Oando Plc - Oando Energy Announces Nigerian Government Approval Of $1.65 Billion Acquisition Of Conocophillips Nigerian Oil AndRelease Date: 18/06/2014 16:29:00 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 Announces Nigerian Government Approval of $1.65 Billion Acquisition of
ConocoPhillips Nigerian Oil and Gas Business
CALGARY, ALBERTA June 18, 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 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.
18 June 2014
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
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
Pade Durotoye, CEO
Oando Energy Resources Inc.
Head Investor Relations
Oando Energy Resources Inc.
Jeremy Dietz/David Feick
Date: 18/06/2014 04:29:00 Supplied by www.sharenet.co.za
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