The demand for shares of Oando Energy Resources Inc. (OER) went viral, on Thursday, following the approval of a deal that would see the oil and gas exploration and production company acquiring the Nigerian upstream business of ConocoPhillips (COP) for $1.65 billion.
Overall market demand for OANDO as at 11.05AM is 166.9 million units with current at N27.56
Oando had, in a press on Wednesday, announced it received the consent of the Honourable Minister of Petroleum Resources, Diezani Alison-Madueke, to proceed with the acquisition which is expected to be completed by June 30, 2014 or shortly thereafter.
In his reaction to the approval, OER Chairman Wale Tinubu, in a press release, said: “We are delighted to receive the approval of the Honorable Minister of Petroleum Resources for the approval the completion of the acquisition.’’
Oanda shares rose 5% to $1.53 Wednesday, leaving a market cap of $859.1 million, based on 561.5 million shares outstanding. The 52-week range is $1.90 and $1.
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