Aradel Holdings has announced plans to acquire a 5.14% stake in Chappal Energies Mauritius Limited, a company investing in high-value upstream energy projects across Africa. This announcement was made in a filing with the Nigerian Exchange (NGX) on December 10, 2024, following Aradel’s recent listing on the NGX at N702.69 per share, marking its move from the NASD OTC market.
The acquisition aligns with Aradel’s strategy to diversify its energy sector portfolio. This follows the company’s earlier plans to acquire Nigeria’s Olo and Olo West fields from TotalEnergies and NNPC for $16 million plus $3.5 million in deferred payments.
Chappal Energies, which recently acquired Equinor Nigeria Energy Company’s 53.85% stake in Oil Mining Lease (OML) 128, also announced its takeover of OML 129, including key undeveloped discoveries. This move is seen as an opportunity for Aradel to enhance its gas expertise and expand its reach into offshore basins.
Aradel’s CEO, Mr. Adegbite Falade, expressed that the acquisition would unlock significant value for Nigeria’s energy landscape, highlighting the company’s commitment to supporting Chappal’s development of these assets. The announcement is expected to positively impact Aradel’s market performance, with its current share price at N466.
