Oando seeks to raise $193M to fund ConocoPhillips deal

|About: Oando Energy Resources, Inc. (ONDOF)|By:, SA News Editor

Oando Energy (ONDOF) is looking to raise $193M through a share sale in order to push through its deal to acquire ConocoPhillips' (COP) Nigerian assets, Reuters reports.

Oando, which has already paid a $435M deposit toward a $1.79B deal it signed with COP earlier this year, is offering 2.05B shares at 15 naira ($0.09) a piece to raise some of the funds.

The completion date for the deal has been extended twice, most recently from Nov. 30 until the end of January.