Oando to acquire ConocoPhillips Oil&Gas Nigeria for $1.65billion

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”).OandConocoP1

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


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