TEMPLARS Advises Heirs Energies on US$750 Million Financing 

The RBL will provide funding for working capital and capital expenditure, supporting production optimisation and the company’s next phase of growth.

Heirs Energies holds a participating interest in Oil Mining Lease 17 (OML 17) under a joint venture with Nigerian National Petroleum Company Limited. Since acquiring a 45% interest in OML 17 from Shell, Total and Eni and assuming operatorship of the asset, the company has increased crude oil production from 27,000 barrels of oil equivalent per day to over 50,000 bopd, while gas production has risen from 50 million standard cubic feet per day to 120 million mmscf/d.

All gas produced from OML 17 is sold to the domestic market, improving capacity utilisation and power generation across Nigeria’s eastern gas network in line with national energy and industrial objectives.

The RBL is expected to further accelerate production and strengthen the company’s operational capacity.

The TEMPLARS team was led by Partner, Dupe Dabiri, with support from Senior Associate, Victor Sameria and Associates, Victoria Gordon, Oyinda Afolabi, Christine Unuigboje, and Lawrence Ola-Adisa.

According to TEMPLARS Managing Partner, Oghogho Akpata: “This financing reflects market confidence in the growing operational track record of Heirs Energies and the strength of its leadership. Our role on the company’s acquisition from Shell, Total and Eni, the unprecedented multi-tranche financing for that acquisition which completed in January 2021, and this transaction nearly five years later, reaffirms TEMPLARS’ position as a trusted adviser on complex, big ticket upstream oil and gas transactions.”

Commenting further, Dupe Dabiri added: “Having assisted the company on its acquisition and related financing which successfully closed during the challenging pandemic, and now on this facility amid shifting geopolitical conditions, investor sentiment and energy policy priorities, we are indeed proud to, once again, be a part of the Heirs Energies story.”