• Friday, July 19, 2024
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BusinessDay

Aradel strikes first oil at Omerelu field

NDEP Plc transitions fully into Aradel Holdings

Aradel Holdings Plc has announced a milestone in the history of the Company’s operations, with the successful re-entry of Well 2ST in the Omerelu Field, which resulted in the attainment of First Oil on Friday 31st May 2024.

The company noted that attaining First Oil from Omerelu will enhance the company’s production capabilities, contribute to the growth and sustainability goals of Aradel Holdings Plc, through its fully-owned subsidiary, Aradel Energy Ltd.

Aradel said it has received approval for well testing which will culminate into conversion of the field’s Petroleum Prospecting Licence (PPL) into a Petroleum Mining Lease (PML), following necessary regulatory procedures.

The well re-entry was part of Aradel’s Exploration and Appraisal Drilling Campaign for 2024, to develop and optimise existing assets.

Throughout the process, the Company it adopted the highest safety standards and levels of environmental stewardship. Additionally, cutting-edge technology and innovative methodologies were used, which were central to the successful re-entry and completion of the well operations.

Adegbite Falade, chief executive officer and managing director of Aradel Holdings Plc said the milestone marks a pivotal moment in our ongoing commitment to resource development and unleashing growth.

“The development of Omerelu Field will further extend our reserves profile and overall production levels. Attaining First Oil from the Omerelu Field reinforces our strategic vision of delivering sustainable energy solutions that support economic growth,” Falade said.

He noted that the achievement of First Oil would not have been possible without the unwavering support and collaboration of all our stakeholders, including vendors, local communities, regulatory agencies, and our dedicated employees.

“Their collective efforts have been instrumental in overcoming the challenges and complexities associated with the re-entry and well-completion processes,” Falade said.

About Omerelu Field

The Omerelu Field is now in PPL 247 and is about 42km North-West of Port Harcourt in Rivers State, Nigeria. Aradel Energy Ltd acquired a 100 percent stake and operatorship of the Omerelu Field in 2014 from the NNPC/Chevron Joint Venture.