Aradel Holdings Plc (“Aradel”, “Aradel Holdings”, “the Company” or “the Group”), Nigeria’s leading integrated indigenous energy Company, announces its unaudited Nine (9) months results for the period ended 30 September 2024.
The Chief Executive Officer of Aradel Holdings Plc, Mr. Adegbite Falade comments:
The Company’s performance in the first nine (9) months of 2024 consolidated on the strong operational and financial improvements attained in 2023. We achieved increased diversification of our revenue streams on significantly improved hydrocarbons production, and material increases in the output from our refinery operations. Wells 14 and 15 have now been drilled – and results have been favourable – concluding our Phase 1, 4-well turnkey drilling campaign. To accommodate the expected incremental volumes, we also expanded the throughput capacity of our evacuation channels. These activities, among others, put us in a position to maintain the output and efficiency levels for the nine months of the year.
Additionally, we completed the acquisition of the Olo and Olo West Marginal Fields from the TotalEnergies/NNPC Joint venture. This will further enhance our portfolio and create new opportunities for future production growth. This acquisition will complement our existing operations and provide significant long-term value, aligning with our broader strategy of expanding our asset base to multiple assets across different locations, and increasing the resilience of our business.
Our listing on the NGX bolsters liquidity of our shares and fulfils our promise to enhance shareholder value. We expect to close the year on a strong footing, barring any unforeseen circumstances.
In the light of the nine months performance, the Board has proposed the payment of interim dividend of ₦8 per share. The Interim Dividend of ₦8 per Ordinary Share of ₦0.50 each, (subject to appropriate withholding tax) will be paid to shareholders whose names appear in the Register of Shareholders as at the close of business on 20 November 2024.
Group Financial Highlights
|
30 September 2024 |
30 September 2023 |
Variance |
|
|
₦’billion |
₦’billion |
% |
|
|
Revenue |
377.6 |
123.0 |
206.9 |
|
Gross Profit |
210.8 |
69.4 |
203.9 |
|
Operating Profit |
169.1 |
40.2 |
320.7 |
|
Operating Profit Margin |
44.8% |
32.7% |
1211bps |
|
EBITDA |
238.1 |
62.3 |
281.9 |
|
EBITDA Margin |
63.1% |
50.7% |
1239bps |
|
Profit Before Tax |
191.5 |
37.4 |
412.3 |
|
Profit After Tax |
110.6 |
19.2 |
477.2 |
|
Earnings per Share |
25.5 |
4.4 |
477.2 |
|
# |
|||
|
Operating Cashflow |
213.5 |
93.4 |
128.6 |
|
Capital Expenditure |
78.8 |
32.5 |
142.4 |
|
Free Cashflow |
134.7 |
60.9 |
121.2 |
|
30 September 2024 |
31 December 2023 |
Variance |
|
|
₦’billion |
₦’billion |
% |
|
|
Total Assets |
1,748.1 |
923.4 |
89.3 |
|
Total Equity |
1,354.5 |
704.6 |
92.2 |
Operational Highlights
- Production and Refining:
- Crude oil production of 12,250 bbls/day up 37.7% (9M 2023: 8,893 bbls/day)
- Gas production of 35.7 mmscfd (6,317 boepd) up by 60.6% (9M 2023: 22.4 mmscfd (3,949 boepd))
- Refined petroleum products sold 148.6 mmltres up by 17.8% (9M 2023: 126.2 mmltres)
- Average realised oil price per barrel of $85.9 (9M 2023: $77.0)
- Average realised gas price per mscf of $1.6 (9M 2023: $1.9)
- Underlying cash operating cost (boe) of $20 (9M 2023: $21)
Financial Review
Foreign exchange dynamics from the floating of the naira in 2023 continued to impact the financial performance of the Group. Average exchange rate in 9M 2024 was ₦1,431.21:US$1 relative to ₦596: US$1 in 9M 2023.
