Wrap Text
9M 2025 Unaudited Results Release
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")
9M 2025 Unaudited Results Release
Lagos, Nigeria | 30 October 2025- Oando PLC ("Oando" or the "Group"), Nigeria's leading
indigenous energy group listed on both the Nigerian Exchange Ltd. and Johannesburg Stock
Exchange, today announces its unaudited results for the nine months ended 30 September 2025.
Commenting on the results, Wale Tinubu CON, Group Chief Executive, Oando PLC said:
"In the first nine months of 2025, we consolidated the gains achieved following our acquisition of
NAOC's assets last year. Our assumption of operatorship has been transformational, granting us the
agility to act decisively and execute with precision in driving production growth and operational
efficiency. Production uptime currently stands at 82%, translating to a 59% year-on-year increase in
crude oil and gas production, which now averages 38,121boepd, clear evidence of the beginning of
the dawn of unlocking the tremendous value our reserves possess.
During the period, we made meaningful progress in integrating operations, strengthening security and
community relations, as well as resolving legacy issues inherited at the point of operatorship. Most
notably, we achieved a partial recovery of substantial receivables that had remained outstanding for
several years and made significant headway in renegotiating long-standing legal matters that had
previously been fully provisioned for. These milestones underscore the depth of our leadership and
our unwavering commitment to unlocking value."
Across our trading business, refined products volumes remained under pressure, largely due to the
well-deserved and expected success of the Dangote refinery in meeting Nigeria's import needs.
Consequently, our focus had shifted to expanding global crude exports and leveraging structured Pre-
Export transactions, an area in which we have continued to record robust success.
In addition, we also executed the first tranche of our share distribution programme, delivering a 5.33%
dividend yield, with the second tranche scheduled for early next year. This is yet another tangible
demonstration of our focus on creating and returning value to our shareholders.
As we enter the final quarter of 2025, we remain focused on further strengthening our balance sheet,
accelerating production growth, expanding our trading footprint, optimizing our cash flows, and
sustaining long-term value creation."
Nine-month 2025 performance highlights
Group highlights
• Revenue declined by 20% year-on-year to N2.5 trillion (9M 2024: N3.2 trillion), primarily due
to reduction in gasoline imports following the ramp-up of the Dangote Refinery, which has
positively transformed Nigeria's refined-product supply landscape, partly offset by stronger
upstream contributions.
• Gross profit decreased by 42% to N113 billion (9M 2024: N194 billion), in line with the topline
contraction and changing segment mix.
• Profit after tax increased by 164% to N210bn (9M 2024: N76bn), driven by stronger
production volumes and legacy recoveries.
• Capital expenditure rose to N74.9 billion (9M 2024: N26.9 billion), reflecting increased
upstream and infrastructure investments.
• 1.28 billion-share distribution underway – Tranche 1 (1-for-12) completed in August 2025;
Tranche 2 to follow for shareholders on record as of 30 June 2025.
• Mrs. Folashade Ibidapo-Obe appointed as the Company's Chief Compliance Officer and
Company Secretary Effective August 8, 2025.
Exploration and Production
• Group production averaged 38,121 boepd in 9M 2025, up 59% year-on-year and within
guidance, supported by the consolidation of the NAOC JV interest and improved uptime
• Increased crude and NGL output following the successful revamp of the NGL processing
plant, supported by 82% uptime across operated assets — enhancing recovery, reliability,
and operational efficiency.
• Completed the Obiafu-44 gas-condensate well, brought onstream in October, and
progressed surface-facility debottlenecking to enhance flow assurance and minimise
downtime.
• Maintained zero LTIs, achieving 16.8 million LTI-free hours across operations.
• Awarded operatorship of Block KON 13 (Angola), expanding Oando's footprint to the
Kwanza Basin.
• Upsized the RBL 2 facility to $375 million, enhancing financial flexibility to accelerate
development of the Group's expanded 1 billion boe upstream portfolio.
• Successfully renegotiated other key facilities on more favourable terms, extending
repayment periods to enhance liquidity and working capital for our drilling program.
Trading
• Traded 21 crude oil cargos (19.8 MMbbl) in 9M 2025, up from 15 cargos (16.7 MMbbl) in 9M
2024, driven by stronger offtake execution and stable supply chain performance.
• No PMS cargos traded during the period (9M 2024: 8 cargos), following a deliberate strategic
pause as the Division rebalanced its portfolio towards higher-margin crude and gas trading
opportunities.
• Advanced development of offtake-linked financing structures to unlock additional volumes and
support margin expansion.
• Selected as preferred bidder for the Guaracara Refinery (Trinidad & Tobago), establishing a
strategic downstream presence in the Caribbean market.
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Clean Energy
• Continued increase in ridership and public confidence in electric mobility, with additional buses
expected to join the fleet before year-end.
