Oando Plc - Oando Energy Resources Extends Completion Date For Acquisition Of Nigerian Upstream Oil And Gas BusinessRelease Date: 28/03/2014 13:30:00 Code(s): OAO
(Incorporated in Nigeria and registered as an external company in South
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
CALGARY, ALBERTA March 27, 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, January 31, 2014, and March 3, 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 April 30, 2014.
Pursuant to an amendment agreement executed on March 27 2014, Oando
Energy Resources and ConocoPhillips agreed to extend the outside date for
completion of the ConocoPhillips Acquisition from March 31, 2014 to
April 30, 2014 to enable the companies to satisfy all closing conditions including
the anticipated consent of the Honourable Minister of Petroleum Resources in
Nigeria. In consideration of this extension OER has consented to increasing its
deposit by $25 million on April 17, 2014, if the consent of the Honourable
Minister of Petroleum Resources is not received on or before April 11, 2014.
?As we approach the final stage of creating Africa's Leading indigenous
independent Oil and Gas Company, we have committed to increasing our deposit
as a goodwill gesture to ConocoPhillips, whilst we continue to work together to
fulfil all conditions precedent for closure of this transaction,? commented OER
Chairman, Wale Tinubu.
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
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 securities laws.
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: 28/03/2014 01:30:00 Supplied by www.sharenet.co.za
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