Shares of Oando Energy Resources Inc. (TSX: T.OER, Stock Forum) rose 10% on Friday.
The stock jumped after the oil giant ConocoPhillips (NYSE: COP, Stock Forum) said it has entered into agreements to sell its Nigerian business unit to Nigerian energy group Oanda PLC for $1.79 billion.
Oanda Resources is an Oanda PLc affiliate.
The agreement covers two offshore properties, and interests in a power plant and liquefied natural gas (LNG) project, Conoco said in a press release.
Up 11.4% to $1.66 on Friday, Oanda has a market cap of $173.9 million, based on 106 million shares outstanding. The 52-week range is $1.89 and 75 cents.