• Advanced development of a 1.2GW solar PV module assembly plant; land secured, and
financial modelling completed to support fundraising efforts.
• Progressed PET recycling project, with land acquisition completed and construction planning
underway for a 2,750 tons/month facility.
• Completed techno-economic study for a 6MW geothermal pilot project and continued
engagements with key implementation partner.
• Published Nigeria's National Wind Resource Capacity Report, mapping state-level wind
potential to inform future investments.
Mining and Infrastructure
• Signed Production Sharing Contract (PSC) with Kebbi State for joint lithium and gold
development; positive lithium assays confirmed.
• Initiated exploration and partnership engagements on gold prospects across Northern
Nigeria.
• Commenced technical evaluation and commercial review of tin prospects in Kwara, Plateau,
and Kaduna States.
• Targeting Investment Decision on at least one mineral prospect by Q4 2025 to enable near-
term production.
Outlook
• Full-year production guidance narrowed to circa 40,000 boepd.
• Projected FY2025 capex of $120–130 million, revised downwards due to rig availability
constraints, focused on drilling, infrastructure, and ESG projects.
• Trading guidance maintained at 25–35 MMbbl for crude oil; refined product trading guidance
suspended pending market recovery.
Responsibility for publication
This announcement has been authorised for publication on behalf of Oando PLC by:
Adeola Ogunsemi,
Group Chief Financial Officer
About Oando PLC
Oando PLC is Africa's leading indigenous energy solutions provider listed on the Nigerian Exchange
(NGX) and the Johannesburg Stock Exchange (JSE). Oando operates across the entire energy value
chain, encompassing upstream exploration and production, trading and renewable energy initiatives.
Through its subsidiaries, Oando Energy Resources and Oando Trading, the Company holds interests
in onshore and offshore oil and gas assets and maintains a significant presence in the global energy
trading market. Oando is committed to driving Africa's energy transition and delivering innovative,
sustainable and value-driven solutions that meet the continent's unique energy needs.
For more information visit, oandoplc.com
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Follow Oando on LinkedIn: https://www.linkedin.com/company/oando-plc/
X: https://x.com/Oando_PLC
Enquiries +234 (1) 2704000
Adeola Ogunsemi / Group CFO
Ayeesha Aliyu/ IR Manager
Disclaimer- forward-looking statements
This results release contains forward-looking statements regarding the operations, financial condition,
strategy, and prospects of Oando PLC ("the Company"). These statements are based on current
expectations and assumptions and are subject to risks and uncertainties that could cause actual
results to differ materially. Such risks include, but are not limited to, market conditions, regulatory
developments, geopolitical events, operational challenges, and the Company's ability to implement
key initiatives, including its capital re-structuring, energy transition and diversification strategy.
Readers are cautioned to carefully consider the foregoing factors and other uncertainties, and not to
place undue reliance on forward-looking statements. Forward-looking statements apply only as of the
date on which they are made, and the Company undertakes no obligation to update or revise any
forward-looking statements, except as required by applicable laws and regulations.
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Operations Review
E&P Business Performance
Production Unit 9M 2025 9M 2024 %Change
Crude Oil bopd 10,858 6,737 61%
Gas boepd 26,168 17,087 53%
NGLs bpd 1,095 178 515%
Total boepd 38,121 24,003 59%
Opex $/boe 19.67 13.42 47%
1. Production in 2025 comprises Oando's 40% working interest (WI) in OMLs 60,61,62,63, 40% WI in Qua Ibo Marginal
Field, and 45% WI in Ebendo Marginal Field.
2. Volumes are subject to reconciliation and may differ from liftings within the period.
3. Gas production volumes reflect the total quantity of gas produced during the period, inclusive of volumes utilised for
operations or reinjection.
4. Natural gas volumes have been converted to barrels of oil equivalent (boe) using a standard industry conversion factor
of 5.8 thousand standard cubic feet (Mscf) per boe.
5. Opex/boe reflects full-year operator costs, including logistics, maintenance, regulatory levies, and HSE-related
expenses.
Group Production Performance
Production averaged 38,121 boepd in 9M 2025, within guidance and up 59% year-on-year, driven by
higher output across crude oil, gas, and NGLs. The improvement reflects 82% facility uptime, the
reactivation of shut-in wells, and the full consolidation of the NAOC JV interest.
Crude oil production rose 61%, supported by restored output from previously constrained wells and
enhanced system reliability. Gas output increased 53%, reflecting stable network performance, while
NGL volumes surged 515% following the revamp of the NGL processing plant and improved recovery
efficiency.
The uplift across all streams underscores the impact of ongoing asset optimisation, infrastructure
upgrades, and operational efficiency initiatives aimed at maximising production capacity and stability.
