Oando shares rise again on ConocoPhillips' Nigeria deal

Mon Jun 23, 2014 10:07am EDT
 
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LAGOS, June 23 (Reuters) - Oando shares surged 10 percent on Monday, extending a 20 percent rise over two days after the oil firm last week said it had won government approval to complete a long delayed $1.65 billion buyout of ConocoPhillips' Nigerian assets.

Oando - listed in Lagos, Toronto and Johannesburg - agreed to buy ConocoPhillips' Nigeria assets last year, but the deal was delayed several times due to problems raising funds, oil industry and banking sources said.

Its Lagos-listed shares rose to 33.47 naira each, helping lift the index of Nigeria's top five oil and gas stocks up 4.04 percent. (Reporting by Chijioke Ohuocha, editing by David Evans)