| Tue 17 Sep 2013, 11:02 | | OANDO PLC - Oando Plc signs agreement to acquire Conocophillips Nigerian affiliate |
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OAO 201309170019A
Oando Plc signs agreement to acquire Conocophillips Nigerian affiliate
Oando Plc
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number: 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
("Oando" or the "Company" or the "Group")
OANDO PLC SIGNS AGREEMENT TO ACQUIRE CONOCOPHILLIPS NIGERIAN AFFILIATE
LAGOS, NIGERIA September 16, 2013 – Oando PLC (“Oando”), Nigeria’s leading indigenous
energy group listed on both the Nigerian Stock Exchange and the JSE Limited, is pleased
to announce that it has entered into an agreement with ConocoPhillips (NYSE: COP) to
acquire ConocoPhillips’s affiliate Phillips (Brass) Limited (“PBL”), which holds
ConocoPhillips’ interest in the Brass LNG Project to Oando PLC, for approximately $105
million plus customary adjustments.
PBL holds ConocoPhillips’s 17% shareholding interest in Brass LNG Limited, which is
developing the Brass LNG project, a Greenfield project to develop a two-train, 10 million
ton Liquefied Natural Gas (“LNG”) facility in Bayelsa State, Nigeria. The other partners are
NNPC (49%); Eni (17%) and Total (17%). Pursuant to the Proposed Acquisition, Oando PLC
will indirectly purchase all of the issued share capital of PBL. Upon closing, the effective
date of the Proposed Acquisition will be January 1, 2012.
Closing of the Proposed Acquisition is subject to customary conditions including the
receipt (or waiver, in accordance with the Sale and Purchase Agreement) of all approvals or
consents from any governmental authority if any; and the waiver or non-exercise of rights
of first refusal, if any with respect to the shares to be acquired by Oando, and the assets
underlying such shares.
17 September 2013
JSE Sponsor
Macquarie First South Capital Proprietary Limited
For more information please contact:
Ayo Ajose-Adeogun
Chief, Strategy Officer
Aajose-adeogun@oandoplc.com
Tel: +234 (1) 2601290-9, Ext 6296
Alex Irune
Head, Corporate Communications
airune@oandoplc.com
Oando PLC
2 Ajose Adeogun Street
Victoria Island
Lagos, Nigeria.
Tel: +234 (1) 2702400 Ext 6270
Website: www.oandoplc.com
Date: 17/09/2013 11:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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