Oando Plc - Oando Energy Resources Completes Acquisitio Of Medal OilRelease Date: 14/07/2014 11:30:00 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 COMPLETES ACQUISITION OF MEDAL OIL
CALGARY, ALBERTA ? 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 it has completed the acquisition of
Medal Oil Company Limited (?Medal Oil?). The purchase price of US$5,000,000
was satisfied by the issuance of 3,491,082 units, each unit consisting of one
common share of the Company and one-half of one warrant to purchase an
additional common share at a price of C$ 2.00 per common share for a period of
24 months from the date on which the Company closes the acquisition of the
Nigerian upstream oil and gas business of ConocoPhillips the (?CoP Acquisition?).
Medal Oil holds a 5% interest in OML 131. Upon completion of the CoP
Acquisition, OER will own a 100% interest in OML 131.
14 July 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
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.
Pade Durotoye, CEO
Oando Energy Resources Inc.
Head Investor Relations
Oando Energy Resources Inc.
Jeremy Dietz/David Feick
Date: 14/07/2014 11:30:00 Supplied by www.sharenet.co.za
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