Aradel Holdings Plc has revealed that 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. Currently holding 41.67 percent of NDW, this acquisition will significantly increase Aradel’s total stake in the company, reinforcing its strategic position in Nigeria’s upstream oil and gas sector.
NDW holds a 45 percent participating interest in OML 34, a producing Oil Mining Lease located in the Western Niger Delta. The lease contains substantial crude oil and associated gas reserves that contribute to Nigeria’s domestic energy supply and exports. Additionally, NDW 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.
The completion of the transaction remains subject to regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission, the Federal Competition and Consumer Protection Commission, and Ministerial Consent. Aradel’s Chief Financial Officer Adegbola Adesina confirmed that the company is working toward securing these necessary regulatory approvals to complete the transaction.
Source: orientalnewsng.com