Aradel Holdings Plc has announced that its wholly owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire a 40 per cent equity interest in ND Western Limited from Petrolin Trading Ltd.
Currently holding 41.67 per cent of NDW, the acquisition will significantly increase Aradel’s total stake in the company, reinforcing its strategic position in Nigeria’s upstream oil and gas sector.
”Aradel Holdings Plc (“Aradel” or the “Company”) is pleased to announce that its wholly owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire a 40% equity interest in ND Western Limited (“NDW”) from Petrolin Trading Ltd. (“Petrolin”). Aradel Energy Limited currently owns 41.67 per cent of NDW.
Upon completion of this transaction, Aradel’s total shareholding in NDW will significantly increase, reinforcing its strategic position within Nigeria’s upstream oil and gas sector.”
NDW holds a 45 per cent participating interest in OML 34, a producing Oil Mining Lease in the Western Niger Delta.
The lease contains substantial crude oil and associated gas reserves that contribute to Nigeria’s domestic energy supply and exports. NDW also owns 50 per cent of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture.
“NDW holds a 45 per cent participating interest in OML 34 (“OML 34”), a producing Oil Mining Lease located in the Western Niger Delta. OML 34 contains material crude oil and associated gas reserves contributing to Nigeria’s domestic energy supply and exports. In addition, NDW owns 50% of the share capital of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture,” the statement partly read.
The completion of the transaction is subject to regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission, the Federal Competition and Consumer Protection Commission, and ministerial consent.
Speaking on the development, Aradel’s Chief Financial Officer, Adegbola Adesina, said, “Completion of the transaction remains subject to necessary regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission, the Federal Competition and Consumer Protection Commission and Ministerial Consent.”
