Aradel Holdings Celebrates First Oil from Omerelu Field Re-entry

Aradel Holdings Plc has achieved a major milestone with the successful re-entry of Well 2ST in the Omerelu Field, leading to the attainment of First Oil on May 31, 2024.

This accomplishment will significantly enhance Aradel Holdings Plc's production capabilities and support the company's growth and sustainability objectives through its subsidiary, Aradel Energy Ltd. The company has received approval for well testing, which will facilitate the conversion of the field’s Petroleum Prospecting Licence (PPL) into a Petroleum Mining Lease (PML) following regulatory procedures.

The well re-entry is part of Aradel’s 2024 Exploration and Appraisal Drilling Campaign, aimed at developing and optimising existing assets. The company adhered to the highest safety standards and environmental stewardship throughout the process, employing cutting-edge technology and innovative methodologies, which were key to the successful re-entry and completion of well operations.

Adegbite Falade, Chief Executive Officer/Managing Director of Aradel Holdings Plc, commented, ‘‘This 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. 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.’’

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% stake and operatorship of the Omerelu Field in 2014 from the NNPC/Chevron Joint Venture.