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Oando Plc - Oando Energy Extends Completion Date For Acquisition Of Nigerian Upstream Oil And Gas Business Of Conocophillips

Release Date: 02/05/2014 10:30:00      Code(s): OAO     
Oando PLC
(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
ISIN: NGOANDO00002
(?Oando? or the ?Company?)


Quote


          OANDO ENERGY RESOURCES EXTENDS COMPLETION DATE FOR
        ACQUISITION OF NIGERIAN UPSTREAM OIL AND GAS BUSINESS OF
                                  CONOCOPHILLIPS
CALGARY, ALBERTA April 30, 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 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 June 30, 2014.


Pursuant to an amendment agreement executed on April 30, 2014, Oando Energy
Resources and ConocoPhillips agreed to extend the outside date for completion
of the ConocoPhillips Acquisition from April 30, 2014 to June 30, 2014 to enable
the companies to satisfy all closing conditions including the anticipated consent
of the Honourable Minister of Petroleum Resources in Nigeria. OER has agreed to
increasing its deposit by $25 million on May 30, 2014, if the consent of the
Honourable Minister of Petroleum Resources is not received on or before May 23,
2014.


Unquote
                                         -2-


Lagos
02 May2014


JSE Sponsor
Macquarie First South Capital Proprietary Limited



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
                                        -3-


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.

Contact Information:

Pade Durotoye, CEO
Oando Energy Resources Inc.
pdurotoye@oandoenergyresources.com
+1 403-561-1713


Tokunboh Akindele
Head Investor Relations
Oando Energy Resources Inc.
takindele@oandoenergyresources.com
+1 403-560-7450


Jeremy Dietz/David Feick
Investor Relations
+1 403-218-2833
jdietz@tmxequicom.com
dfeick@tmxequicom.com

Date: 02/05/2014 10:30:00 Supplied by www.sharenet.co.za                     
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