Eunice Imo Kalu
The company said the acquisition is premised on the signing of a landmark transaction between Renaissance Africa Energy Company Limited and Shell International Plc to acquire its 100% shareholding in SPDC.
The statement said Renaissance is owned by ND Western Limited, Aradel Energy Limited, Petrolin Group, First Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with demonstrable and proven operational capabilities.
The statement read: “This acquisition marks a significant milestone for Aradel, which will bring enormous benefits to its shareholders, further strengthen its financial outlook and consolidate its strategic positioning in the Nigerian energy market.
“Aradel is committed to working in partnership with all the stakeholders in Renaissance and the SPDC Joint Venture to ensure a smooth transition and drive continued growth and success in Nigeria and beyond.”
Completion is subject to meeting conditions precedent, and approvals of the Federal Government of Nigeria.
Speaking on the acquisition, Aradel’s Chief Executive Officer/Managing Director, Adegbite Falade, said: “This successful acquisition represents a key step in our journey to becoming a leading energy Company in Africa and aligns with our long-term strategic growth plans.
“It also demonstrates our commitment to our “3R” Strategy of Resilience, Robustness, and Redundancy”
