Aradel Holdings Plc has entered into an agreement to acquire a 5.14 per cent equity interest in Chappal Energies Mauritius Limited, an energy company focusing on investments in deep value and brownfield upstream opportunities within Africa.
In a statement by the company’s Secretary and Group General Counsel, Titilola Omisore, the Managing Director/Chief Executive Officer, Adegbite Falade, stated that the acquisition is in line with the company’s plan to diversify its asset base while deepening its gas competencies and gaining access to offshore basins using low-risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource,” the Aradel boss said.
He added, “We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country.
“Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities.”
He added that completion and relevant notification processes were ongoing.
On December 6, Chappal announced the acquisition of Equinor Nigeria Energy Company, which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitised 20.21 per cent stake in the Agbami oil field, operated by Chevron.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
