OER Extends Completion Date for ConocoPhillips Acquisition

Source: www.gulfoilandgas.com 4/30/2014, Location: Africa

Oando Energy Resources Inc, a company focused on oil and gas exploration and production in Nigeria, announced that the outside date for completion of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips has been extended to June 30, 2014.

Pursuant to an amendment agreement executed on April 30, 2014, Oando Energy Resources and ConocoPhillips agreed to extend the outside date for completion of the ConocoPhillips Acquisition from April 30, 2014 to June 30, 2014 to enable the companies to satisfy all closing conditions including the anticipated consent of the Honourable Minister of Petroleum Resources in Nigeria. OER has agreed to increasing its deposit by $25 million on May 30, 2014, if the consent of the Honourable Minister of Petroleum Resources is not received on or before May 23, 2014.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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