Production Expenses
Production operating expenses averaged $19.67/boe in 9M 2025, compared to $13.42/boe in 9M
2024. The increase reflects the inclusion of operator-related costs and broader cost scope following
the full consolidation of the NAOC JV operations in 2024. The Company continues to prioritise cost
optimisation, improved production uptime, and efficiency initiatives to drive unit costs lower over time.
Drilling and field optimisation activities
The Group advanced its upstream optimisation agenda through targeted restoration projects, rig-less
interventions, and surface-facility enhancements, strengthening system integrity and reducing
downtime. Preparations for the 2025 drilling programme progressed, though timelines were adjusted
due to limited rig availability as several indigenous operators ramped up post-IOC asset acquisitions.
The revised programme targets two wells in 2025 — the Obiafu-44 gas-condensate well, which was
completed and brought onstream in October, and a second well scheduled to spud before year-end.
The remaining workovers and development drilling have been deferred to 2026 to ensure efficient
sequencing and resource allocation. Ongoing infrastructure upgrades and proactive stakeholder
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engagement have sustained operational progress and positioned the Group for improved delivery in
subsequent quarters.
Vendor Audit and Reconciliation
Following the assumption of operatorship, the Group inherited several vendor liabilities relating to the
NAOC JV assets. To ensure transparency, fairness, and value assurance, a comprehensive vendor
audit and reconciliation exercise was initiated. The process has progressed significantly, with several
payments concluded and the remaining balances expected to be finalised before year-end.
OMLs 60–63 (40% WI, Operator)
Production from OMLs 60–63 averaged 35,220 boepd in 9M 2025, up 75% year-on-year from 20,157
boepd. The uplift reflects the additional 20% working interest from the NAOC acquisition, improved
security surveillance, and the overhaul of key processing facilities.
Crude oil output increased by 107% to 9,322 bopd, driven by the reactivation of shut-in wells and
improved flow assurance and infrastructure uptime. Gas production rose by 60% to 145 MMscfd,
despite intermittent challenges from wet gas conditions, vandalism, and flowline disruptions.
Recovery efforts remain ongoing, with targeted well workovers, pipeline restoration, and field-level
interventions aimed at sustaining production volumes.
OML 56 – Ebendo (45% WI)
Average daily production declined by 26% to 2,529 boepd (9M 2024: 3,436 boepd), following the
temporary shut-in of the Ebendo North field between February and April 2025 pending regulatory
approval for full field development. Production has since begun ramping back up, supported by the
commissioning of the 4.1 km evacuation pipeline, which improved evacuation efficiency and reduced
operating costs.
OML 13 – Qua Ibo (40% WI)
Production averaged 372 bopd in 9M 2025, down 9% from 409 bopd in 9M 2024, primarily due to
natural field decline. Drilling of one new well to support production volumes remains scheduled within
H2 2025, with commencement now projected for December pending rig availability. Should
mobilisation extend beyond year-end, operations will commence in early 2026 to ensure prudent
capital deployment and operational efficiency.
Entry into Angola – Block KON 13
In January 2025, Oando Energy Resources was awarded operatorship and a 45% participating
interest in Block KON-13, located in the Onshore Kwanza Basin of Angola. The block covers
approximately 1,011 km² and holds prospective resources of up to 200 million barrels. Oando will
operate the asset in partnership with Effimax (30%), Sonangol (15%), and Walcot (10%).
KON-13 marks Oando's strategic entry into Angola, expanding its upstream footprint into a high-
potential basin with both pre-salt and post-salt prospectivity. Next steps include completing the
Production Sharing Contract (PSC) and commencing exploration planning activities.
Pipeline Integrity and Incident Response
In April 2025, Oando recorded three pipeline sabotage incidents, activating its emergency response
protocol. JIVs with regulators confirmed third-party interference, and repairs were swiftly executed to
limit impact.
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In July, a spill along the Ewelesuo axis on the Obama-Brass pipeline was contained following a JIV
with NOSDRA, BSMENV, and community representatives. The affected line was depressurised,
repaired, and the 2,800 bopd Obama Flowstation restored.
Oando continues to enhance pipeline surveillance, stakeholder engagement, and infrastructure
security as part of its ESG and risk management framework.
HSE Performance
9M 2025 9M 2024
Fatalities (FAT) 0 0
Lost Time Injuries (LTI) 0 0
Medical Treatment Cases (MTC) 1 3
TRIR 0.07 0.20
LTIF 0.00 0.00
Near misses 24 30
Hours worked (million) 15.3 15.1
Oando sustained strong HSE performance in 9M 2025, recording zero fatalities and zero lost-time
injuries, consistent with the prior year. The Total Recordable Incident Rate (TRIR) improved to 0.07
from 0.20 in 9M 2024, reflecting enhanced safety culture and proactive risk management. Medical
Treatment Cases (MTC) reduced to one, while near misses declined to 24 from 30, despite a slight
increase in total hours worked to 15.3 million.
