Aradel Holdings Acquires 5.14% Stake in Chappal Energies Mauritius
Kayode Tokede
Aradel Holdings Plc, yesterday announced on the Nigerian Exchange Limited (NGX) that it has entered into an agreement to acquire 5.14per cent equity interest in Chappal Energies Mauritius Limited.
Chappal is an energy company focusing on investments in deep value and brownfield upstream opportunities within Africa.
Commenting on the deal, the MD/CEO, Aradel Holdings, Mr. Adegbite Falade, stated that: “this acquisition is in line with diversifying our asset base, deepening our gas competences and gaining access to offshore basins using low risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource.
“We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country. Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities.”
Company Secretary & Group General Counsel, Aradel Holdings, Titilola Omisore in a statement stated that Chappal early in the month announced the acquisition of Equinor Nigeria Energy Company Limited (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitised 20.21per cent stake in the Agbami oil field, operated by Chevron.
According to Omisore statement, since production started in 2008, the Agbami field has produced more than one billion barrels of oil, creating value for the Nigerian society and the various stakeholders. As part of the deal, Chappal will assume the operatorship of OML 129, which includes several significant prospects and undeveloped discoveries (Nnwa, Bilah and Sehki).
“The Nnwa discovery is part of the giant Nnwa-Doro field, a major gas resource with significant potential to deliver value for Nigeria.
“In a separate transaction, on the 17th of July 2024, Chappal and Total Energies announced that they had signed an SPA for the acquisition by Chappal of 10per cent of the SPDC JV. The relevant parties to this transaction are working towards closing out this transaction and Ministerial Approval and NNPC consent to accede to the Joint Operating Agreement have been obtained,” the statement added.
Aradel Holdings gained 7.53 per cent yesterday to close on the Exchange at N500 per share from N465 per share the stock price opened for trading.
About 2,494,275.00 volume was traded as against the 641,471.00 previous day.
