Global Courant
Aradel Holdings Plc (“Aradel Holdings”, or “the Company”), Nigeria’s leading integrated indigenous energy company listed on the NASD Exchange and the FMDQ, is pleased to announce the acquisition through Aradel Energy Limited (“Aradel”) of a share capital to announce stake in Shell Petroleum Development Company (SPDC) Limited, Nigeria. This acquisition is based on the signing of a landmark transaction between Renaissance Africa Energy Company Limited (“Renaissance”) and Shell International PLC to acquire its 100% equity interest in The Shell Petroleum Development Company of Nigeria Limited (SPDC).
Renaissance is owned by ND Western Limited, Aradel Energy Limited, the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with demonstrated and proven operational capabilities.
This acquisition marks a significant milestone for Aradel, which will deliver tremendous benefits to its shareholders, further strengthen its financial prospects and consolidate its strategic positioning in the Nigerian energy market. Aradel is committed to working with all stakeholders in 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 satisfaction of conditions precedent and approval of the Federal Government of Nigeria.
Commenting on the acquisition, Adegbite Falade, Chief Executive Officer/Managing Director of Aradel, said: “This successful acquisition represents an important step in our journey to become a leading energy company in Africa and aligns with our long-term strategic growth plans. It also demonstrates our commitment to our “3R” strategy of resilience, robustness and redundancy.
About Aradel
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 multiple oil and gas assets. The company was incorporated on March 25, 1992 (as the Midas Drilling Fund), changed its name to Niger Delta Exploration and Production Plc in November 1996 and adopted its current name in May 2023.
Aradel Holdings’ unique offering spans the full spectrum of the energy industry, including exploration, production, refining and distribution. The Group’s shares trade on the National Association of Securities Dealers (NASD) Over the Counter (OTC) Securities Exchange under the ticker symbol SDARADEL, and our bonds trade on FMDQ Exchange.
For more information please refer to our website, www.aradel.com.