Revenue increased by 206.9% to ₦377.6 billion (9M 2023: ₦123.0 billion). This was driven by:
- 349.9% increase in export crude oil revenue (66.6% of total revenue) to ₦251.6 billion (9M 2023 ₦55.9 billion; 45.5% of total), attributed to increased production levels, significant impact of improved utilisation of the Trans Niger Pipeline (TNP) on which there has been reduced crude losses, and additional value from the Alternative Crude Evacuation (ACE) route with resultant higher crude oil lifting of 2.1 mbbls in 9M 2024 (9M 2023: 1.3 mbbls).
- Gas revenue recorded a 263.5% increase to ₦22.8 billion (6.0% of total revenue), due to higher production volumes (9M 2023: ₦6.3 billion; 5.1% of total revenue).
- 69.5% increase in refined products’ revenue (27.3% of total revenue) to ₦103.1 billion (9M 2023: ₦60.8 billion; 49.4% of total revenue) due to increased production and sales volumes of 148.6 mmltres, up by 17.8% (9M 2023: 126.2 mmltres).
Cost of sales (COS) increased by 210.7% to ₦166.8 billion (9M 2023: ₦53.7 billion). This was primarily driven by:
- Crude Handling Charges (38.8% of COS) which increased by 328.8% to ₦64.7 billion (9M 2023: ₦15.1 billion) arising from the higher activity levels across the Trans Niger Pipeline (TNP) and ACE operations. Crude oil theft as a percentage of production reduced by 100bps in 9M 2024 to 1.3% (9M 2023: 2.0%).
- Depreciation (40.3% of COS) increased by 216.3% to ₦67.2 billion (9M 2023: ₦21.3 billion) due to higher hydrocarbon production with a depletion rate of 17.4% in 9M 2024 vs 12.3% as at 9M 2023, and addition of newly completed well costs.
- Royalties & Other Statutory expenses (18.9% of COS) increased by 280.9% to ₦31.5 billion (9M 2023: ₦8.3 billion). This is attributable to higher production levels during the period.
- Stock adjustment increased to a credit of ₦27.3 billion (9M 2023: ₦0.4 billion) due to higher inventory levels that are expected to be sold in Q4 2024.
General and Administrative (G&A) expenses increased by 113.4% to ₦25.1 billion (9M 2023: ₦11.7 billion). The major drivers of this growth include:
- Repairs and Maintenance (10.1% of G&A expenses) increased by 678.6% to ₦2.5 billion as a result of increased maintenance activities on plants and production equipment (9M 2023: ₦0.3 billion).
- Staff costs (33.4% of G&A expenses) increased by 192.7% to ₦8.4 billion (9M 2023: ₦2.9 billion) mainly due to staff additions and employee remuneration adjustments.
- Professional Fees (11.5% of G&A expenses) increased to ₦2.9 billion, up 100.7% (9M 2023: ₦1.4 billion) primarily due to Naira devaluation.
- Other expenses (21.1% of G&A expenses) increased by 45.5% to ₦5.3 billion (9M 2023: ₦3.6 billion).
Operating profit of ₦169.1 billion (9M 2023: ₦40.2 billion) bolstered by higher realised price as evidenced by increased revenue in 9M 2024 and moderately impacted by exchange loss resulting in 320.7% increase in 9M 2024.
Finance cost increased by 12.9% to ₦11.5 billion (9M 2023: ₦10.2 billion) driven primarily by naira devaluation which offset the decrease in the interest expense in US Dollar terms from the ongoing settlement of our loan obligations. Finance Income increased by 185.3% to ₦10.3 billion (9M 2023: ₦3.6 billion) resulting from amounts earned on invested cash and cash equivalents.
Profit before tax of ₦191.5 billion, up by 412.3% (9M 2023: ₦37.4 billion), with an Income tax expense estimate of ₦80.9 billion (Cash Tax ₦38.4 billion and Deferred tax ₦42.5 billion).
Profit after tax increased by 477.2% to ₦110.6 billion (9M 2023: ₦19.2 billion).
