Petroleum Africa
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Tuesday, April 1, 2014
Oando Energy Resources (OER), through an amended agreement with ConocoPhillips, saw the date of completion of its proposed acquisition of ConocoPhillip’s upstream assets in Nigeria extended to April 30. Pursuant to an amendment agreement executed on March 27, OER and ConocoPhillips agreed to extend the outside date for completion from March 31 until April 30 to enable the companies to satisfy all closing conditions including the anticipated consent of Nigeria’s Minister of Petroleum Resources.
In consideration of this extension OER has consented to increasing its deposit by $25 million on April 17, 2014, if the consent of minister has not beem received on or before April 11.
“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, while we continue to work together to fulfill all conditions precedent for closure of this transaction,” commented OER Chairman, Wale Tinubu, assets
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