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Oando shares rise again on ConocoPhillip’s deal

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 said on June 18 it had received government approval to complete the deal that it had agreed last year but was delayed several times due to problems raising funds.

The oil firm has paid $550 million in cash to ConocoPhillips for the acquisition and secured bank financing to complete the payment.

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.

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