Oando completes $5m acquisition of Medal Oil




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Oando Energy Resources, the Johannesburg and Toronto-listed and producer and explorer, on Monday said it had completed the $5 acquisition of firm Medal .
“The purchase price of $5,000,000 was satisfied by the issuance of 3,491,082 units, each unit consisting of common share of the Company and -half of warrant purchase an additional common share at a price of C$ 2.00 per common share for a period of 24 months from the date on which the Company closes the acquisition of the upstream and business of ConocoPhillips the (CoP),” Oando said on Monday.
Oando Energy Resources is the trading name of Exile Resources Inc (Exile) after the acquisition of certain shareholding interests in Oando PLC’ upstream subsidiary.[eap_ad_2]
“Medal Oil holds a 5 percent interest in OML 131. Upon completion of the CoP acquisition, OER will own a 100 percent interest in OML 131,” Oando continued.
Two weeks ago, Oando Energy Resources, said it had entered into an agreement with ConocoPhillips extend the outside date for completion of the proposed acquisition of the Upstream Oil and Business of ConocoPhillips July 31, 2014.
The two extended the outside closing date for completion of the ConocoPhillips’ purchase allow them finish off activities needed complete the deal having received the required approval of the Minister of Petroleum Resources in .  (VENTURES AFRICA)[eap_ad_3]