• Tuesday, February 27, 2024
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BusinessDay

Oando rises to highest in 2-years

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Oando Plc advanced to the highest level in more than two years on speculation it will be able to complete its purchase of ConocoPhillips’ Nigerian unit after it sold a natural gas business.

The stock climbed as much as 10 percent to 29.46 naira, the highest since August 2011, before trading at 26.66 at 12:43pm in Lagos. The stock has surged 51 percent since it said December 24 it sold its East Horizon Gas Co. to Seven Energy International for $250 million.

Oando said in December 2012 it agreed to buy Houston-based ConocoPhillips’ Nigeria assets for $1.79 billion as it seeks to become the nation’s top oil explorer and producer.

It raised 30.7 billion naira ($190 million) through a private placement to help fund the deal, which it aims to complete by Jan. 31, it said last month.