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Home Companies Company News

Official: Oando Extends Completion of Conoco Phillips Deal To April 30th. Agrees To Increase Deposit By $25million

Nairametrics by Nairametrics
March 31, 2014
in Company News, Corporate deals, Spotlight
Official: Oando Extends Completion of  Conoco Phillips Deal To April 30th. Agrees To Increase Deposit By $25million
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Oando Energy Resources

Oando Energy Resources Inc. (“Oando Energy Resources” or the “Company”) (TSX: OER), a company focused on oil and gas exploration and production in Nigeria, today announced that, further to its press releases dated December 20, 2012, September 16, 2013, November 28, 2013, January 31, 2014, and March 3, 2014, the outside date for completion of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips (NYSE: COP) (the “ConocoPhillips Acquisition”) has been extended to April 30, 2014.
Pursuant to an amendment agreement executed on March 27 2014, Oando Energy Resources and ConocoPhillips agreed to extend the outside date for completion of the ConocoPhillips Acquisition from March 31, 2014 to April 30, 2014 to enable the companies to satisfy all closing conditions including the anticipated consent of the Honourable Minister of Petroleum Resources in Nigeria. In consideration of this extension OER has consented to increasing its deposit by $25 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 as a goodwill gesture to ConocoPhillips, whilst we continue to work together to fulfil all conditions precedent for closure of this transaction,” commented OER Chairman, Wale Tinubu.

 

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Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 1

  1. d4gmail says:
    March 31, 2014 at 8:08 am

    Oando is getting on my nerves with these many stories of CONP acquisition.

    Reply

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