By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Oando Energy Resources (OER) on Monday said it has extended the outside date for completion of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips to June 30, 2014.

Oando said in pursuant to an amendment agreement executed on April 30, 2014, OER and ConocoPhillips agreed to extend the outside date for completion of the ConocoPhillips Acquisition from April 30, 2014 to June 30, 2014 to enable the companies to satisfy all closing conditions including the anticipated consent of the Honourable Minister of Petroleum Resources in Nigeria.

OER said it has agreed to increase its deposit by $25 million on May 30, 2014, if the consent of the Honourable Minister of Petroleum Resources is not received on or before May 23, 2014.