Oando Energy Resources Inc. (TSX: OER), a company focused on oil and gas exploration and production in Nigeria, has secured funding for the closure of the acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips (NYSE: COP).
The company estimates that the net purchase price payable to complete the ConocoPhillips acquisition will be approximately US$1.05 billion. Pursuant to an amendment agreement executed with ConocoPhillips, OER and ConocoPhillips agreed to extend the outside date for completion of the ConocoPhillips Acquisition from Jan. 31 to Feb. 28. As part of this agreement, OER will pay an additional US$50 million toward the acquisition for a total deposit of US$500 million.
Closing of the ConocoPhillips acquisition remains subject to satisfaction of closing conditions, including the anticipated consent of the Minister of Petroleum Resources in Nigeria.