**Major Stake Transfer: Maurel & Prom Divests 20.07% of Seplat Energy to Heirs Holdings Subsidiary**

In a significant energy sector transaction, French oil and gas company Etablissements Maurel & Prom S.A. has agreed to transfer its substantial shareholding in Seplat Energy Plc to Heirs Energies Ltd., marking a strategic shift for both the seller and the acquiring entity.

**Transaction Details and Valuation**

The binding agreement sets the acquisition price at 305 pence per share for the 120.4 million shares held by Maurel & Prom, representing a 20.07% stake. The total deal value stands at $496 million, with a structured payment approach: $248 million due at closing and the remaining $248 million payable within 30 days, backed by an irrevocable letter of credit. Additionally, the transaction carries a potential contingent consideration of up to $10 million, contingent on specific performance metrics or conditions.

**Strategic Rationale and Background**

Maurel & Prom, which has maintained its position as a founding and leading shareholder since the company's establishment in 2010, is executing this sale as part of a broader portfolio reorientation. The French energy producer aims to convert this substantial investment into capital while concentrating its efforts on direct oil and gas asset ownership and operations. The acquiring party, Heirs Energies, operates as part of the broader Heirs Holdings conglomerate and is positioned to serve as a long-term committed shareholder in the Nigerian energy independent producer.

**Market Response**

Following the announcement, Seplat Energy shares demonstrated strength on the London Stock Exchange, posting a 10.72% gain to close at 284 pence. Meanwhile, Etablissements Maurel & Prom's shares on the Paris Stock Exchange reflected investor enthusiasm, appreciating 8.12% to EUR 5.53, signaling market approval of the strategic reorientation for both entities involved in this landmark transaction.