29th March, 2014
Oando has announced 30 April for the completion of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips.
The two companies reached the agreement this week, to give themselves enough time to satisfy all closing conditions and also give the Nigerian minister of Petroleum resources, Diezani Alison-Madueke time to accord her consent to the transaction.
“In consideration of this extension, Oando consented to increase 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 Oando Chairman, Wale Tinubu.
The $1.55 billion transaction was initially billed to be completed by March ending.