Aradel Holdings Plc has said its wholly owned subsidiary, Aradel Energy Limited has entered into a definitive agreement to acquire 40 percent equity interest in ND Western Limited (NDW) from Petrolin Trading Limited (Petrolin).
Aradel Energy Limited currently owns 41.67 percent 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.
Aradel stock price at N790 per share has reached its 52-week high as against a 52-week low of N401.1.
Read also: Why is Aradel sitting on a pile of cash?
Completion of the transaction remains subject to necessary regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC) and Ministerial Consent.
NDW holds a 45 percent participating interest in OML 34 (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 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.