Oando Plc - Oer Extends Completion Date For Acquisition Of Nigerian Upstream Oil And Gas Business Of ConocophillipsRelease Date: 03/03/2014 14:50:00 Code(s): OAO
(Incorporated in Nigeria and registered as an external company in South Africa)
External Registration number: RC 6474
Company registration number: 2005/038824/10
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
(?Oando? or the ?Company?)
OANDO ENERGY RESOURCES EXTENDS COMPLETION DATE FOR ACQUISITION OF
NIGERIAN UPSTREAM OIL AND GAS BUSINESS OF CONOCOPHILLIPS
CALGARY, ALBERTA March 3, 2014 ? 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 that, further to its press releases dated
December 20, 2012, September 16, 2013, November 28, 2013 and January 31, 2014, the
outside date for completion of the proposed acquisition of the Nigerian Upstream Oil and
Gas Business of ConocoPhillips (NYSE: COP) (the ?ConocoPhillips Acquisition?) has been
extended to March 31, 2014.
Pursuant to an amendment agreement executed with ConocoPhillips on February 28
2014, Oando Energy Resources and ConocoPhillips agreed, amongst other things, to
extend the outside date for completion of the ConocoPhillips Acquisition from
February 28, 2014 to March 31, 2014 to enable the companies to satisfy all closing
conditions including the anticipated consent of the Honourable Minister of Petroleum
Resources in Nigeria.
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
(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
3 March 2014
Macquarie First South Capital Proprietary Limited
Pade Durotoye, CEO
Oando Energy Resources Inc.
Head Investor Relations
Oando Energy Resources Inc.
Jeremy Dietz/David Feick
Date: 03/03/2014 02:50:00 Supplied by www.sharenet.co.za
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