Year-to-date growth in total assets of 89.3% to ₦1.7 trillion (FY 2023: ₦923.4 billion) driven by:
- Increase in Property, plant and equipment by 78.6% to ₦685.0 billion (FY 2023: ₦383.4 billion). This was impacted mainly by increased capital expenditure and higher FX rates.
- Increase in the value of assets of ND Western, the Company’s associate, to ₦507.4 billion, up 87.8% year-to-date (FY 2023: ₦270.2 billion) due to share of profit and other comprehensive income for the period.
Total liabilities rose by 79.9% to ₦393.7 billion (FY 2023: ₦218.8 billion). This increase is attributable to higher tax liability estimates for the period and the Naira devaluation which caused a significant increase in translation differences.
Total equity increased by 92.2% to ₦1.4 trillion (FY 2023: ₦704.6 billion) primarily due to the retention of total comprehensive income over the period.
Cash flows from operating activities
The Company generated cash flows from operations of ₦228.9 billion as at 9M 2024, an increase of 130.5% (9M 2023: ₦99.3 billion), and net cash flows from operating activities of ₦213.5 billion was up 128.6% (9M 2023: ₦93.4 billion). This growth was buoyed by receipts of US$42 million from December 2023 crude oil sales, as well as steady improvement in crude oil and refinery product sales (and cash receipts).
Cash flows from investing activities
Net cash flows used in investing activities was N74.1 billion, up 137.0% (9M 2023: N31.3 billion). This increase is mainly driven by capital expenditure of ₦78.8 billion year-to-date (9M 2023: ₦32.5 billion) due to the ongoing 4-well drilling campaign, and the attendant foreign exchange effects.
Cash flows from financing activities
Net cash flows used in financing activities was N67.2 billion, up 93.6% (9M 2023: N34.7 billion), due to payment of a final dividend of N170 per share amounting to N36.9 billion for the year ended 31 December 2023 in the year.
Responsibility for publication
The Board member responsible for arranging the release of this announcement on behalf of Aradel Holdings is Adegbola Adesina, CFO Aradel Holdings Plc.
Signed:
Adegbola Adesina
Chief Financial Officer
Contact Information
Investors and analysts
Adegbola Adesina
Chief Financial Officer
Email: [email protected]
Investor Relations advisers
Værdi Investor Relations
Oluyemisi Lanre-Phillips
Email: [email protected]
Consolidated statement of profit or loss and other comprehensive income for the period ended 30 September 2024
|
In thousands of naira |
30-Sep-2024 |
30-Sep-2023 |
|
Revenue |
377,580,576 |
123,048,490 |
|
Cost of Sales |
(166,802,254) |
(53,690,581) |
|
Gross Profit |
210,778,322 |
69,357,909 |
|
Other Income/(Loss) |
(16,562,296) |
(17,386,389) |
|
General and administrative expenses |
(25,134,624) |
(11,777,223) |
|
Operating Profit |
169,081,402 |
40,194,297 |
|
Finance Income |
10,317,533 |
3,615,895 |
|
Finance Costs |
(11,537,805) |
(10,219,667) |
|
Net Finance (cost)/income |
(1,220,272) |
(6,603,772) |
|
Share of profit of an associate |
23,596,359 |
3,781,469 |
|
Profit before taxation |
191,457,489 |
37,371,994 |
|
Tax expense |
(80,878,032) |
(18,214,258) |
|
Profit after taxation |
110,579,457 |
19,157,736 |
|
|
|
|
|
Profit/(Loss) attributable to: |
|
|
|
Equity holders of the parent |
110,371,701 |
18,744,673 |
|
Non-controlling interest |
207,756 |
413,063 |
|
|
110,579,457 |
19,157,736 |
|
