Oando to Acquire 100% Shares of Agip Oil

Oando Plc has just reached an agreement with Eni on the 100% acquisition of the Nigerian AGIP Oil Company Limited shares.

This development was disclosed on Monday. However, the transaction was reliant on ministerial consent and other approvals from regulatory bodies.

The recent transaction will increase Oando's current participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%.

Oando Plc Stock Price Updated!

The statement,

• Based on 2021 reserves estimates, Oando’s total reserves stand at 503.3MMboe and the transaction will deliver a 98 percent increase.

• The transaction also grows Oando’s exploration asset portfolio through the acquisition of a 90% interest in OPL 282 and 48% interest in OPL 135.

• NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30%, Total Energies 10%, NAOC 5%, NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.

• Furthermore, it is in alignment with our strategy of acquiring, enhancing, appraising, and efficiently developing reserves.

• Today’s announcement is not just an important milestone for the future of Oando; it brings to bear the important role indigenous actors will play in the future of the Nigerian upstream sector.

• Having achieved this significant milestone, we look forward to closing the transaction and harnessing the full potential of the enhanced platform to accrue value for our local communities, stakeholders and shareholders.