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Oao - Oando Plc - Oando Earnings Forecast For The Third Quarter Ending 30

Release Date: 26/07/2011 11:00:02      Code(s): OAO
OAO - Oando PLC - Oando earnings forecast for the third quarter ending 30       
September 2011                                                                  
Oando PLC                                                                       
(Incorporated in Nigeria and registered as an external company in South         
External Registration number: RC 6474                                           
Company registration number: 2005/038824/10                                     
Share Code on the JSE Limited: OAO                                              
Share Code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NGOANDO00002                                                              
("Oando" or the "Company")                                                      
In terms of the Listings Requirements and Rules governing the Company`s         
listing on the Nigerian Stock Exchange, Oando is pleased to provide the         
following earnings forecast for the third quarter ending 30 September 2011:     
All figures in US$ `millions                         Q3 2011 Forecast           
Turnover                                              830                       
Cost of sales                                         (715)                     
Direct contribution                                   114                       
Operating expenses                                    (58)                      
Other operating income/charges                        5                         
Operating profit                                      61                        
Interest payable & similar charges                    (11)                      
Depreciation                                          (15)                      
Profit before tax                                     35                        
Provision for tax                                     (16)                      
Profit after tax                                      20                        

The earnings forecast are prepared in compliance with Nigerian Statement of     
Accounting Standards (SAS) translated to US Dollars (US$).                      
The earnings forecast reported in this announcement has neither been            
reviewed nor reported on by the auditors of the Company.                        
July 26, 2011                                                                   
JSE Sponsor                                                                     
Macquarie First South Advisers (Proprietary) Limited                            
OANDO PLC -                                                                     
KEY ASSUMPTIONS                                                                 

1  Exchange Rate N/US$  - Interbank                   154                       
2  Annual Consumer Inflation Rate (Y/Y%)              9%                        
3  Average selling price per barrel of crude          US$110/barrel             

4  Average selling price per standard cubic meter     N31.15/scm                
  ("scm") of natural gas                             (US$5.66/million           
                                                     standard cubic feet)       

5  Average selling price per litre of PMS             N65/litre                 
6  Average selling price per litre of AGO             N156/litre                
7  Average operating day rate for swamp rigs          US$101,401/day            
8  Average efficiency rate for swamp rigs             95%                       
9  Tax Rate - Company Income Tax                      30%                       
10 Tax Rate - Education Tax                           2%                        
11 Tax Rate - Petroleum Profit Tax                    50%                       
  No Deregulation is expected in the downstream                                 
sector of the industry during the period                                      
Date: 26/07/2011 11:00:01 Supplied by www.sharenet.co.za                     
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