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Oando extends completion date for acquisition of Nigerian upstream oil and gas business


Published Mar 31, 2014
Oando Energy Resources Inc.-2

Oando Energy Resources Inc. announced that, the outside date for completion of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips 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.

Tags: ConocoPhillips, Oando Energy Resources Inc.




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