Aradel Holdings is Nigeria's leading indigenous integrated energy company, spanning upstream oil and gas (OML 40, the legacy Ogbele field and the Omerelu gas development), an ~11,000 bpd modular refinery at Ogbele and gas processing feeding the domestic market and NLNG. FY2025 revenue rose ~20% to ~$0.46bn (699bn NGN) with production around 30 mboe/d, roughly 80% oil-weighted.
Reported FY2025 net income jumped ~190% to ~$0.5bn (754bn NGN), but that figure is inflated by large acquisition-related and fair-value gains tied to the 2024 corporate transaction that expanded its reserves base and balance sheet; underlying operating income actually eased year-on-year. The stock re-rated ~185% over the year on the NGX. The investment case rests on low-cost onshore barrels, integration into refining and gas, and a net-cash position, against 100% Niger Delta concentration, security/theft losses and Nigerian FX and regulatory risk.
Its EV/EBITDA of 13.3x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 0.7% is lower than the 6.5% median, and at $59.67/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Aradel Holdings scores 43/100, strongest on asset quality (71/100). Sub-scores: value 25, quality 71, growth 68, risk 76 (higher = riskier).
Aradel Holdings holds approximately 0.12 billion boe of proved (1P) reserves with FY2025 production of about 23 thousand boe/d (42% liquids), a reserve life of roughly 14.5 years. Break-even: ~$40 (Brent breakeven) — Low-cost onshore Niger Delta barrels (OML 40 and Ogbele) with modest opex support a group Brent breakeven around $40/bbl; realised cash margins depend heavily on evacuation reliability (theft/losses on third-party pipelines) and naira/FX dynamics rather than price alone.
For Aradel Holdings, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Nigeria | 100% | 89 | Theft/sabotage, subsidy reform, PIA transition, security. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Asset | Country | Type | note |
| OML 40 | Nigeria | Oil E&P | Core producing licence in the western Niger Delta; primary growth and volume driver |
| Ogbele Field | Nigeria | Oil & Gas | Legacy marginal field; integrated oil, gas plant and refinery hub |
| Omerelu | Nigeria | Gas E&P | Gas-focused development supporting domestic gas ambitions |
| Ogbele Modular Refinery | Nigeria | Refining | ~11,000 bpd modular refinery producing diesel, naphtha and other products |
| Ogbele Gas Plant | Nigeria | Gas Processing | Processes associated/non-associated gas for domestic sales and NLNG feed |
| Gbetiokun (OML 40) | Nigeria | Oil | Producing development within the OML 40 licence area |
| Acquired reserve interests | Nigeria | Oil & Gas | 2024 transaction expanding reserves and consolidated asset base |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 14 | 16 | 22 | 28 | 23 |
| Proved reserves (bnboe) | 0.28 | 0.30 | 0.32 | 0.34 | 0.12 |
| Revenue ($bn) | 0.0 | 0.0 | 0.1 | 0.4 | 0.5 |
| EBITDA ($bn) | 0.0 | 0.0 | 0.1 | 0.2 | 0.5 |
| Net income ($bn) | 0.0 | 0.0 | 0.0 | 0.2 | 0.5 |
| Free cash flow ($bn) | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 |
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✓ FY2025 figures verified against primary sources:
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