New date for Oando take-over of ConocoPhilips Nigerian business

By IAfrica
In Nigeria
Mar 29th, 2014
0 Comments
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Published on March 29, 2014 by   ·   No Comments

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 give 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.

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Posted by on March 29, 2014, 12:39 pm. Filed under Business, Business News, Electricity, Oil and Gas. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.


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