Maurel & Prom S.A, the (then) French independent who provided a chunk of the money for Seplat Energy Plc to acquire its first set of upstream assets in 2010, has sold its entire stake in the London and Nigerian exchange listed firm.
M&P’s 120.4Million shares, representing a 20.07% interest in Seplat, was sold to Heirs Energies Ltd at a price of 305 pence per share, corresponding to a total consideration of $496Million, with an initial payment of $248Million and the balance payable within 30 days, secured by an irrevocable letter of credit, the company said in a statement on December 31, 2025.
An additional contingent consideration of $10Million may become payable, subject to share price performance over the next six months.
Once the regulatory issues are cleared, Heirs Energies will take a seat on Seplat’s board as the largest shareholder, a vantage space for a close competitor in the Nigerian oil patch.
“M&P has been one of Seplat’s three founders and its largest shareholder since inception in 2010, and has supported the company throughout its development into a leading Nigerian energy player with a diversified portfolio across oil and gas, playing a key role in Nigeria’s energy security”, the company’s statement explained.
M&P worked on the ground floor of the concept called Seplat Energy. In 2010, it paid $153Million as its contribution for Seplat’s purchase of Shell/TOTAL/ENI’s stake in Oil Mining Leases (OMLs) 4, 38 &41 in the Western Niger Delta. M&P also guaranteed the $187Million BNP loan facility advanced to Shebah E&P and Platform Petroleum, the two core founders of Seplat, to make up the balance for a total cash payment of $340Million to Shell, TOTAL & ENI. At that point, M&P was 45% owner of Seplat, with Shebah and Platform holding 31% and 24%.
OMLs 4, 38 & 41 became Seplat’s base business and was the springboard from which the company made the London Stock Exchange listing and acquired positions in several OMLs, until it gobbled up the entire shares of Mobil Producing Nigeria Unlimited, which pushed its gross liquid hydrocarbon output to higher than 230,000Barrels of Oil Per day at optimum conditions.
“This investment has proven to be a great success for M&P, delivering very strong returns since inception in 2010. We believe that now is the right time for M&P to monetise this position and further focus on direct investments in oil and gas assets, in line with a growth strategy that we plan to accelerate” Olivier de Langavant, Chief Executive Officer of M&P, declared:
“We are incredibly proud to have supported Seplat’s journey over the last fifteen years and its transformation into a leading energy company in Nigeria across both oil and gas”
