Seplat Energy Plc ("Seplat Energy" or the "Company")
Notification of Major Holdings
Lagos and London, 6 January 2026: The Company has received formal notification of the sale of 120,400,000 ordinary shares by major shareholder - Etablissements Maurel & Prom S.A. ("M&P"). The shares were acquired as follows:
86,639,377 ordinary shares by Heirs Energies Limited.
33,760,623 ordinary shares by Heirs Holdings Limited.
Following this transaction, M&P no longer holds any shares in the Company while Heirs Energies Limited and Heirs Holdings Limited now jointly hold 120,400,000 ordinary shares, representing 20.07% of the Company's issued share capital.
M&P was a founding investor in Seplat Energy and remained one of the Company's largest shareholders until now. The Company recognises and appreciates the significant role M&P has played in supporting Seplat Energy's growth and development into a leading independent Nigerian energy company and wishes M&P every success in its future endeavours.
Seplat Energy is pleased to welcome Heirs Energies Limited and Heirs Holdings Limited as shareholders and looks forward to working together to continue advancing Seplat's strategic objectives and long-term ambition of becoming a leading African energy champion.
Further details of the transaction are set out in the attached TR-1 Standard Form for Notification of Major Holdings by M&P and the new shareholders - Heirs Energies Limited and Heirs Holdings Limited.
For: Seplat Energy Plc
Eleanor Adaralegbe
Chief Financial Officer
TR-1: Standard form for notification of major holdings
1. Issuer Details
NGSEPLAT0008
Issuer NameSEPLAT ENERGY PLC
UK or Non-UK IssuerNon-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Etablissements Maurel & Prom S.A.
City of registered office (if applicable)Paris
Country of registered office (if applicable)France
4. Details of the shareholder
5. Date on which the threshold was crossed or reached
30-Dec-2025
6. Date on which Issuer notified
7. Total positions of person(s) subject to the notification obligation | ||||||
% of voting rights attached to shares (total of 8.A) | % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) | Total of both in % (8.A + 8.B) | Total number of voting rights held in issuer | |||
Resulting situation on the date on which threshold was crossed or reached | 0.000000 | 0.000000 | 0.000000 | 0 | ||
Position of previous notification (if applicable) | ||||||
02-Jan-2026
Class/Type of shares ISIN code(if possible) | Number of direct voting rights (DTR5.1) | Number of indirect voting rights (DTR5.2.1) | % of direct voting rights (DTR5.1) | % of indirect voting rights (DTR5.2.1) | |||
NGSEPLAT0008 | 0 | 0 | 0.000000 | 0.000000 | |||
Sub Total 8.A | 0 | 0.000000% | |||||
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a)) | |||||||
Type of financial instrument | Expiration date | Exercise/conversion period | Number of voting rights that may be acquired if the instrument is exercised/converted | % of voting rights | |||
Sub Total 8.B1 | |||||||
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b)) | |||||||
Type of financial instrument | Expiration date | Exercise/conversion period | Physical or cash settlement | Number of voting rights | % of voting rights | ||
Sub Total 8.B2 | |||||||
9. Information in relation to the person subject to the notification obligation
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
1. Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.
Ultimate controlling person | Name of controlled undertaking | % of voting rights if it equals or is higher than the notifiable threshold | % of voting rights through financial instruments if it equals or is higher than the notifiable threshold | Total of both if it equals or is higher than the notifiable threshold |
10. In case of proxy voting
Additional Information
Date of Completion
Place Of Completion
Paris, France
TR-1: Standard form for notification of major holdings1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii: | Seplat Energy Plc | ||||
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) | |||||
Non-UK issuer | X | ||||
2. Reason for the notification (please mark the appropriate box or boxes with an "X") | |||||
An acquisition or disposal of voting rights | X | ||||
An acquisition or disposal of financial instruments | |||||
An event changing the breakdown of voting rights | |||||
Other (please specify) iii: | |||||
3. Details of person subject to the notification obligation iv | |||||
Name | Heirs Energies Limited | ||||
City and country of registered office (if applicable) | Lagos, Nigeria | ||||
4. Full name of shareholder(s) (if different from 3.) v | |||||
Name | |||||
City and country of registered office (if applicable) | |||||
5. Date on which the threshold was crossed or reached vi: | 31/12/2025 | ||||
6. Date on which issuer notified (DD/MM/YYYY): | 05/01/2026 | ||||
7. Total positions of person(s) subject to the notification obligation | |||||
% of voting rights attached to shares (total of 8. A) | % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) | Total of both in % (8.A + 8.B) | Total number of voting rights held in issuer (8.A + 8.B) vii | ||
