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Oando Energy Resources Inc Signs Agreements To Acquire ConocoPhillips Nigerian Assets For $1.79 Billion

Thursday, 20 Dec 2012 04:30pm EST 

Oando Energy Resources Inc announced that it has entered into an agreement with ConocoPhillips to acquire ConocoPhillips' Nigerian businesses for a total cash consideration of approximately $1.79 billion, subject to customary adjustments. ConocoPhillips' Nigerian businesses consist of: Phillips Oil Company Nigeria Limited, which holds a 20% non-operating interest in Oil Mining Leases 60, 61, 62, and 63 as well as related infrastructure and facilities in the Nigerian Agip Oil Company Limited (NAOC) Joint Venture. Conoco Exploration and Production Nigeria Limited (CEPNL), which holds a 95% operating interest in OML 131. Pursuant to the Proposed Acquisition, OER will indirectly purchase all of the issued share capital of POCNL, PBL, CEPNL and PDENL. Upon closing, the effective date of the Proposed Acquisition will be January 1, 2012. Upon signing of the Sale and Purchase Agreements, the Company paid a cash deposit of $435 million to ConocoPhillips. The payment of the Deposit was financed by a $345 million loan from Oando Plc, a company which owns 94.6% of the shares of OER, and $90 million funded through secured bridge loans, each of which is guaranteed by Oando, from local Nigerian banks. It is expected that the remainder of the Purchase Price for the Proposed Acquisition (approximately $1.355 billion) will be financed by way of equity and debt, including private placements of equity-linked securities and a follow-on offering of OER shares. 

Company Quote

20 Nov 2014