Aradel Holdings Plc Announces First Oil Attained from Omerelu Field
Aradel Holdings Plc has achieved a significant milestone in its operational history with the successful re-entry of Well 2ST in the Omerelu Field, resulting in the attainment of First Oil on Friday, May 31, 2024.
This achievement is set to enhance Aradel Holdings Plc’s production capabilities and contribute to the company’s growth and sustainability goals through its fully owned subsidiary, Aradel Energy Ltd. The company has received approval for well testing, which will lead to the conversion of the field’s Petroleum Prospecting Licence (PPL) into a Petroleum Mining Lease (PML) following the necessary regulatory procedures.
The well re-entry is part of Aradel’s 2024 Exploration and Appraisal Drilling Campaign aimed at developing and optimizing existing assets. Throughout the process, the company adhered to the highest safety standards and levels of environmental stewardship. The successful re-entry and completion of the well were achieved using cutting-edge technology and innovative methodologies.
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.”
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Falade also highlighted the essential role played by stakeholders in this achievement. “The attainment 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.”
This development signifies a major step forward for Aradel Holdings Plc as it continues to advance its strategic objectives and enhance its contribution to the energy sector.
