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VENTURES AFRICA – The Nigeria-based oil and gas firm, Oando Energy Resources (Oando), on Monday said it had secured funding for the acquisition of Nigeria’s oil and gas assets of oil major, ConocoPhillips.
Listed in Nigeria Securities Exchange (NSE) and the Johannesburg Stock Exchange (JSE), Oando estimated the acquisition price to be $1 billion.
It said the money will come from third party lenders, a private placement of its shares and a loan from Oando plc.
The completion of the acquisition is subject to approval by relevant authorities and the consent from Nigeria’s petroleum resources minister, the company said.