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Nigeria: Oando Energy Resources increases deposit for acquisition of ConocoPhillips Nigerian upstream business
21 Apr 2014
Oando Energy Resources, a company focused on oil and gas exploration and production in Nigeria, on Friday announced that, further to its press release dated March 28 2014, the Company has paid a previously agreed upon deposit of $25 million for the extension of the outside completion date for the acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips. The $25 million deposit was required to be paid following the inability of the parties to obtain the consent of the Honourable Minister of Petroleum Resources in Nigeria prior to April 11, 2014.
Source: Oando Energy Resources