Aradel Holdings Plc has through its subsidiary, Aradel Energy Limited, 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 Limited and the Nigerian National Petroleum Company Limited (NNPC).
Aradel disclosed this in a statement it shared with THISDAY, on Thursday, saying the acquisition was completed for a consideration of $16 million, plus $3.5 million of deferred and conditional payments.
The Olo and Olo West marginal fields are located within former oil mining lease (OML) 58, in the Eastern Niger Delta, 80 kilometres northwest of Port Harcourt, Rivers State.
The Nigerian integrated energy company said the Petroleum Mining Lease (PML) for Olo and Petroleum Prospecting License (PPL) for Olo West would be issued after the payment of relevant ministerial consent fees and completion of approved Field Development Plans (FDPs) within designated timeframes.
According to the statement, the addition of Olo and Olo West Marginal fields to Aradel’s portfolio of assets is a significant inorganic growth milestone in furtherance of the company’s vision and long-term strategy to provide sustainable energy solutions that support economic growth.
Commenting on the announcement, Aradel’s Chief Executive Officer and Managing Director, Mr. Adegbite Falade said: “The acquisition of Olo and Olo West Marginal Fields are 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 (NUPRC) in supporting this acquisition, within the framework of the Petroleum Industry Act (PIA).
“We also want to commend the NNPCL and TotalEnergies for their commitment to grow Nigeria’s oil and gas production, even from marginal fields.”
Aradel operates through its subsidiaries and an affiliate company, Aradel Energy Limited (100 per cent), a wholly owned subsidiary of Aradel Holdings, as well as the Operator of the Ogbele and Omerelu Fields; Aradel Gas Limited (100 per cent), a wholly owned subsidiary established to pursue investment opportunities in the gas sector.
The group also has Aradel Investments Limited (100 per cent), also a wholly owned subsidiary established to hold and manage the group’s non-oil and gas assets; Aradel Refineries Limited (95 per cent), an independent operating midstream entity, underscoring its commitment to attaining energy independence in Nigeria.
Peter Uzoho
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Golf 3 #3500,000
Golf4 #400, 000
Golf 5 #420,000
Dyna truck 900k
Tipper head 6m
Toyota Camry big daddy=#750,000
Toyota Camry tiny light=#500,000
Toyota Venza=#1.4million
Toyota Matrix=#750,000
Toyota Avalon=#930,000
Toyota 4Runner=# 950,000
Toyota Avensis=#900,000
Toyota Corolla=#850,000
Toyota Rav4=#1.1million
IS250 1m
Es330 1.6m
Toyota Highlander=#1.3million
Toyota Tacoma=#1.5million
Toyota Prado=#1.2million
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Toyota sienna=#850,000
Toyota Hilux=#2.5million
Toyota Tundra=#2.8million
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Muscle 1m900k
Mercedes-Benz GLK ₦3.Million
Benz ML550=2.6million
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Toyota Haice Bus=#1,000,000
Toyota Camry muscle=#850,000 Toyota picnic=#800,000
Lexus RX300=#1.2million
Lexus RX330=#1.4million
Lexus RX350#=2.1million
Lexus GX460=#2.4million
Honda Accord EOD=#450,000
Honda Baby boy=#500,000
Honda Civic=#700,000
Honda Pilot=#750,000
Honda CR-V=#800,000
Honda Crosstour=#1m950,000
BMW X5=#1.2million
BMW X6=#1.6million
Infinity FX35 = #1.7million
Infinity QX45=#1.2million
Infinity QX4=#950,000
Nissan Murano=#900,000
Nissan Pathinder=#950,000
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Nissan Maxima=#630,000
Acura MDX=#1.2million
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Acura ZDX=#1.3million
Acura TL=#1 million
Mercedes-Benz C-Class ₦1.3Million
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