LAGOS/LONDON — Seplat Energy Plc has signed a binding agreement with the Nigerian National Petroleum Company Limited (NNPC Ltd) for the sale of a 10 per cent working interest in the assets held by their joint venture for a transaction value of approximately $281.6 million.
The energy company, listed on both the Nigerian Exchange and the London Stock Exchange, disclosed in a statement on Thursday that its subsidiaries, Seplat Energy Offshore Limited (SEOL) and Seplat Energy Producing Nigeria Unlimited (SEPNU), entered into a Heads of Agreement with NNPC Ltd for the transaction.
The deal involves the transfer of a 10 per cent interest in the NNPCL/SEPNU Joint Venture (JV), with completion subject to regulatory approvals and other customary conditions. The transaction is expected to be concluded in the second half of 2026, with an effective date of April 1, 2026.
Following completion, SEPNU will retain a 30 per cent working interest in the joint venture assets and remain the operator, while NNPC Ltd’s interest will increase from 60 per cent to 70 per cent.
Seplat Energy said it would continue to retain full ownership of SEPNU.
