Aradel to Raise ND Western Stake to 81.67% as Petrolin Set to Exit
Aradel Holdings Plc announced that its wholly owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire a 40% equity interest in ND Western Limited (NDW) from Petrolin Trading Ltd.
“Aradel Energy Limited currently owns 41.67% of NDW. Upon completion of this transaction, Aradel’s total shareholding in NDW will significantly increase, reinforcing its strategic position within Nigeria’s upstream oil and gas sector,” the company said on Friday.
NDW holds a 45% 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, NDW owns 50% 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, the Federal Competition and Consumer Protection Commission and Ministerial Consent,” Aradel said.
