Oando Plc secures funding for acquisition of Nigerian upstream oil and gas business of Conocophillips


Monday, 3 Feb 2014 02:20am EST 

Oando Plc:Refers to the announcement made earlier, it has, subject to, amongst other things, TSX approval, secured funding for the closure of the acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips (the ConocoPhillips Acquisition).Says it currently estimates that the net purchase price payable to complete the ConocoPhillips Acquisition will be about $1.05 bln (Net Purchase Price).Says it expects to fund payment of the Net Purchase Price using funds from the corporate facility and reserve-based loan agreement with third party lenders, proceeds from the proposed private placement and a convertible loan from Oando Plc.Says pursuant to an amendment agreement executed with ConocoPhillips earlier on Feb. 03, Oando Energy Resources and ConocoPhillips agreed to extend the outside date for completion of the ConocoPhillips Acquisition from Jan. 31 to Feb. 28 (Outside Date).Says as part of this agreement, OER will pay an additional $50 mln towards the acquisition for a total deposit of $500 mln. 

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