On 25th February 2008 we advised that we have entered into a sale and purchase agreement to acquire Shell’s Nigeria Exploration and Production’s 49.8% stake in two oil blocks namely OMLs 125 & 134, subject to a waiver of pre-emption rights by Agip and approval by the government.
On 1st April 2008, Shell advised us that Agip has indicated its intent to exercise its pre-emption right on the same terms and conditions as agreed with Oando pursuant to the Joint Operative Agreement with Shell. We have in turn immediately expressed our willingness to work with Agip to explore collaborative opportunities and remain confident of a positive outcome.
Further information on this transaction will be made available as and when developments occur.