Seplat Energy Plc has agreed to sell a 10 percent working interest in assets held within the NNPCL/Seplat Joint Venture to NNPC Limited, the company said, in a deal that trims its stake in the operation while handing shareholders a fresh payout.
The Nigerian oil and gas producer signed a legally binding Heads of Agreement with NNPC for the sale, with a headline transaction value of $281.6 million. Seplat said that figure represents roughly 25 percent of the gross transaction consideration it paid for its acquisition of SEPNU, based on the company’s own reasonable estimate.
“With continued strong business performance and the announced sale of a 10 percent interest in our offshore JV to NNPC Limited, means that total dividends paid for the current financial year are expected to represent nearly 50 percent of all previous dividends paid to shareholders,” Roger Brown, chief executive officer of Seplat Energy, said.
Once the sale closes, Seplat said it will retain a 30 percent working interest in the joint venture assets and will continue on as operator, meaning day-to-day control of the fields stays with the company even as its ownership share shrinks.
“The effective date for the transaction is 1 April 2026, and completion is expected in 2H 2026,” Seplat Energy’s unaudited results for the six months ended 30 June 2026.
