December 18, 2017

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OANDO SHARES SURGE ON $1.65 BLN CONOCOPHILLIPS’ NIGERIA DEAL

OANDO SHARES SURGE ON $1.65 BLN CONOCOPHILLIPS’ NIGERIA DEAL

Shares in Oando Plc rose the maximum 10 percent allowed on Nigeria’s stock exchange on FOando logoriday after the oil firm said it had won government approval to complete a $1.65 billion acquisition of ConocoPhillips’ Nigerian assets.

 

 

Oando, which has triple listings in Johannesburg and Toronto, rose to 30.37 naira ($0.19) per share, helping lift the index of Nigeria’s top five oil and gas firms up 4.51 percent.

 

 

Oando said on June 18 it had received government approval to complete the deal that it had agreed last year but was delayed several times due to problems raising funds, oil industry and banking sources said.

 

 

Read more here.

Radi8
InnJoo Reborn

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