1st May, 2014
Oando Energy Resources Inc, a company focused on oil and gas exploration and production in Nigeria, has announced that the completion date of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips has been extended to 30 June.
The agreement to shift the date was struck with ConocoPhillips on 30 April.
The new date will enable the companies to satisfy all closing conditions including the anticipated consent of Nigeria’s Minister of Petroleum Resources, Diezani Alison-Madueke.
In the meantime, OANDO has agreed to increase its deposit by $25 million on 30 May , if the consent of the Minister of Petroleum Resources is not received on or before 23 May.
Oando similarly paid $25million to ConocoPhillips in April, waiting for Diezani Alison-Madueke’s consent.