A Review of the Nigerian Energy Industry

Oando extends completion date for acquisition of Conocophillips’ Nigerian assets

Wale Tinubu02 May 2014, Lagos – Oando Energy Resources yesterday announced that the date for the completion of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips (NYSE: COP) (the “ConocoPhillips Acquisition”) had been extended to June 30.

Pursuant to an amendment agreement executed on Wednesday, Oando Energy Resources and ConocoPhillips agreed to extend the date for completion of the ConocoPhillips Acquisition from April 30 to June 30 to enable the companies satisfy all closing conditions including the anticipated consent of the Minister of Petroleum Resources, Diezani Alison-Madueke.

Oando had agreed to increasing its deposit by $25 million if the consent of the minister of petroleum is not received on or before May 23.

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