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.
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.