Oando Stocks Rise To 68% In A Month

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The stock of prime Nigerian oil company, Oando has grown by 68% over the period of one month (Dec 3, 2013 – Jan 4, 2014).

Oando’s shares listed on the Nigerian Stock Exchange (NSE) closed trading on Friday January 3 at N26.66 per share, compared to the N15.83 per share it was trading at on December 3. This compares with a 6.3% gain for the NSE all share index for the same period.

Oando in 2012 outlined plans to purchase ConocoPhillips’ local unit for $1.79 billion. Oando pumps 4,800 barrels of oil a day from its Abo and Ebendo fields.

The Conoco assets give it about 43,000 barrels a day from onshore fields, 213 million barrels of oil-equivalent in proved and probable reserves, and a 17% equity stake in the proposed Brass LNG project.

The company has already paid a cash deposit of $435 million, while the outside date for completion of the ConocoPhillips acquisition has been extended from November 30, 2013 to January 31, 2014.