Oando Energy Resources Inc. , a company focused on oil and gas exploration and production in Nigeria, has paid a previously agreed upon deposit of $25 million for the extension of the outside completion date for the acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips.
The $25 million deposit was required to be paid following the inability of the parties to obtain the consent of the Honourable Minister of Petroleum Resources in Nigeria prior to April 11, 2014.
Pursuant to an amendment agreement executed on March 27 2014, Oando Energy Resources and ConocoPhillips had agreed to extend the outside date for completion of the ConocoPhillips Acquisition from March 31, 2014 to April 30, 2014 to enable the companies to satisfy all closing conditions including the anticipated consent of the Honourable Minister of Petroleum Resources in Nigeria.
In consideration of this extension Oandp agreed to increase its deposit by $25 million on April 17, 2014, if the consent of the Honourable Minister of Petroleum Resources is not received on or before April 11, 2014.
Related: Oando, ConocoPhillips need more time to complete Nigerian deal