Oando Energy announces completion acquisition of ConocoPhillips' assets

Oil and gas explorer, Oando Energy Resources (Oando), announced Wednesday it had completed the acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips for $1.5 billion.

In announcing the deal, which Oando sees is an important break for it to create scale and value for its shareholders, the CEO of Oando Energy Resources, Pade Durotoye, was bullish about the prospects of the company's acquisition.

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He said, “This transaction represents a transformational leap forward for our company and is in keeping with our overall strategy to grow our portfolio of Nigerian-based assets by focusing on those opportunities that deliver high quality growth in reserves and production

“Our management team is familiar with these assets and possess the managerial experience and technical expertise necessary to unlock their value for our shareholders.”

Wale Tinubu, the chairman of Oando Energy Resources, was quoted in a statement as saying that said the company was primed for a challenging role in the consolidation of the potential that the Nigerian oil and gas industry holds.

According to him, the energy firm will continue to seek strategic opportunities that provide a platform for enhanced growth and value creation for our stakeholders.

Oando Energy Resources had earlier announced the acquisition of oil firm Medal Oil for $5 million.

Oando Energy Resources, which is listed in both Johannesburg and Toronto exchanges, is the new trading name of Exile Resources Inc (Exile) after the acquisition of certain shareholding interests in Oando PLC's upstream subsidiary.