Other comprehensive income: |
|
|
|
Other comprehensive income item that may be reclassified to profit or loss in subsequent years (net of tax): |
|
|
|
Foreign currency translation difference |
362,312,934 |
143,734,999 |
|
Share of other comprehensive income of associate accounted for using the equity method |
213,616,170 |
95,834,658 |
|
Net gain/(loss) on equity instruments at fair value through other comprehensive income |
236,522 |
2,163,997.00 |
|
Other comprehensive income for the year, net of tax |
576,165,626 |
241,733,654 |
|
Total comprehensive income for the year |
686,745,083 |
260,891,390 |
|
|
|
|
|
Total comprehensive income attributable to: |
|
|
|
Equity holders of the parent |
683,161,334 |
258,319,453 |
|
Non-controlling interest |
3,583,749 |
2,571,937 |
|
|
|
|
|
Basic earnings per share |
₦25.45 |
₦4.41 |
Consolidated statement of financial position as at 30 September 2024
|
In thousands of naira |
30-Sep-2024 |
31-Dec-2023 |
|
Non-current assets |
|
|
|
Property, plant, and equipment |
684,882,549 |
383,427,621 |
|
Intangible assets |
1,419,927 |
1,211,772 |
|
Financial assets |
7,187,612 |
4,051,382 |
|
Investment in associate |
507,445,825 |
270,233,296 |
|
Total non-current assets |
1,200,935,913 |
658,924,071 |
|
Current assets |
||
|
Inventories |
47,808,299 |
15,973,244 |
|
Trade and other receivables |
18,402,925 |
53,523,077 |
|
Prepayments |
279,428 |
82,606 |
|
Financial assets |
1,554,286 |
312,802 |
|
Cash and Bank |
479,157,477 |
194,618,761 |
|
Total current assets |
547,202,415 |
264,510,490 |
|
Total assets |
1,748,138,328 |
923,434,561 |
|
Equities and Liabilities |
|
|
|
Shareholders’ equity |
|
|
|
Share capital |
2,172,422 |
2,172,422 |
|
Share premium |
22,819,670 |
22,819,670 |
|
Translation reserve |
1,034,902,134 |
462,349,023 |
|
Fair value reserve of financial assets at FVOCI |
2,765,309 |
2,528,787 |
|
Retained earnings |
282,469,762 |
209,029,238 |
|
Non-controlling interest |
9,329,190 |
5,745,441 |
|
Total shareholders’ equity |
1,354,458,487 |
704,644,581 |
|
Non-current liabilities |
|
|
|
Borrowings |
47,584,316 |
44,350,154 |
|
Deferred tax liabilities |
80,235,629 |
18,386,481 |
|
Decommissioning liabilities |
119,351,402 |
65,161,229 |
|
Total non-current liabilities |
247,171,347 |
127,897,864 |
|
Current liabilities |
|
|
|
Trade and other payables |
63,623,362 |
57,076,608 |
|
Contract liabilities |
1,033,656 |
1,771,922 |
|
Taxation |
51,430,343 |
14,421,838 |
|
Borrowings |
30,421,133 |
17,621,748 |
|
Total Current liabilities |
146,508,494 |
90,892,116 |
|
Total liabilities |
393,679,841 |
218,789,980 |
|
Total equity & liabilities |
1,748,138,328 |
923,434,561 |
Consolidated statement of cash flows for the period ended 30 September 2024
|
In thousands of naira |
30-Sep-2024 |
30-Sep-2023 |
|
Profit before taxation |
191,457,489 |
37,371,994 |
|
Adjustments: |
|
|
|
Interest expense |
11,537,805 |
10,219,667 |
|
Interest income |
(10,317,533) |
(3,615,895) |
|
Dividend received |
(137,110) |
(94,116) |
|
Exchange loss |
25,951,357 |
17,689,070 |
|
Share of profit from associate |
(23,596,359) |
(3,781,469) |
|
Hedge cost in PorL |
1,604,072 |
2,062,408 |
|
Depreciation of property, plant and equipment |
69,002,180 |
22,147,358 |
|
Provision no longer required |
(63,883) |
– |
|
Stock adjustment |
(27,323,852) |
(454,311) |
|
Asset Write off |
– |
2,271,554 |
|
