Aradel Holdings Plc, an indigenous energy company, has entered a purchase agreement through its subsidiary, Aradel Energy Limited, to acquire a 100% interest in the Olo and Olo West marginal fields from TotalEnergies EP Nigeria and the Nigerian National Petroleum Company Limited (NNPC) for $19.5 million.
The company made this disclosure in a statement on its official website following the acquisition of the oil field.
The energy company said the acquisition was completed for a total consideration of $16 million, with an additional $3.5 million in deferred and conditional payments.
Olo and Olo West marginal fields are located within former OML 58, in the Eastern Niger Delta, 80 kilometres northwest of Port Harcourt, Rivers State.
Aradel further stated that the Petroleum Mining Lease for Olo and the Petroleum Prospecting License for Olo West will be granted following the payment of the required ministerial consent fees and the successful completion of the approved field development plans within the specified timeframes.
“Aradel Holdings Plc (“Aradel Holdings” or “the Company”), through its subsidiary, Aradel Energy Limited, has signed a sale and purchase agreement to acquire the 100% interest in the Olo and Olo West Marginal Fields from TotalEnergies EP Nigeria and NNPC Limited (“the Acquisition”). The Olo and Olo West Fields were formerly part of OML 58.
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“The Acquisition was completed for a consideration of US$16 million, plus US$3.5 million of deferred and conditional payments.
“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,” Aradel said.
