Heirs Energies Boosts Seplat Energy Stake To 21 Percent

Heirs Energies Ltd, a company controlled by Tony Elumelu, has acquired 6 million ordinary shares in Seplat Energy Plc. The transaction is valued at £53.2 million. Seplat Energy disclosed the new share purchase in a regulatory filing on Thursday, signed by Edith Onwuchekwa, the company’s Director, Legal/Company Secretary.

Mr. Elumelu, who also serves as a Non-Executive Director at Seplat Energy, purchased the 6,000,000 shares at a price of £8.87 per share. This acquisition represents approximately one percent of Seplat Energy’s outstanding shares. Seplat Energy is dually listed on the London Stock Exchange Main Market and the Nigerian Exchange (NGX).

Following this transaction, Heirs Energies Limited now holds 27,943,867 shares in Seplat, representing 4.67 percent. Entities controlled by Mr. Elumelu, including Heirs Energies Limited and Heirs Holdings Limited, collectively hold 126,400,000 shares, equating to a 21.07 percent voting interest based on Seplat’s 599,944,561 issued shares. This builds on last year's acquisition by Heirs Energies of a 20.07 percent equity stake, 120.4 million ordinary shares, from Maurel & Prom S.A. for approximately $500 million.

This increased stake further consolidates Mr. Elumelu's influence and control within Seplat Energy, reinforcing his strategic position in the company. For investors, this move signals a strong commitment from a major shareholder, potentially indicating long-term stability and strategic alignment for future growth initiatives. The acquisition strengthens Heirs Energies' presence in a key Nigerian independent energy company. Seplat Energy benefits from continued investment and the backing of a significant, engaged shareholder.

Seplat Energy clarified on January 14 that the 20.07 percent interest acquired last year is held by Heirs Energies Limited (3.658 percent) and Heirs Holdings Limited (16.412 percent), with Samuel Nwanze and Emmanuel Nnorom serving as proxy holders for these stakes indefinitely. Heirs Energies operates Oil Mining Lease (OML) 17 in the Niger Delta, boasting a daily output of 50,000 barrels of oil and 120 million cubic feet of gas, alongside reserves exceeding 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas. These operations provide fuel for over 400 megawatts of electricity generation in Nigeria. Seplat Energy Plc itself is a Nigerian independent energy company focused on oil and gas exploration, production, and gas processing within the Niger Delta region.