Oando set to complete ConocoPhilips’ assets acquisition with $1.66b

Nigeria’s indigenous energy group, Oando, is set to complete its purchase of ConocoPhilips’ Nigerian assets

Once concluded, the transaction will substantially boost Oando Energy Resources’ (OER) operations, with circa production of 50,000boepd post acquisition, generating extensive growth in revenue and profitability.

The company is said to be listed on both the Nigerian and Johannesburg Stock Exchange.

According to a report by SBG Securities Oil & Gas Analyst, Gbenga Sholotan, Oando has succeeded in securing all financing required towards the acquisition of ConocoPhillip’s entire Nigerian business for a reported $1.66 billion.

Sholotan in the report said “Oando recently raised an aggregate of US$442m through the sale of the East Horizon Gas Company for $250 million and a special placement of 2.05bn shares for $192 million.

– See more at: http://www.vanguardngr.com/2014/01/oando-raises-1-66b-fund-complete-conocophilips-acquisition/#sthash.D5q4tm5R.dpuf

About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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