Operating cash flows before movement in working capital |
238,114,166 |
83,816,260 |
|
Movement in working capital: |
|
|
|
Decrease in trade and other receivables |
35,120,152 |
39,831,762 |
|
(Increase)/ Decrease in prepayments |
(196,822) |
38,438 |
|
Increase in inventory |
(4,511,203) |
(1,146,990) |
|
Increase in restricted cash |
(9,809,928) |
(5,303,658) |
|
Decrease in trade and other payables |
(29,090,662) |
(17,938,100) |
|
Decrease in contract liabilities |
(738,266) |
– |
|
Cash generated by operating activities |
228,887,437 |
99,297,712 |
|
Tax paid |
(15,388,370) |
(5,899,649) |
|
Net cash flows from operating activities |
213,499,067 |
93,398,063 |
|
|
|
|
|
Investing activities |
|
|
|
Interest received |
10,317,533 |
3,615,895 |
|
Dividend received |
137,110 |
94,116 |
|
Purchase of property, plant and equipment |
(78,789,790) |
(32,503,942) |
|
Proceeds from purchase of financial assets |
(5,745,532) |
(2,457,726) |
|
Net cash used in investing activities |
(74,080,679) |
(31,251,657) |
|
|
|
|
|
Financing activities |
|
|
|
Dividend paid |
(36,931,177) |
(7,603,477) |
|
Interest paid |
(7,224,663) |
(4,724,947) |
|
Repayment of borrowing |
(23,013,857) |
(40,380,787) |
|
Additional borrowings |
– |
7,687,600 |
|
Issue of Bond |
– |
10,318,000 |
|
Net cash flows used in financing activities |
(67,169,697) |
(34,703,611) |
|
|
|
|
|
Increase in cash and cash equivalents |
72,248,691 |
27,442,795 |
|
Cash and cash equivalents – Beginning of year |
183,008,535 |
55,520,654 |
|
Exchange rate effects on cash and cash equivalents |
202,480,097 |
48,218,526 |
|
Cash and cash equivalents – End of year |
457,737,323 |
131,181,975 |
Consolidated statement of profit or loss and other comprehensive income for the period
ended 30 September 2024 (US Dollars)
|
In thousands of dollars |
30-Sep-2024 |
30-Sep-2023 |
|
Revenue |
274,407 |
211,802 |
|
Cost of sales |
(114,743) |
(92,417) |
|
Gross profit |
159,664 |
119,385 |
|
Other Income/(Loss) |
(11,607) |
(29,927) |
|
General and administrative expenses |
(18,385) |
(20,272) |
|
Operating profit |
129,672 |
69,186 |
|
Finance income |
7,617 |
6,224 |
|
Finance costs |
(8,440) |
(17,591) |
|
Net Finance (cost)/income |
(823) |
(11,367) |
|
Share of profit of an associate |
16,487 |
6,509 |
|
Profit before taxation |
145,336 |
64,328 |
|
Tax expense |
(56,511) |
(31,352) |
|
Profit after taxation |
88,825 |
32,976 |
|
|
|
|
|
Profit/(Loss) attributable to: |
|
|
|
Equity holders of the parent |
88,579 |
32,265 |
|
Non-controlling interest |
246 |
711 |
|
|
88,825 |
32,976 |
|
Other comprehensive income: |
|
|
|
Net gain/loss on equity instruments at fair value through other comprehensive income |
27 |
2,809 |
|
Other comprehensive income for the year, net of tax |
27 |
2,809 |
|
Total comprehensive income for the year |
88,852 |
35,785 |
|
Total comprehensive income attributable to: |
|
|
|
Equity holders of the parent |
88,606 |
35,074 |
|
Non-controlling interest |
246 |
711 |
|
|
|
|
|
Basic earnings per share |
$0.02 |
$0.01 |
Consolidated statement of financial position as at 30 September 2024 (US Dollars)
|
In thousands of dollars |
30-Sep-2024 |
31-Dec-2023 |
|
Non-current assets |
|
|
|
Property, plant, and equipment |
427,779 |
426,318 |
|
Intangible assets |
888 |
1348 |
|
Financial assets |
4,525 |
4,505 |
|
Investment in associate |
316,950 |
300,463 |
|
Total non-current assets |
750,142 |
732,634 |
