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Wed, Jul. 30, 7:58 AM
- ConocoPhillips (NYSE:COP) completes its much-delayed $1.5B asset sale to Nigeria's Oando Energy (OTC:ONDOF), which will boost the African company's oil production 10-fold to 50K bbl/day.
- The deal took roughly six months longer than expected to close, due to the complexity of raising enough capital and difficulties navigating the Nigerian bureaucracy.
Mon, Feb. 3, 7:48 AM
- Nigerian energy firm Oando (ONDOF) says it finally secured the funds it needs to to acquire the upstream oil and gas business of ConocoPhillips (COP) in the country.
- Oando announced plans last week to raise ~$1.5B in its second attempt in a month to raise cash, causing speculation that it was struggling to close the $1.79B COP deal it agreed on more than a year ago.
Dec. 18, 2013, 10:39 AM
- 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.
Apr. 14, 2013, 4:37 AMConocoPhillips' (COP) $1.79B sale of Nigerian assets to Oando Energy Resources (ONDOF.OB) could be in doubt after the latter warned that it faces a funding shortfall, saying that borrowing more money to pay for the deal could strain its finances. Notwithstanding, Oando hopes to raise the necessary money by issuing debt and by selling shares. | Comment!
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