Oritsegbubemi Omatseyin
Lagos — Aradel Holdings Plc, through its subsidiary, Aradel Energy Limited, has signed a sale and purchase agreement to acquire the 100% interest in the Olo and Olo West Marginal Fields from TotalEnergies EP Nigeria and NNPC Limited. The Olo and Olo West Fields were formerly part of OML 58.
The Acquisition was completed for a consideration of $16 million, plus $3.5 million of deferred and conditional payments. The Petroleum Mining Lease for Olo and Petroleum Prospecting License for Olo West will be issued after the payment of relevant Ministerial Consent fees and completion of approved Field development plans within designated time frames.
Aradel Holdings Plc is Nigeria’s foremost integrated independent energy company, delivering critical energy solutions in a sustainable and responsible way.
The Company operates through its subsidiaries and an affiliate company, Aradel Energy Limited (100%), a wholly owned subsidiary of Aradel Holdings, as well as the Operator of the Ogbele and Omerelu Fields; Aradel Gas Limited (100%), a wholly owned subsidiary established to pursue investment opportunities in the gas sector; Aradel Investments Limited (100%), also a wholly owned subsidiary established to hold and manage the group’s non-oil & gas assets; Aradel Refineries Limited (95%), an independent operating midstream entity, underscoring Aradel’s ’s commitment to attaining Energy Independence in Nigeria; ND Western Limited (41.67%), with four limited liability companies (being Aradel Energy, Petrolin, First Exploration & Petroleum Development Company, and Waltersmith Petroman Oil) as shareholders.
