Aradel Holdings Plc (“Aradel”, “Aradel Holdings”, “the Company” or “the Group”), Nigeria’s leading integrated indigenous energy Company, announces its unaudited half year results for the period ended 30 June 2024.
The Chief Executive Officer of Aradel Holdings Plc, Mr. Adegbite Falade, comments: “The Company’s performance in the first half of 2024 consolidated on the improved operational and financial performance from 2023, a statement by Aradel said.
“We achieved increased diversification of our revenue streams on significantly improved hydrocarbons production, and material increases in the output from our refinery operations.”
The statement added: wells 14 and 15 have now been drilled – and results have been favourable – concluding our Phase 1, 4-well turnkey drilling campaign.
“To accommodate the expected incremental volumes, we also expanded the throughput capacity of our Alternative Crude Evacuation (“ACE”) operations.
“These activities, among others, put us in a position to maintain the output and efficiency levels for the second half of the year.
“Omerelu field appraisal was completed, and first oil was achieved via re-entry of well 2ST in May 2024. Extended Well Testing is ongoing, in accordance with regulatory approvals.”