Aradel Acquires Marginal Oil Fields from NNPC, TotalEnergies for $19.5 Mln
Aradel Holdings Plc has through its subsidiary, Aradel Energy Limited, signed a sale and purchase agreement to acquire the 100 per cent interest in the Olo and Olo West marginal fields from TotalEnergies EP Nigeria Limited and the Nigerian National Petroleum Company Limited (NNPC).
Aradel disclosed this in a statement on its corporate website, saying the acquisition was completed for a consideration of $16 million, plus $3.5 million of deferred and conditional payments.
The Olo and Olo West marginal fields are located within the former oil mining lease (OML) 58 in the Eastern Niger Delta, 80 kilometres northwest of Port Harcourt, Rivers State.
“The Acquisition was completed for a consideration of US$16 million, plus US$3.5 million of deferred and conditional payments. The Petroleum Mining Lease (for Olo) and Petroleum Prospecting License (for Olo West) will be issued after the payment of relevant Ministerial Consent fees and completion of approved Field development plans within designated timeframes.”.
The Nigerian integrated energy company said the Petroleum Mining Lease (PML) for Olo and Petroleum Prospecting License (PPL) for Olo West would be issued after the payment of relevant ministerial consent fees and completion of approved Field Development Plans (FDPs) within designated timeframes. #Aradel Acquires Marginal Oil Fields from NNPC, TotalEnergies for $19.5 Mln
