Oando Energy Announces Nigerian Government Approval of $1.65 Billion Acquisition of ConocoPhillips Nigerian Oil and Gas Business
CALGARY, Alberta, June 18, 2014 /PRNewswire/ --
Oando Energy Resources Inc. ("Oando Energy Resources" or the "Company") (TSX: OER), a company focused on oil and gas exploration and production in Nigeria, today announced receipt of the consent of the Honourable Minister of Petroleum Resources of Nigeria for the acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips (NYSE: COP) for a total cash consideration of $1.65 Billion subject to customary adjustments (the "ConocoPhillips Transaction").
Further to the receipt of consent of the Honourable Minister of Petroleum Resources, OER and ConocoPhillips are now positioned to complete the ConocoPhillips Transaction.
Commenting, Mr. Wale Tinubu, Chairman, OER said, "We are delighted to receive the approval of the Honourable Minister of Petroleum Resources for the completion of the acquisition. It has been a long journey, wherein we kept faith with our strategy and executed every milestone diligently. This acquisition satisfies our criteria for assets in production, as well as excellent appraisal and exploration prospects. The coast now stands clear for us to immediately complete the acquisition."
OER will now work with ConocoPhillips towards completing the acquisition by the long stop date of June 30, 2014 or shortly thereafter.
Forward Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking statements relating to intended acquisitions.
Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that such statements and information will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: risks related to international operations, completion of the ConocoPhillips Acquisition on the terms described or in a timely manner, the actual results of current exploration and drilling activities, changes in project parameters as plans continue to be refined and the future price of crude oil. Accordingly, readers should not place undue reliance on the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect the Company's financial results are included in reports on file with applicable securities regulatory authorities and may be accessed under the Company's profile on SEDAR website (http://www.sedar.com). The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For further information:
Pade Durotoye, CEO
Oando Energy Resources Inc.
Head Investor Relations
Oando Energy Resources Inc.
(OER. OER.WT. OER.WT.A.)
SOURCE Oando Energy Resources Inc.