Oando Energy Resources closes Qua Ibo acquisition

Fasken Martineau advised Oando Energy Resources Inc. (“OER”), a company focused on oil exploration and production in Nigeria, on its acquisition of shares in Oando Qua Ibo Limited (which holds a 40% participating interest in the Qua Ibo Field), and Oando Reservoir and Production Services Limited. Maintaining indigenous status of the target companies post completion of the acquisition was paramount. Our lawyers assisted with restructuring the share capital of the target companies and put in place shareholder agreements between all parties. Tax efficiency was maximised by advising OER to utilise a Dutch entity and working closely with Dutch counsel. Our lawyers ensured compliance with applicable corporate and securities rules, including rules of the Toronto Stock Exchange, to ensure protection of minority shareholder interest. The acquisition enables OER to develop oil production in Nigeria, a country that has one of the largest oil and gas resources in Africa. OER was advised by Fasken Martineau with a team including Yomi Akinjide (corporate), Al Gourley (corporate), Jodi Katz (corporate), Krisztián Tóth (corporate), Fiona Coady (banking & finance), Zehra Kasapoglu (corporate) and Vanessa McMinn (corporate).