Oando
Plc has converted a $218.9 million loan to its Toronto-listed unit Oando Energy
Resources (OER) to equity, to increase its stake in the subsidiary by 1.6
percent to 93.6 percent, it said on Thursday.
Oando
said the debt is part of a $1.2 billion facility it approved for its subsidiary
in February to help finance the acquisition of ConocoPhillips Nigerian assets.
The
oil firm secured Nigerian government approvals last month to complete the deal
which it had agreed last year with ConocoPhillips but
