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Oando Energy Resources Inc Announces Update On ConocoPhillips Acquisition

Monday, 16 Sep 2013 06:50pm EDT 

Oando Energy Resources Inc announced that it has indirectly entered into an agreement with ConocoPhillips pursuant to which, amongst other things, it extended the outside date for completion of the proposed COP Acquisition from September 19, 2013to November 30, 2013. The Company has agreed with COP to terminate the agreement to purchase the shares of Phillips (Brass) Limited (PBL), which holds a 17% shareholding interest in Brass LNG Limited (the Brass LNG Purchase Agreement). As previously announced, in connection with the COP Acquisition (including the purchase of PBL), the Company paid a USD435 million deposit. Of the Deposit, USD35 million was advanced in connection with the Brass LNG Purchase Agreement. This Deposit will be applied by ConocoPhillips to the purchase agreements pertaining to the acquisition of the balance of the ConocoPhillips Nigerian oil and gas business. As a result, the net purchase price payable to complete the acquisition of the remaining assets associated with the COP Acquisition is estimated to be approximately USD1.22 billion (after deducting the Deposit and giving effect to adjustments as of the date hereof). 

Company Quote

27 Aug 2015