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Oando Energy Resources increases deposit for acquisition of Nigerian upstream oil and gas business of Conocophillips
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 INCREASES DEPOSIT FOR ACQUISITION OF NIGERIAN
UPSTREAM OIL AND GAS BUSINESS OF CONOCOPHILLIPS
CALGARY, ALBERTA April 17, 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 release dated March
28, 2014, the Company has paid a previously agreed upon deposit of $25 million for the
extension of the outside completion date for the acquisition of the Nigerian Upstream Oil
and Gas Business of ConocoPhillips (NYSE: COP). The $25 million deposit was required to
be paid following the inability of the parties to obtain the consent of the Honourable
Minister of Petroleum Resources in Nigeria prior to April 11, 2014.
Unquote
Lagos
22 April 2014
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
-2-
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.
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: 22/04/2014 02:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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