Aradel Holdings Plc, an indigenous energy company, through its subsidiary, Aradel Energy Limited, has signed a sale and purchase agreement to acquire the 100 per cent interest in the Olo and Olo West marginal fields from TotalEnergies EP Nigeria and the Nigerian National Petroleum Company Limited.
The Olo and Olo West Fields were formerly part of OML 58.
The acquisition was completed for a consideration of $16m plus $3.5m of deferred and conditional payments.
In a statement on Thursday, Aradel said 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 timeframes.
The addition of Olo and Olo West marginal fields to Aradel’s portfolio of assets is a significant inorganic growth milestone in furtherance of Aradel’s vision and long-term strategy to provide sustainable energy solutions that support economic growth,” Aradel’s Chief Executive Officer/Managing Director, Adegbite Falade, said
Falade said the acquisition of the marginal fields is a major step in our journey of promoting energy security in Nigeria through organic and inorganic growth.
“We want to commend the unwavering commitment of the Ministers of Petroleum Resources, and our regulator – the Nigerian Upstream Petroleum Regulatory Commission in supporting this acquisition, within the framework of the Petroleum Industry Act.
