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Dual-listed energy firm Seplat Energy Plc has executed a legally binding Heads of Agreement with state oil firm Nigerian National Petroleum Company Limited (NNPC Limited) to assign a 10% working interest in the NNPCL-SEPNU Joint Venture (JV) for a headline transaction value of $281.6 million.

This headline value represents roughly 25% of the total consideration (including contingent payments) paid by SEOL to acquire SEPNU.

Crucially, while NNPC’s working interest in the JV rises from 60% to 70%, SEPNU retains a 30% working interest and will continue to serve as the official operator of the JV. Seplat Energy maintains 100% full ownership of SEPNU’s share capital.

The deal features an effective date of April 1, 2026, with final closing anticipated in 2H 2026, pending customary regulatory approvals.