It explained that the acquisition deal was secured with $16 million, plus US$3.5 million of deferred and conditional payments. “The Acquisition was completed for a consideration of US$16 million, plus US$3.5 million of deferred and conditional payments.
“The Petroleum Mining Lease and Petroleum Prospecting License will be issued after the payment of relevant Ministerial Consent fees and completion of approved Field development plans within designated timeframes,” Aradel said. The development comes amid major divestment deals executed by International Oil Companies in the country’s oil and gas sector. This comes days after Oando Plc acquired a 100 percent shareholder interest in the Nigerian Agip Oil Company, NAOC from Eni at $783 million.
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