March 28, 2014
Oando Energy Resources Inc. ("
Oando Energy Resources
" or the "
") (TSX: OER), a company focused on oil and gas exploration and production in
, today announced that, further to its press releases dated
December 20, 2012
September 16, 2013
November 28, 2013
January 31, 2014
March 3, 2014
, the outside date for completion of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips (NYSE: COP) (the "
") has been extended to
April 30, 2014
Pursuant to an amendment agreement executed on
2014, Oando Energy Resources and ConocoPhillips agreed to extend the outside date for completion of the ConocoPhillips Acquisition from
March 31, 2014
April 30, 2014
to enable the companies to satisfy all closing conditions including the anticipated consent of the Honourable Minister of Petroleum Resources in
. In consideration of this extension OER has consented to increasing its deposit by
April 17, 2014
, if the consent of the Honourable Minister of Petroleum Resources is not received on or before
April 11, 2014
"As we approach the final stage of creating
leading indigenous independent oil and gas company, we have committed to increasing our deposit as a goodwill gesture to ConocoPhillips, whilst we continue to work together to fulfil all conditions precedent for closure of this transaction," commented OER Chairman, Wale Tinubu.
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.