Lagos - Oando Energy Resources (OER), a subsidiary of Oando Plc, has entered into an agreement with ConocoPhillips (COP) to extend to March 31, the date for completion of the acquisition of COP’s Nigerian assets.
OER had successfully acquired all funds required to complete its acquisition of COP’s Nigerian assets.
The extension was to enable the companies to satisfy all closing conditions.
However, closing of the COP acquisition remained subject to the consent of the Minister of Petroleum Resources.
OER recently bided for and won the rights to purchase the local unit of COP for $1.79 billion.
The COP assets gave it about 43 000 barrels per day from onshore fields.
The assets also attracted 17 percent equity stake in the proposed Brass liquefied natural gas project.
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