Oando PLC through its subsidiary Oando Energy Resources (OER) has entered into an agreement with ConocoPhillips (COP)
PRESS STATEMENT
March 28, 2014
Lagos, Nigeria — Oando PLC through its subsidiary Oando Energy Resources (OER) has entered into an agreement with ConocoPhillips (COP) to extend the outside date for completion of the acquisition of the Nigerian Upstream Oil and Gas Business of COP from March 31, 2014 to April 30, 2014.
OER has successfully secured all funds required to complete its acquisition of COP’s Nigerian assets. However, closing of the COP acquisition remains subject to the consent of the Honourable Minister of Petroleum Resources in Nigeria.
OER has also agreed to increase its deposit to ConocoPhillips from $500 million to $525 million on April 17, 2014, if the consent of the Honourable Minister of Petroleum Resources is not received on or before April 11, 2014.
“As we approach the final stage of creating Africa’s leading indigenous independent Oil and Gas Company, we have committed to increasing our deposit by $25 million, from $500 to $525 million as a demonstration of our commitment and reassertion of our confidence that the transaction will come to a successful conclusion.” commented OER Chairman, Wale Tinubu.
Oando remains firmly committed to the expeditious conclusion of this acquisition.
