2009-08-17-2008-04-01-2008-04-01

Purchased 49.8% stake in two deepwater oil blocks, gaining 18,000 BO/d.

Lagos-based Oando Plc has acquired a 49.8% stake in two deepwater oil blocks offshore Nigeria from Shell Nigeria Exploration and Production for US$625 million. The blocks, OML 125 and OML 134, are in deep water. Agip, a unit of Eni, owns the remaining 50.2% in each. OML-125 currently produces 18,000 barrels a day of oil from Abo Field. Standard Chartered, Standard Bank and BNP Paribas are providing financing to Oando. Standard Chartered Bank was advisor.