Bloomberg News

Oando Gains for Third Day on Unit’s Niger Oil Field Deal

May 28, 2012

Oando Plc (OANDO), a Nigerian energy company, climbed for a third day after announcing a unit acquired a participating interest in an oil field.

Oando shares climbed 5 percent, the limit, to 16.75 naira at the close in Lagos, the longest set of gains in three weeks, according to data compiled by Bloomberg.

Oando Exploration and Production Ltd. signed an agreement with Network Exploration & Production Nigeria Ltd. for the acquisition of a 40 percent participating interest in the Qua Iboe field in the Niger Delta region, Oando said in an e-mailed statement today. Oando will serve as the technical partner in the development of the field, which is located in Oil Mining Lease 13, operated by Shell Petroleum Development Company of Nigeria, it said. The field has an estimated 11.3 million barrels of crude oil, according to the statement.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Peter Branton at pbranton@bloomberg.net


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