UPDATE 1-Nigeria's Oando buys stake in Akepo offshore field

By Nick Tattersall

LAGOS, Jan 5 (Reuters) - Nigerian energy firm Oando Plc (UNIP.LG) said on Monday it had acquired a stake in the Akepo offshore oilfield as it diversifies from fuel distribution and retail into oil refining and production.

Oando, one of Nigeria's top gasoline retailers which is listed on the Lagos and Johannesburg (OAOJ.J) stock exchanges, said it had bought 75 percent of Toronto-based Exile Resources' (ERI.V) 40 percent working interest in the field.

It did not give a value for the acquisition.

It said the agreement, which included Oando reimbursing Exile's past expenses on the field, meant it would end up with a 30 percent equity stake in the entire project.

"We are excited about this acquisition as it is in line with our plans to boost our portfolio with near-term oil and gas assets," said Tunde Ogunnaike, chief executive of Oando's upstream arm Oando Production and Exploration Limited (OEPL).

"As the technical and management partners, we will be conducting immediately additional technical studies to facilitate the drilling of more wells to fast-track the development of this block," he said.

The Akepo field is in Oil Mining License (OML) 90, in shallow water off Nigeria's south-eastern shore.

The field was originally a joint venture between state oil firm NNPC and U.S. giant Chevron (CVX.N) but was awarded to the current operator, Nigeria's Sogenal, in 2003.