Oando agreed to buy the Nigerian exploration and production unit of Italian oil major Eni for an undisclosed amount, a statement by the oil driller said on Monday.
The consummation of the deal is subject to ministerial consent and other regulatory authorisations. Shares in Oando, which has a secondary listing in Johannesburg, jumped by 9 per cent in Lagos at 10:56 WAT following the news.
The pact clears the way for Oando to acquire 100 per cent of the shares of Nigerian Agip Oil Company Limited (NAOC), which has interests in four onshore blocks and two onshore exploration leases in the country.
