Aradel Holdings Plc, through its subsidiary, Aradel Energy Limited, has signed a sale and purchase agreement to acquire the 100% interest in the Olo and Olo West Marginal Fields from TotalEnergies EP Nigeria and NNPC Limited
The Olo and Olo West Fields were formerly part of (oil mining license) OML 58.
The acquisition was completed for a consideration of US$16mn, plus US$3.5mn 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.
Aradel to acquire fields from TotalEnergies, NNPC
The Olo and Olo West Fields were formerly part of OML 58. (Image source: Adobe Stock)
