Oando shares rebound 10 pct on ConocoPhillips deal

Mon Feb 3, 2014 5:01am EST
 
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LAGOS Feb 3 (Reuters) - Shares of Nigerian energy firm Oando surged 10 percent on Monday after it said it had ended a long wait to secure funds to acquire the upstream oil and gas business of ConocoPhillips in Nigeria.

Oando shares, which dropped nearly 30 percent last week, rose 1.86 naira to 21.11 naira at 0951 GMT, outperforming the broader index which was up 0.27 percent.

Shares in Oando, which is also listed in Johannesburg and Toronto, were hammered last week after it announced plans to raise 250 billion naira ($1.5 billion) in its second attempt in a month to raise cash, fuelling speculation it was struggling to close the $1.79 billion ConocoPhillips deal it agreed on more than a year ago.