Aradel Holdings Plc, an indigenous energy company, through its subsidiary, Aradel Energy Limited, has 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 and the Nigerian National Petroleum Company Limited.

The Olo and Olo West Fields were formerly part of OML 58.

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The acquisition was completed for a consideration of $16m plus $3.5m of deferred and conditional payments.

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In a statement on Thursday, Aradel said 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 addition of Olo and Olo West marginal fields to Aradel’s portfolio of assets is a significant inorganic growth milestone in furtherance of Aradel’s vision and long-term strategy to provide sustainable energy solutions that support economic growth,” [/b]Aradel’s Chief Executive Officer/Managing Director, Adegbite Falade, said.

[b]“We want to commend the unwavering commitment of the Ministers of Petroleum Resources, and our regulator – the Nigerian Upstream Petroleum Regulatory Commission in supporting this acquisition, within the framework of the Petroleum Industry Act.

“We also want to commend the Nigerian National Petroleum Company Limited and TotalEnergies for their commitment to grow Nigeria’s oil and gas production, even from marginal fields,” the CEO stated.

Olo and Olo West Fields are located within former OML 58, in the Eastern Niger Delta, 80 kilometres northwest of Port Harcourt, Rivers State.

A marginal field is any field that has been discovered and has been left unattended for not less than 10 years, from the date of first discovery of such a field.