*To commence development programmes for Olo/ Olo West, Omerelu Fields, optimising production from Ogbele in 2025
*Target annual production of 16kbbls per day and 50mmscf per day
WorldStage Newsonline– Aradel Holdings Plc, Nigeria’s leading integrated indigenous energy company has announced its unaudited results for the year ended 31 December 2024 with a revenue of ₦581.0 Billion, up 162.7% and profit after tax of ₦247.6 billion, up 360.8% from the 2023 record.
The result released through the Nigerian Exchange showed that Foreign exchange dynamics continued to impact on the financial performance of the Group with the average exchange rate in 2024 at ₦1479.68:US$1 from ₦645.92: US$1 in 2023.
Revenue increased by 162.7% from ₦221.1 billion in 2023 was said to have been driven by 244.6% increase in export crude oil revenue (64.31% of total revenue) to ₦373.7 billion (2023 ₦108.4 billion; 49.03% 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 3.1 mbbls in 2024 (FY 2023: 2.1 mbbls).
The company said there was 174.7% increase in gas revenue to ₦28.0 billion (4.8% of total revenue), due to higher production volumes (FY 2023: ₦10.2 billion; 4.6% of total revenue), while there was also 74.9% increase in refined products’ revenue (30.9% of total revenue) to ₦179.3 billion (FY 2023: ₦102.5 billion; 46.4% of total revenue) due to increased sales volumes of 240.5 mmltres, up by 14.47% (FY 2023: 210.1 mmltres).
Operational highlights showed that crude oil production of 13,751 bbls/day up 41.2% (FY 2023: 9,739 bbls/day); Gas production of 32.4 mmscfd (5,717 boepd) up by 21.9% (FY 2023: 26.6 mmscfd (4,691 boepd)); Refined petroleum products sold 240.5 mmltres up by 14.5% (FY 2023: 210.1 mmltres); Average realised crude oil price (exported) per barrel of $82.3 (FY 2023: $80.0); and Average realised gas price per mscf of $1.7 (FY 2023: $1.7).
The Chief Executive Officer of Aradel Holdings Plc, Mr. Adegbite Falade was quoted as saying that, “The Company sustained its strong operational and financial performance in 2024, building on the improvements achieved in 2023. We recorded increased topline and bottomline, driven by significantly higher hydrocarbon production, the successful re-entry of Well 2ST in the Omerelu Field, which resulted in the attainment of First Oil on 31st May 2024 and increased sales volumes from our refinery operations.
“We successfully drilled Wells 14 and 15, marking the conclusion of our Phase 1, four-well turnkey drilling campaign with favourable results. We kicked off the second phase of the drilling campaign with Well 16, which is approaching completion. To support the anticipated production growth, we expanded the throughput capacity of our evacuation channels, positioning us to maintain strong output and efficiency levels throughout the year.
“We completed the acquisition of the Olo and Olo West Marginal Fields from the TotalEnergies/NNPC Joint venture, and entered an agreement to acquire a minority equity interest in Chappal Energies Mauritius Limited – an energy company focusing on investments in deep value and brownfield upstream opportunities within Africa.
“ Aradel is also an equity participant in the Renaissance Africa Energy Company Limited, the acquirer of Shell’s 100% equity interest in the Shell Petroleum Development Company (SPDC) Limited, for which Ministerial Consent has been obtained.
“These acquisitions further enhance our portfolio and create new opportunities for future production growth. They 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 as well as sustainability of our business.
“Our successful listing on the NGX in October capped a landmark year for the Company and was a significant milestone towards fulfilling our promise to enhance shareholder value.
“For 2025, our plan is to commence the development programmes for Olo and Olo West as well as the Omerelu Fields. These are in addition to optimising production from Ogbele, with a target annual production of 16kbbls per day and 50mmscf per day.
