Aradel Holdings PLC has announced that its wholly owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire an additional 40% equity interest in ND Western Limited from Petrolin Trading Ltd. This transaction will increase Aradel’s ownership in NDW from 41.67% to an 81% majority stake.
Established on April 20, 2011, ND Western was formed as a Special Purpose Vehicle by a consortium comprising Aradel Holdings, Petrolin Trading Ltd, FIRST Exploration & Petroleum Development OML 34 Limited, and Walter-Smith Exploration and Production Limited. The group secured its interest in OML 34 through a landmark Sale and Purchase Agreement with the NNPC/Shell/Total/Agip Joint Venture, finalized on September 1, 2012. The Nigerian National Petroleum Corporation (NNPC-NPDC) retains a 55% stake in OML 34.
ND Western holds a 45% participating interest in Oil Mining Lease (OML) 34, a critical asset in the Western Niger Delta spanning 950 square kilometers. OML 34 includes the producing fields of Utorogu, Ughelli East, and Ughelli West, with a combined crude oil production capacity of 90,000 barrels per day and approximately 3 trillion cubic feet of gas reserves. Additionally, NDW owns 50% of Renaissance Africa Energy Holding Company Ltd.
The transaction is subject to regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC), and Ministerial Consent.
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