strategic role in advancing Seplat Energy’s long-term objectives.

Commenting on the change in a notice filed on the Nigerian Exchange Limited, the Chief Financial Officer, Eleanor Adaralegbe, said, “We recognise the significant role M&P has played in supporting Seplat Energy’s growth and development. We are pleased to welcome Heirs Energies Limited and Heirs Holdings Limited as shareholders and look forward to working together to continue advancing our strategic objectives and long-term ambition of becoming a leading African energy champion.”

The transaction details have been formally filed in the TR-1 Standard Form for Notification of Major Holdings with relevant regulatory authorities.