OANDOSOrdnance and Ordnance Stores (US Coast Guard)
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Oando will be happy to provide full disclosure of the outcome as soon as the SEC review is completed.
Oando Energy Resources (OER) during the year ended December 31, 2016 recorded a 20% decrease in total production to 15.9MMboe (average 43,503 boe/day) from 19.9MMboe (average 54,520 boe/day) in comparative period of 2015.
Oando concluded the sale of its interests in OMLs 125 and 134 to the Operators for cash proceeds of $5.5m and assumption of $88.5m in cash call liabilities due to the joint ventures.
Oando completed the partial divestment of 49% of the voting rights in the companys midstream business subsidiary, Oando Gas and Power Limited (OGP), to Glover Gas & Power B.V., a special purpose vehicle owned by Helios Investment Partners LLP (Helios), a premier Africa-focused private investment firm for $115.8 million.
Speaking about the agreement, Oando PLC Group Chief Executive, Adewale Tinubu said: This strategic alliance will firmly leverage our local knowledge and expertise alongside Helios strong financial capabilities.
As a result of this and further to the announcement on June 30, 2015, a new company will be formed to hold interests in Oando Marketing Limited, Oando Supply & Trading Limited, Apapa SPM Limited, and Oando Trippmart Limited.
Wale Tinubu, Group Chief Executive of Oando Plc., as the Chairman, Mr.