|
Current assets |
||
|
Inventories |
29,860 |
17,759 |
|
Trade and other receivables |
11,494 |
59,511 |
|
Prepayments |
174 |
92 |
|
Financial assets |
971 |
348 |
|
Cash and Bank |
299,282 |
216,402 |
|
Total current assets |
341,781 |
294,112 |
|
Total assets |
1,091,923 |
1,026,746 |
|
Equities and Liabilities |
|
|
|
Shareholders’ equity |
|
|
|
Share capital |
19,316 |
19,316 |
|
Share premium |
78,955 |
78,955 |
|
Fair value reserve of financial assets at FVOCI |
2,568 |
2541 |
|
Retained earnings |
738,793 |
676,571 |
|
Non-controlling interest |
5,827 |
5,581 |
|
Total shareholders’ equity |
845,459 |
782,964 |
|
Non-current liabilities |
|
|
|
Borrowings |
30,292 |
49,830 |
|
Deferred tax liabilities |
50,115 |
20,442 |
|
Decommissioning liabilities |
74,547 |
72,451 |
|
Total non-current liabilities |
154,954 |
142,723 |
|
Current liabilities |
|
|
|
Trade and other payables |
39,740 |
63,461 |
|
Contract liabilities |
646 |
1,970 |
|
Taxation |
32,123 |
16,035 |
|
Borrowings |
19,001 |
19,593 |
|
Total Current liabilities |
91,510 |
101,059 |
|
Total liabilities |
246,464 |
243,782 |
|
Total equity & liabilities |
1,091,923 |
1,026,746 |
Consolidated statement of cash flows for the period ended 30 September 2024 (US Dollars)
|
In thousands of dollars |
30-Sep-2024 |
30-Sep-2023 |
|
Profit before taxation |
145,336 |
64,328 |
|
Adjustments: |
|
|
|
Interest expense |
8,440 |
17,591 |
|
Interest income |
(7,617) |
(6,224) |
|
Dividend received |
(98) |
(162) |
|
Exchange (gain)/loss |
18,133 |
30,448 |
|
Share of profit from associate |
(16,487) |
(6,509) |
|
Hedge cost in P or L |
1,159 |
3,550 |
|
Depreciation of property, plant and equipment |
48,213 |
38,122 |
|
Provision no longer required |
(40) |
– |
|
Stock adjustment |
(18,970) |
(782) |
|
Asset Write off |
– |
3,910 |
|
Operating cash flows before movement in working capital |
178,069 |
144,272 |
|
Movement in working capital: |
|
|
|
Decrease in trade and other receivables |
48,017 |
51,813 |
|
(Increase)/ Decrease in prepayments |
(82) |
50 |
|
Decrease/ (Increase) in inventory |
6,869 |
(1,492) |
|
Increase in restricted cash |
(470) |
(2,081) |
|
Decrease in trade and other payables |
(25,779) |
(6,618) |
|
Decrease in contract liabilities |
(1,324) |
– |
|
Cash generated by operating activities |
205,300 |
185,944 |
|
Tax paid |
(10,752) |
(10,155) |
|
Net cash flows from operating activities |
194,548 |
175,789 |
|
|
|
|
|
Investing activities |
|
|
|
Interest received |
7,617 |
6,224 |
|
Dividend received |
98 |
162 |
|
Purchase of property, plant and equipment |
(49,212) |
(45,690) |
|
Purchase of financial assets |
(3,595) |
(3,197) |
|
Net cash used in investing activities |
(45,092) |
(42,501) |
|
|
|
|
|
Financing activities |
|
|
|
Dividend paid |
(26,357) |
(10,044) |
|
Interest paid |
(5,320) |
(8,133) |
|
Repayment of borrowing |
(16,080) |
(59,643) |
|
Additional borrowings |
– |
10,000 |
|
Issue of Bond |
– |
13,393 |
|
Net cash flows used in financing activities |
(47,757) |
(54,427) |
|
|
|
|
|
Increase in cash and cash equivalents |
101,699 |
78,861 |
|
Cash and cash equivalents – Beginning of year |
203,493 |
123,776 |
|
Exchange rate effects on cash and cash equivalents |
(19,289) |
(31,996) |
|
Cash and cash equivalents – End of year |
285,903 |
170,641 |
Definition of ratios
Operating profit margin is operating profit divided by total revenue.
