Africazine:
Aradel Energy Limited secures significant financing to enhance its operations in Nigeria.
Stanbic IBTC Capital Limited, Stanbic IBTC Bank Limited, and Standard Bank of South Africa Limited have finalized a 0 million financing facility for Aradel Energy. This funding aims to support Aradel’s strategic growth, including acquiring a 40% equity interest in ND Western Limited and refinancing existing loans.
Aradel Energy’s Strategic Growth Plans Unveiled
The financing facility is designed to bolster Aradel Energy’s expansion efforts. It will facilitate the acquisition of an additional 40% equity interest in ND Western Limited from Petrolin Trading Limited. This move is significant as it increases Aradel’s stake in ND Western from 41.67% to 81.67%.
In addition to the acquisition, the funds will also be used to refinance existing loan facilities and support increased production from Aradel’s current asset base. This comprehensive approach aims to strengthen the company’s position in the energy sector.
Nigeria: Key figures on financing facility
- 0 million
- 40% equity interest in ND Western Limited
- 41.67% equity interest in ND Western prior to acquisition
- 81.67% equity interest in ND Western following acquisition
Context of Aradel Energy’s Acquisition
Aradel Energy operates the Ogbele and Omerelu onshore marginal fields, along with OPL 227 in shallow water terrain. The acquisition of the additional equity interest in ND Western is a strategic move to enhance its operational capabilities and market presence.
This financing marks a significant step in Aradel’s growth trajectory, positioning the company for future opportunities in Nigeria’s energy landscape.
Next Steps for Aradel Energy
- Implementation of the financing facility
- Completion of the acquisition of ND Western Limited
- Refinancing of existing loan facilities
- Increase in production from existing assets
Aradel Energy is poised for growth with its new financing and expanded equity stake.
