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Nigeria: Oando secures funding for ConocoPhillips’ assets

Nigeria’s Oando says it has raised the necessary funds for its $1.65bn acquisition of ConocoPhillips’ Nigerian assets, due to close at end-January. Oando describes the deal as a “transformational opportunity” that will add 43,000 boe/d to the company’s production, which averaged 3,900 b/d in Q3 2013 from OML 125 and the Ebendo marginal field. The deal is being funded by a combination of bank loans, a 30.7bn naira ($191m) private placement, and the $250m sale of its East Horizon Gas Company affiliate to Seven Energy International. Oando paid a $435m initial deposit and an additional $15m in December.

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