Chappal Energies Mauritius Limited (Chappal) has agreed to sell 5.14% equity interest to Aradel Holdings Plc.
The energy company Chappal specialises in investing in deep value and brownfield upstream possibilities in Africa.
Chappal stated on December 6, 2024, that it has acquired Equinor Nigeria Energy Company Limited (ENEC), which owns a 53.85% investment in oil and gas lease OML 128 and a unitised 20.21% holding in Chevron’s Agbami oil field.
Since 2008, the Agbami field has produced more than one billion barrels of oil, benefiting Nigerian society and other stakeholders.
Chappal will take over the operatorship of OML 129 as part of the agreement, which includes several important prospects and untapped discoveries, such as Nnwa, Bilah, and Sehki.
BusinessDay reported that the massive Nnwa-Doro field, which includes the Nnwa finding, is a substantial gas resource with enormous potential to benefit Nigeria.
In a different deal, Chappal and Total Energies declared on July 17, 2024, that they had signed a SPA for Chappal to purchase 10% of the SPDC JV.
Ministerial approval and NNPC consent to join the Joint Operating Agreement have been secured, and the relevant parties are working to close out this transaction.
Processes for completion and pertinent notification are still in progress.
Commenting on the deal, Adegbite Falade, MD/CEO, Aradel Holdings Plc, said:
TimesNow.com.ng previously reported that on October 14, 2024, Aradel Holdings made its debut on the Nigerian Exchange by listing 4.34 billion common shares at a value of N0.50 each.
The company said in a statement that its shares will be offered at N702.69 a share, which would be the largest listing by introduction in the NGX’s history.
Chapel Hill Denham, an investment firm, said it is acting as Aradel Holdings Plc’s official adviser.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
