Nigerian integrated energy company Aradel Holdings has signed a sale and purchase agreement with global energy companies TotalEnergies and the Nigerian National Petroleum Company to acquire a 100% interest in the Olo and Olo West marginal fields, onshore Nigeria.
The acquisition was completed through Aradel Holdings subsidiary, Aradel Energy Ltd., for a consideration of $16 million and an additional $3.5 million in deferred and conditional payments.
Formerly part of oil mining lease 58 in the Eastern Niger Delta, the petroleum mining lease and petroleum prospecting license for Olo and Olo West, respectively, will be issued pending ministerial approval and completion of approved field development plans.
