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 receipt of the consent of the Honourable Minister of Petroleum Resources of Nigeria for the acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips (NYSE: COP) for a total cash consideration of $1.65 Billion subject to customary adjustments (the “ConocoPhillips Transaction”).
Further to the receipt of consent of the Honourable Minister of Petroleum Resources, OER and ConocoPhillips are now positioned to complete the ConocoPhillips Transaction.
Commenting, Mr. Wale Tinubu, Chairman, OER said “We are delighted to receive the approval of the Honourable Minister of Petroleum Resources for the completion of the acquisition. It has been a long journey, wherein we kept faith with our strategy and executed every milestone diligently. This acquisition satisfies our criteria for assets in production, as well as excellent appraisal and exploration prospects. The coast now stands clear for us to immediately complete the acquisition”.
OER will now work with ConocoPhillips towards completing the acquisition by the long stop date of June 30, 2014 or shortly thereafter.
Source: Oando website