Aradel Holdings Plc (“Aradel Holdings” or “the Company”), Nigeria’s leading integrated indigenous energy company, listed on the NASD Exchange and FMDQ, is pleased to announce its acquisition through Aradel Energy Limited (“Aradel”) from an interest in Shell Petroleum Development Company (SPDC) Limited, Nigeria. This acquisition builds on the signing of a landmark transaction between Renaissance Africa Energy Company Limited (“Renaissance”) and Shell International PLC to acquire its 100% stake in The Shell Petroleum Development Company of Nigeria Limited (SPDC).
Renaissance is owned by ND Western Limited, Aradel Energy Limited, Petrolin Group, FIRST Exploration and Petroleum Development Company Limited and Waltersmith Group, each with demonstrable and proven operational capabilities.
This acquisition marks a significant milestone for Aradel, which will bring enormous benefits to its shareholders, further strengthen its financial prospects and consolidate its strategic positioning in the Nigerian energy market. Aradel is committed to working in partnership with all stakeholders of Renaissance and the SPDC joint venture to ensure a smooth transition and drive continued growth and success in Nigeria and beyond.
Completion is subject to fulfillment of conditions precedent and approval by the Federal Government of Nigeria.
Speaking on the acquisition, Adegbite Falade, CEO/Managing Director of Aradel, said: “This successful acquisition represents a key milestone in our journey to becoming a leading energy company in Africa and aligns with our plans long-term strategic growth. It also demonstrates our commitment to our “3R” strategy of resilience, robustness and redundancy.
Aradel Holdings Plc (formerly known as Niger Delta Exploration & Production Plc), “Aradel” or “the Company” or “the Group” is a leading energy company in Nigeria with interests in several oil and gas assets. The company was incorporated on March 25, 1992 (as Midas Drilling Fund), changed its name to Niger Delta Exploration and Production Plc in November 1996 and assumed its current name in May 2023.
Aradel Holdings’ unique offerings integrate the full spectrum of the energy sector, encompassing exploration, production, refining and distribution. The Group’s shares are traded on the National Association of Securities Dealers (NASD) over-the-counter (OTC) exchange under the symbol SDARADEL, and our bonds are traded on the FMDQ Exchange.
For more information, please visit our website, www.aradel.com.