Oando pays debt, well hedged for oil down cycle

TSX-listed Oando Energy Resources (OER) announced a $238-million prepayment of certain loan facilities, which it used for the $1.5-billion acquisition of the ConocoPhillips Nigerian Oil & Gas Business in July 2014. The company, which is focused on oil and gas exploration and production in Nigeria, successfully realised $234-million by resetting its crude oil hedge floor price from an average of $95.35/bl to $65/bl on 10 615 bbl/d for the next 18 months and another 1 553 bbl/d for a further 18 months until January 2019.