Aradel crude production hits 13,000bpd

Aradel Holdings Plc has revealed that its crude oil production rose by 36 per cent to 13,250 barrels per day in the first quarter of 2024.

The indigenous energy company also disclosed at its recent 29th Annual General Meeting held in Lagos that its gas production also increased to 36.8 million standard cubic feet per day, up by 36 per cent from the average 2023 numbers.

In a statement made available to us, Aradel said the volume of refined petroleum products was 722,000 litres per day, slightly down by 1.6 per cent.

“In comparison to the same period in 2023, Q1 2024 revenues are up by 90 per cent, and Profit Before Tax is up by 62 per cent both in Functional USD,’’ it added.

The Chairman of Aradel Holdings, Ladi Jadesimi, stated that the company’s performance in 2023 was characterised by unprecedented growth, underpinned by the sound strategic initiatives implemented in 2022, in addition to the year’s new initiatives.

“We increased our overall crude production volumes and enhanced our well delivery performance and potential. The Alternative Crude Evacuation system completed in 2022 was subsequently optimised further during the year under review, facilitating the safe evacuation of crude with the impact being a significant reduction in crude loss compared to levels experienced in prior years,’’ Jadesimi remarked.

The chairman maintained that the company in 2023 recorded a revenue growth of 234.5 per cent to N221.1bn ($342.3m) from the N66.1bn ($156.1m) attained in 2022.

The company also achieved an increase of 254.9 per cent in Profit After Tax to N53.7bn ($69.1m) from N15.1bn ($35.5m) recorded in 2022.

Based on this robust financial performance, a final dividend of N170 per share, as recommended by the Board of Directors was approved by the shareholders at the AGM.

The Chief Executive Officer/Managing Director of Aradel Holdings, Adegbite Falade in his comment said, “The dogged pursuit of multiple initiatives, guided by the visionary wisdom of a most experienced Board of Directors, fuelled by an extremely hard-working, passionate and dedicated workforce created mutually assuring outcomes that enabled the outstanding growth in the operational performance seen in 2023.’’

Speaking on the firm’s aspirations, he noted, “Our published Q1 2024 unaudited accounts provide a clear indication of what lies ahead for Aradel Holdings Plc. Our accounts show that at both operational and financial levels, our company is not letting off from where we ended in 2023.

“Crude oil production was 13,250 bbls/day, up by 36% from the average for the FY2023 numbers, Gas production was 36.8 mmscf/d up by 36% from the average FY2023 numbers, and Refined petroleum products was 722 Kltrs/d slightly down by 1.6% from the average FY2023 numbers.’’

Meanwhile, he disclosed that on May 29, Aradel joined the elite rank of companies in Nigeria that attained a N1tn market capitalisation “as we closed at N4,882 per share at the end of the day’s trading”.

SOURCE: PUNCH