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, Adegbola Adesina who is the Chief Financial Officer of Aradel said in a statement.
The Acquisition was completed for a consideration of US$16 million, plus US$3.5 million of deferred and conditional payments.
Valuechain reports that 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.