OANDO PLC - Oando Plc Announces Nigerian Governments Approval of Acquisition of 100% of the Shares of Nigerian Agip Oil Company

Oando Plc Announces Nigerian Government’s Approval of Acquisition of 100% of the Shares of Nigerian Agip Oil Company

Oando PLC
(Incorporated in Nigeria and registered as an external
company in South Africa)
Registration number: RC 6474
(External 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")

                                               LAGOS
                                            July 25, 2024

OANDO PLC ANNOUNCES THE NIGERIAN GOVERNMENT'S APPROVAL OF THE ACQUISITION
OF 100% OF THE SHARES OF NIGERIAN AGIP OIL COMPANY LIMITED

Oando PLC ("Oando" or the "Company"), Nigeria's leading indigenous energy solutions provider listed
on both the Nigerian Exchange Limited and Johannesburg Stock Exchange, is pleased to announce
that Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission
(NUPRC), for the sale of 100% of the shares of Nigerian Agip Oil Company ("NAOC") ("Acquisition").

Following Eni's receipt of consent, both parties can proceed with the completion of the transaction.

Wale Tinubu, CON, Group Chief Executive of Oando PLC, stated:

"We are delighted that Eni has received the Government's approval to proceed with the
completion of this strategic transaction. We extend our gratitude to the Honourable Minister of
Petroleum Resources and the Chief Executive Officer of the Nigerian Upstream Petroleum
Regulatory Commission (NUPRC) for their concerted efforts in ensuring the execution of the
grant of consent under the novel and robust divestment framework established by the recently
enacted Petroleum Industry Act."

-END-

Ayotola Jagun
Company Secretary
The Wings Office Complex,
17a Ozumba Mbadiwe Avenue,
Victoria Island, Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com

Segun Obagbemi
Head, Corporate Communications
The Wings Office Complex,
17a Ozumba Mbadiwe Avenue,
Victoria Island, Lagos, Nigeria.
Tel: +234 (1) 270400, ext. 6432
sobagbemi@oandoenergyresources.com

For: Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary

JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited

Date: 25-07-2024 12:02:00
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