Oando sells to Eni in Nigeria to raise cash for debt payments

摘要

Struggling Oando has sold off its interests in two blocks to operator Eni in a deal worth US $90m as it tries to raise cash to pay for its debts. The Nigerian firm is to give its 15% in OMLs 125 and 134, both of which are running at a loss, to Eni in return for $5.5m in cash and the assumption of $84.5m in cash call liabilities due to the joint venture. Back in 2009 (see AOG 15 January 2009), Oando paid $197m for the interests with OML 125 containing the producing Abo field and 134 containing three undeveloped finds dating as far back as 1998.