EBITDA margin corresponds to EBITDA divided by total revenue.
Profit before tax corresponds to EBIT minus net finance (cost)/income and plus share of profit of associates and joint venture using the equity method.
Effective tax is income tax expense dividend by profit before income tax.
Profit before tax margin corresponds to Profit before Tax as a % of Revenue.
Return on equity corresponds to net profit reported to total equity.
Return on assets corresponds to net profit reported to total assets.
Return on ratio the return on total asset ratio indicates how well a company’s investment generate revenue.
Leverage refers to the amount of debt used to finance assets.
Glossary of terms
mmbbls – million barrels of oil
bscf – Billions of standard cubic feet of gas.
boepd – Barrels of Oil Equivalent Per Day
mscf – one thousand standard cubic feet
boe – Barrel of oil equivalent
bbl/d – barrels per day
Notes to editors
Aradel Holdings Plc (“Aradel Holdings” or “the Company”) is Nigeria’s foremost integrated independent energy company, delivering critical energy solutions in a sustainable and responsible way. Aradel Holdings was incorporated on 25 March 1992 (as the Midas Drilling Fund), changed its name to Niger Delta Exploration and Production Plc in November 1996, assumed its current name in May 2023, and was listed on the main board of the NGX on 14 October 2024.
The Company operates through its subsidiaries and an affiliate company:
- Aradel Energy Limited (100%), a wholly owned subsidiary of Aradel Holdings, as well as the Operator of the Ogbele (PML 14), Omerelu (PPL 247), Olo and Olo West Marginal Fields, as well as OPL 227 joint venture (subject to NUPRC approval). Established to explore and harness opportunities in the energy industry.
- Aradel Gas Limited (100%), the only Nigerian independent Non-JV Gas Supplier to Bonny LNG. Established to leverage investment opportunities in the gas sector. Has 100mmscf/d gas processing facility.
- Aradel Investments Limited (100%), a wholly owned subsidiary established to hold and manage the group’s non-oil & gas assets. Established to hold the Company’s non-oil and gas investments.
- Aradel Refineries Limited (95%), a 3-train 11kbbl/d independent operating midstream refinery. Produces AGO, DPK, MDO, HFO and Naphtha.
- ND Western Limited (41.67%), an independent Nigerian oil and gas exploration and production company comprising four leading industry players with four limited liability companies (being Aradel Energy, Petrolin, First Exploration & Petroleum Development Company, and Waltersmith Petroman Oil) as shareholders.
For further information please refer to our website, aradel.com
Forward looking statements
Certain statements in this document may constitute forward-looking information or forward-looking statements under applicable Nigerian Securities laws (collectively “forward-looking statements”). Forward-looking statements are statements that relate to future events, including the Company’s future performance, opportunities, or business prospects. Any statements that express or involve discussions with respect to expectations, forecasts, assumptions, objectives, beliefs, projections, plans, guidance, predictions, future events or performance (often, but not always, identified by words such as “believes”, “seeks”, “anticipates”, “expects”, “continues”, “may”, “projects”, “estimates”, “forecasts”, “pending”, “intends”, “plans”, “could”, “might”, “should”, “will”, “would have” or similar words suggesting future outcomes) are not statements of historical fact and may be forward-looking statements.
By their nature, forward-looking statements involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements. Undue reliance should not be placed on these forward-looking statements because the Company cannot assure that the forward-looking statements will prove to be correct. As forward-looking information address future conditions and events, they could involve risks and uncertainties including, but are not limited to, risk with respect to general economic conditions, regulations and taxes, civil unrest, corporate restructuring and related costs, capital and operating expenses, pricing and availability of financing and currency exchange rate fluctuations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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