Resulting situation on the date on which threshold was crossed or reached | 14.44% | 14.44% | |||
Position of previous notification (if applicable) | |||||
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii | |||||
A: Voting rights attached to shares | |||||
Class/type of shares ISIN code (if possible) | Number of voting rights ix | % of voting rights | |||
Direct (DTR5.1) | Indirect (DTR5.2.1) | Direct (DTR5.1) | Indirect (DTR5.2.1) | ||
Ordinary Shares | 86,639,377 | 14.44% | |||
SUBTOTAL 8. A | 86,639,377 | 14.44% | |||
B 1: Financial Instruments according to DTR5.3.1R (1) (a) | |||||
Type of financial instrument | Expiration date x | Exercise/ Conversion Period xi | Number of voting rights that may be acquired if the instrument is exercised/converted. | % of voting rights | |
SUBTOTAL 8. B 1 | |||||
B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) | |||||
Type of financial instrument | Expiration date x | Exercise/ Conversion Period xi | Physical or cash Settlement xii | Number of voting rights | % of voting rights |
SUBTOTAL 8.B.2 | |||||
9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") | ||||
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii | ||||
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv | X | |||
Name xv | % of voting rights if it equals or is higher than the notifiable threshold | % of voting rights through financial instruments if it equals or is higher than the notifiable threshold | Total of both if it equals or is higher than the notifiable threshold | |
Heirs Alliance Limited | 60% in Heirs Holdings Limited | 60% | ||
Heirs Holdings Limited | 99% in TNOG Limited | 99% | ||
TNOG Limited | 49% in Heirs Energies | 49% | ||
HHOG Limited | 51% in Heirs Energies | 51% | ||
10. In case of proxy voting, please identify: | ||||
Name of the proxy holder | ||||
The number and % of voting rights held | ||||
The date until which the voting rights will be held | ||||
11. Additional information xvi | ||||
Place of completion | Lagos, Nigeria |
Date of completion | 31/12/2025 |
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii: | Seplat Energy Plc | ||||
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) | |||||
Non-UK issuer | X | ||||
2. Reason for the notification (please mark the appropriate box or boxes with an "X") | |||||
An acquisition or disposal of voting rights | X | ||||
An acquisition or disposal of financial instruments | |||||
An event changing the breakdown of voting rights | |||||
Other (please specify) iii: | |||||
3. Details of person subject to the notification obligation iv | |||||
Name | Heirs Holdings Limited | ||||
City and country of registered office (if applicable) | Lagos, Nigeria | ||||
4. Full name of shareholder(s) (if different from 3.) v | |||||
Name | |||||
City and country of registered office (if applicable) | |||||
5. Date on which the threshold was crossed or reached vi: | 31/12/2025 | ||||
6. Date on which issuer notified (DD/MM/YYYY): | 05/01/2026 | ||||
7. Total positions of person(s) subject to the notification obligation | |||||
% of voting rights attached to shares (total of 8. A) | % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) | Total of both in % (8.A + 8.B) | Total number of voting rights held in issuer (8.A + 8.B) vii | ||
Resulting situation on the date on which threshold was crossed or reached | 5.63% | 5.63% | |||
Position of previous notification (if applicable) | |||||
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii | |||||
A: Voting rights attached to shares | |||||
Class/type of shares ISIN code (if possible) | Number of voting rights ix | % of voting rights | |||
Direct (DTR5.1) | Indirect (DTR5.2.1) | Direct (DTR5.1) | Indirect (DTR5.2.1) | ||
Ordinary Shares | 33,760,623 | 5.63% | |||
SUBTOTAL 8. A | 33,760,623 | 5.63% | |||
B 1: Financial Instruments according to DTR5.3.1R (1) (a) | |||||
Type of financial instrument | Expiration date x | Exercise/ Conversion Period xi | Number of voting rights that may be acquired if the instrument is exercised/converted. | % of voting rights | |
SUBTOTAL 8. B 1 | |||||
B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) | |||||
Type of financial instrument | Expiration date x | Exercise/ Conversion Period xi | Physical or cash Settlement xii | Number of voting rights | % of voting rights |
SUBTOTAL 8.B.2 | |||||
9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") | ||||
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii | ||||
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv | X | |||
Name xv | % of voting rights if it equals or is higher than the notifiable threshold | % of voting rights through financial instruments if it equals or is higher than the notifiable threshold | Total of both if it equals or is higher than the notifiable threshold | |
Heirs Alliance Limited | 60% in Heirs Holdings | 60% | ||
Tony Elumelu | 30% in Heirs Holdings | 30% | ||
Awele Elumelu | 10% in Heirs Holdings | 10% | ||
10. In case of proxy voting, please identify: | ||||
Name of the proxy holder | ||||
The number and % of voting rights held | ||||
The date until which the voting rights will be held | ||||
11. Additional information xvi | ||||
Place of completion | Lagos, Nigeria |
Date of completion | 31/12/2025 |