Chappal Energies Mauritius Limited (Chappal) has agreed to sell its 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 operatorship of OML 129 as part of the agreement, which contains a number of important prospects and untapped discoveries (Nnwa, Bilah, and Sehki).
The massive Nnwa-Doro field, which includes the Nnwa finding, is a substantial gas resource with enormous potential to benefit Nigeria, BusinessDay reported.
In a different deal, Chappal and Total Energies declared on July 17, 2024, that they had signed an 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 under progress.
Commenting on the deal, Adegbite Falade, MD/CEO, Aradel Holdings Plc stated that: “this acquisition is in line with diversifying our asset base, deepening our gas competences and gaining access to offshore basins using low risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource. We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country. Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities,” Falade added.
Aradel makes history
Legit 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.
