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OANDO PLC - Oando Energy Resources announces extension of outside date

Release Date: 03/05/2016 13:19:00      Code(s): OAO     
Oando PLC
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number: 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: OANDO


CALGARY, ALBERTA, April 29, 2016 - Oando Energy Resources Inc. (?OER? or the ?Company?)
(TSX: OER) announces that the outside date under OER?s previously announced proposed
plan of arrangement (the ?Arrangement?) with Oando PLC and Oando E&P Holdings Limited
(the ?Purchaser?) has been extended to May 31, 2016 in order for the parties to obtain the
remaining outstanding lender consents.

Other material conditions precedent to completion of the Arrangement have been satisfied,
including the approval of OER?s shareholders and the final order of the Supreme Court of
British Columbia.

Full details regarding the terms of the Arrangement are set out in OER?s management
information circular dated January 19, 2016.

Copies of the arrangement agreement, the management information circular and certain
related documents have been filed with Canadian securities regulators and are available
under the Company?s profile on the Canadian SEDAR website at www.sedar.com.

About Oando Energy Resources Inc. (OER)

OER currently has a broad suite of producing, development and exploration assets in the Gulf
of Guinea (predominantly in Nigeria).

Cautionary Statement

No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.

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. Forward-looking statements are subject to a variety of risks, uncertainties
and other factors which could cause actual events or results to differ from those expressed or
implied by the forward-looking statements, including, without limitation: the Arrangement
Agreement may be terminated in certain circumstances; general business, economic,
competitive, political, regulatory and social uncertainties; risks related to factors beyond the
control of the Purchaser, Oando PLC or the Company; foreign countries? regulatory
requirements; risks related to certain directors and executive officers of the Company possibly
having interests in the Arrangement Agreement that are different from other Shareholders;
risks that other conditions to the consummation of the Arrangement are not satisfied; global
economic climate; dilution; ability to complete acquisitions; environmental risks; community
and non-governmental actions; and regulatory risks. This list is not exhaustive of the factors
that may affect any of forward-looking statements of the Company. Accordingly, readers
should not place undue reliance on the forward-looking statements.

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 through the SEDAR website (www.sedar.com) under the Company. 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.

For further information:
Pade Durotoye,
Oando Energy Resources Inc.,

+1 403-561-1713.

Tokunboh Akindele,
Head, Investor Relations,
Oando Energy Resources Inc.,
+1 403-560-7450.

3 May 2016

Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)

Date: 03/05/2016 01:19:00 Supplied by www.sharenet.co.za                     
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