Aradel Holdings Plc has entered into an agreement to acquire 5.14% equity interest in Chappal Energies Mauritius Limited. Chappal is an energy company focusing on investments in deep value and brownfield upstream opportunities within Africa.

On the 6th of December, 2024, Chappal announced the acquisition of Equinor Nigeria Energy Company Limited (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, including the unitised 20.21% stake in the Agbami oil field, operated by Chevron. Since production started in 2008, the Agbami field has produced more than one (1) Billion barrels of oil, creating value for Nigerian society and the various stakeholders.

As part of the deal, Chappal will assume the operatorship of OML 129, which includes several significant prospects and undeveloped discoveries (Nnwa, Bilah and Sehki). The Nnwa discovery is part of the giant Nnwa-Doro field, a major gas resource with significant potential to deliver value for Nigeria.

In a separate transaction, on the 17th of July 2024, Chappal and Total Energies announced that they had signed a SPA for the acquisition by Chappal of 10% of the SPDC JV. The relevant parties to this transaction are working towards closing out this transaction and Ministerial Approval and NNPC consent to accede to the Joint Operating Agreement have been obtained.

Commenting on the deal, the MD/CEO, Mr. Adegbite Falade, stated that: “This acquisition is in line with diversifying our asset base, deepening our gas competencies,s 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.”