Oando, Nigeria’s leading indigenous integrated energy group has officially listed on Toronto Stock Exchange. This is part of efforts to expand the firm’s oil exploration and production platform for the good of its investors. This development is coming a few months after the company announced talks with Canadian oil mining and prospecting firm, Exile Resources Incorporated, for acquisition and financing.
A joint statement to the investors through the Nigerian Stock Exchange (NSE) said both companies on July 28, 2011 agreed on a due diligence, ahead of the acquisition “by Exile of certain interests of Oando in respect of Oil Mining Leases and Oil Prospecting Licenses, in exchange for 100,000,000 post-consolidation common shares in the capital of Exile.”
Exile, a Canada-based public company, according to the statement signed by Tony Henshaw, president and CEO of Exile, and Wale Tinubu, is currently engaged in the exploration, development and production of petroleum and natural gas in Turkey, Nigeria and Zambia. Following the transaction, it is anticipated that Exile will continue to operate in the oil and gas sector with a focus on the development of the upstream assets, in an effort to enhance overall shareholder value.
Tinubu is to be appointed chairman of the emergent corporation, as part of the three nominees of the Nigerian giant to be appointed on the board, leaving Exile with two, and two other independent members of the board after the restructuring is completed and approvals received.