Heirs Energies, an indigenous integrated energy company, has acquired the entire 20.07 percent equity stake (120.4 million ordinary shares) previously held by French oil firm Maurel & Prom S.A. in Seplat Energy Plc.

The transaction was completed at a price of GBP 3.05 pence per share, valuing the deal at approximately $500 million, according to a statement released on Wednesday.

The acquisition follows closely after Heirs Energies secured a $750 million loan from Afreximbank, further strengthening its capacity to expand its operations and investments in the Nigerian oil and gas sector.