Aradel Holdings Plc, through its wholly-owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire a 40 percent equity interest in ND Western Limited from Petrolin Trading Ltd.
Aradel Energy Limited currently owns 41.67 percent of ND Western. Upon completion of this transaction, Aradel’s total shareholding in ND Western will increase to 81.67 percent, reinforcing its strategic position within Nigeria’s upstream oil and gas sector.
This was made known in a release signed by Adegbola Adesina, Chief Financial Officer of Aradel Holdings, early Friday.
ND Western holds a 45 percent participating interest in 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, ND Western owns 50 percent 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.
“Completion of the Transaction remains subject to necessary regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC) and Ministerial Consent,” the release stated.
Source: Business Day
