OER Executes Extension for Acquisition of Nigerian Assets from ConocoPhillips

Source: www.gulfoilandgas.com 6/9/2014, Location: Africa

Oando Energy Resources Inc, a company focused on oil and gas exploration and production in Nigeria, announced that, further to its press release dated April 9, 2014, OER also announces that it has extended the availability period of the US$450 million senior secured facility agreement arranged by a group of international banks including Standard Chartered Bank (acting as Facility Agent and Security Agent), BNP Paribas and Standard Bank of South Africa Limited (the "RBL") to August 31, 2014.

The RBL is a 5.5 year facility which amortises quarterly with an annual interest rate of LIBOR plus 8.5%. Proceeds from the RBL are intended to be used to fund a portion of the purchase price for the ConocoPhillips Acquisition.

All terms and conditions under the initial executed binding documentation remain unchanged.

The company also increased its deposit with ConocoPhillips by $25 million on May 30, 2014, pursuant to the terms of our executed amendment agreement with ConocoPhillips dated April 30, 2014 as disclosed on April 30, 2014. OER has in total paid a $550 million deposit to ConocoPhillips for this acquisition to date.

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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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