Nigeria: Oando extends ConocoPhillips completion date

Oando Energy Resources has extended the completion date for its acquisition of ConocoPhillips’ Nigerian upstream oil and gas business to 28 February from 31 January. Oando said it had secured the necessary funds, and the net purchase price payable to complete the acquisition would be $1.05bn, after deducting the $450m deposit previously paid. 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