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Oando Energy Resources Inc provides an update on acquisition of ConocoPhillips Nigerian business

Thursday, 28 Nov 2013 09:13pm EST 

Oando Energy Resources Inc:Enters into an amendment agreement with ConocoPhillips in relation to the proposed acquisition by Oando Energy Resources of the Nigerian upstream oil and gas business of ConocoPhillips.Says the proposed acquisition comprises the indirect acquisition of all of the shares of Phillips Oil Company Nigeria Ltd (POCNL), Phillips Deepwater Exploration Nigeria Ltd (PDENL) and Conoco Exploration & Production Nigeria Ltd (collectively, the ConocoPhillips Acquisition).Says pursuant to the amendment agreement, Oando Energy Resources and ConocoPhillips agreed to extend the completion of the ConocoPhillips Acquisition form Nov. 30, 2013 to Jan. 31, 2014 (the outside date).Says OER will increase the deposit for the acquisition of the shares of PDENL by $15 million, and has agreed to pay the increased deposit amount to ConocoPhillips by no later than Dec. 6, 2013.Says as consideration for the extension of the outside date, the purchase price of the shares of POCNL will be increased by $10 million per month for the period from Dec. 1, up to but excluding the outside date of Jan. 31, 2014.Says a result of the amendments referred to above, the net purchase price payable to complete the ConocoPhillips Acquisition is estimated to be approximately $1.23 billion. 

Company Quote

-1.74 -2.72%
31 Mar 2015