Peter Uzoho
Aradel Holdings Plc has delivered a significant first half in 2026, with group production rising 523 per cent to an average of 139,500 barrels of oil equivalent per day (kboepd).
The surge, driven by acquisitions and improved asset uptime, powered gross revenue up 577 per cent to N2.49 trillion and generated record operating cash flow that cut net debt by 70 per cent.
In its unaudited results for the six months ended June 30, 2026, signed by the Chief Financial Officer, Adegbola Adesina, Aradel highlighted how its enlarged portfolio is translating into scale, profitability and stronger cash generation.
According to the report, average daily crude oil output rose 258 per cent to 55.6 kbopd from 15.5 kbopd in H1 2025.
Gas production recorded the sharpest growth, climbing 1,121 per cent to 503.2 million standard cubic feet per day (mmscf/d) from 41.2 mmscf/d, supported by improved pipeline availability and sustained customer offtake.
The company said total working-interest production for the period was 25.2 million barrels of oil equivalent (mmboe), compared to a much smaller base in the prior year.
Aradel attributed the growth to integration of assets acquired in 2025 and to operational initiatives that reduced downtime across key fields.
The company said it also benefited from a firmer price environment, reporting an average realised price of $90.4 per barrel for crude and $2.08 per mmscf for gas during the half.
It added that gross revenue rose to N2,491.5 billion from N368.1 billion in H1 2025 while gross profit jumped 782 per cent to N1.44 trillion