Seplat sells 10% JV stake to NNPC

Seplat Energy Plc has signed a legally binding Heads of Agreement to sell a 10% working interest in its NNPCL-SEPNU Joint Venture assets to the NNPC Limited (NNPC Limited) for approximately $281.6 million. The transaction, with an effective date of April 1, 2026, is expected to complete in the second half of 2026, subject to regulatory approvals. Upon completion, SEPNU's stake in the joint venture will reduce from 40% to 30%, while NNPC Limited's stake will increase from 60% to 70%. Seplat will retain operational control as operator and continue to own 100% of SEPNU. The proceeds will be split roughly equally between a special dividend to shareholders and debt repayment. Seplat plans to distribute $140 million (23.3 cents per share) as a transaction dividend, bringing total expected 2026 dividends to $410 million (68.3 cents per share). The announcement accompanied Seplat's strong first-half 2026 results, with revenue up 30% to $1.82 billion, profit after tax surging 498% to $164 million, and net debt reduced by 45% to $370.7 million. The deal is part of Seplat's portfolio optimisation strategy following its acquisition of ExxonMobil — Mobil Producing Nigeria Unlimited's shallow-water assets.