Oando Plc, Nigeria’s leading indigenous energy group listed on both the Nigerian Stock Exchange and the JSE Limited, announced that it has entered into an agreement with ConocoPhillips to acquire ConocoPhillips’s affiliate Phillips (Brass) Limited, 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 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.
