Key Points:
- Aradel achieves first oil production from Well 2ST in Omerelu Field, marking a significant breakthrough in its 2024 drilling campaign.
- Acquisition and successful re-entry solidify Aradel’s position in Nigeria’s energy sector, enhancing production capabilities and reserves profile.
- Aradel Energy reports a staggering 442% revenue increase in Q1 2024, signaling robust financial performance amid operational milestones.
Aradel Holdings, an integrated energy group led by Nigerian multimillionaire businessman Ladi Jadesimi, has reached a significant milestone with the successful re-entry of Well 2ST in the Omerelu Field, resulting in the company’s first oil production on May 31, 2024.
The achievement marks a pivotal moment for Aradel, a leading integrated energy group committed to advancing Nigeria’s energy sector. The first oil production from Well 2ST signifies a crucial advancement in the company’s 2024 Exploration and Appraisal Drilling Campaign, aimed at optimizing its existing assets and enhancing overall production capacity.
Aradel Holdings revives Omerelu field, eyes energy growth
“This milestone underscores our steadfast dedication to resource development and sustainable growth,” affirmed Adegbite Falade, Chief Executive Officer/Managing Director of Aradel Holdings. “The successful re-entry and commencement of oil production at Omerelu Field are testament to our strategic vision of delivering sustainable energy solutions.”
Acquiring full ownership and operatorship of the Omerelu Field in 2014, Aradel has strategically positioned itself within Nigeria’s energy landscape. The recent milestone not only strengthens Aradel’s reserves profile but also sets the stage for advancing regulatory approvals to transition the Petroleum Prospecting Licence (PPL) to a Petroleum Mining Lease (PML).
Throughout the re-entry process, Aradel emphasized its adherence to the highest safety and environmental standards, leveraging cutting-edge technology and innovative methodologies. The company acknowledges the invaluable contributions of stakeholders, including vendors, local communities, regulatory agencies, and its dedicated workforce, in overcoming the challenges associated with the project.
Aradel Energy reports stellar revenue growth in first quarter
Formerly known as Niger Delta Exploration & Production Plc, Aradel Holdings has evolved into a fully integrated energy company since its inception in 1992. With diversified interests spanning multiple oil and gas assets and a modular refinery, the company trades its shares on the NASD OTC Securities Exchange under the ticker “SDARADEL.”
Aradel Energy acquired full ownership and operatorship of the Omerelu Field in 2014, following a transaction with the NNPC/Chevron Joint Venture. The company reported a remarkable revenue surge in the first quarter of 2024, boasting a 442 percent increase to N101.16 billion ($67.79 million) compared to N18.66 billion ($12.50 million) in the same period last year.
Ladi Jadesimi, renowned for his contributions to Nigerian business across energy, finance, and real estate sectors, chairs Aradel Holdings. His leadership extends to FCMB Group Plc and the establishment of Ladol Group, a leading Free Zone Industrial Park.
