Seplat Energy Plc says it has signed a binding agreement with Nigeria’s Nigerian National Petroleum Company Limited (NNPC Ltd) to sell a 10% working interest in assets held under their joint venture. According to the company’s announcement, the transaction is valued at about $281.6 million. The deal structure involves the transfer of the 10% stake in the joint venture assets, which represent Seplat’s interest in the partnership with NNPCL.
The Nigerian outlets report that Seplat has disclosed the information through a corporate filing, with the Premium Times report stating it was submitted to the Nigerian Exchange. Vanguard also reports the binding agreement and the stated transaction value.
Neither report indicates, in the provided excerpts, whether the sale is subject to regulatory approvals or other closing conditions. The company’s disclosure places the transaction at approximately ₦384.38 billion, based on the conversion referenced in the reporting. The agreement reflects a change in ownership of part of the joint venture working interest between Seplat and NNPCL.