Trading Business Performance
Traded Volumes Unit 9M 2025 9M 2024 %Change
Crude Oil MMbbl 19.8 16.7 19%
Refined Products kMT - 599 nm
Trading Performance and Strategic Developments
In 9M 2025, the Trading Division continued to execute its strategic priorities despite persistent market
volatility. A total of 21 crude oil cargos (19.8 MMbbl) were traded during the period, up from 15 cargos
(16.7 MMbbl) in 9M 2024, reflecting sustained momentum under Project Gazelle and stronger crude
trading performance.
Conversely, the Division made a conscious strategic decision to pause PMS trading activities during
the period, recognising the structural shift in Nigeria's downstream market following the full
commencement of domestic supply from the Dangote Refinery. With the refinery now fulfilling its
intended role in supporting national product availability, Oando has redirected its focus towards
higher-margin crude and gas trading opportunities, while continuing to evaluate re-entry into the
refined-product segment as market dynamics stabilise.
The focus going forward is on deepening operational resilience and optimising existing crude trade
flows, supported by the development of offtake-linked financing structures to unlock incremental
volumes and strengthen margins. In parallel, the Division is advancing plans to diversify into gas and
metals trading, aligning with the Group's broader strategy to build a balanced, future-ready energy
portfolio and deliver sustained long-term value.
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Strategic entry into Caribbean Downstream Market
In February 2025, Oando Trading Division (OTD) was selected as the preferred bidder for the lease
of the Guaracara Refinery in Trinidad & Tobago, marking a significant step in the Company's entry
into the Caribbean downstream market. In July 2025, the newly appointed government reaffirmed
Oando's preferred bidder status and initiated a process to advance discussions on the refinery's
restart. Engagements with key government and regulatory stakeholders are ongoing to progress
discussions on the refinery lease and operational framework ahead of the next phase of the restart
programme.
Clean Energy business performance
In Q3 2025, OCEL maintained strong execution momentum across its clean energy portfolio,
advancing key milestones in sustainable transport, solar module assembly, PET recycling, and
geothermal power development. The company continued to consolidate strategic partnerships,
progress project development, and enhance technical readiness across its major initiatives.
Sustainable Transport
OCEL's grid-based charging infrastructure for the electric bus fleet remained stable and fully
operational throughout the period, supporting consistent ridership growth and reinforcing public
confidence in electric mobility. Engagements with the Lagos State Government and key private
partners advanced, with the framework for the electric ride-hailing pilot now scheduled for launch in
early 2026.
Solar Module Assembly
Preparations for the 1.2MW solar module assembly plant in Ogun State progressed steadily. Land
acquisition and site development works advanced, alongside investor engagement and partnership
discussions to secure project financing and capacity-building support ahead of plant commissioning.
PET Recycling
The PET recycling initiative maintained positive momentum, with contractor mobilisation and
preliminary civil works underway at the designated site. The project remains on track toward the
construction of a 2,750 tons-per-month facility, targeted for delivery in 2027. Engagements with
technology providers and offtakers are progressing to ensure technical readiness and commercial
viability, while financing discussions are at an advanced stage.
Geothermal Power Development
OCEL's collaboration with the NNPC Research, Technology and Innovation (RTI) team continued to
yield progress, with ongoing feasibility studies and resource modelling for the geothermal project.
Joint efforts during the quarter focused on finalising the project's development roadmap and technical
evaluation framework.
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Mining and Infrastructure business performance
Strengthening Technical Capacity
In Q3 2025, Oando Mining enhanced its exploration capability by engaging experienced local
geologists to support multiple exploration programmes. This initiative enables concurrent technical
evaluations across mineral assets, improving operational efficiency and reducing costs.
Lithium Development
With expanded technical capacity, the Company is now positioned to conduct simultaneous
exploration campaigns across its lithium licences and the Kebbi State lithium project under the
Production Sharing Contract (PSC). The focus for Q4 will be to complete field evaluations, rank all
lithium prospects, and identify the most commercially viable licence for small-scale pilot production.
Tin Mining Prospects
A technical team was mobilised for a five-day reconnaissance survey of a prospective tin and
wolframite deposit. Field observations and sampling confirmed dual mineralisation across both alluvial
and primary (hard rock) tin and wolframite zones, with encouraging recovery results. The project
aligns with Oando Mining's strategy of pursuing early cash flow opportunities through small-scale
production while advancing long-term exploration.
Bitumen Project
Oando Mining advanced partnership discussions with a Canadian-based firm specialising in bitumen
engineering and oil sands development. The potential partner brings strong linkages to Canada's
bitumen industry and investor network, supporting Oando's goal of mobilising both technical expertise
and capital investment for its bitumen development in Nigeria.
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Financial review
unit 9M 2025 9M 2024 %Change
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Revenue N'billion 2,541 3,189 (20)%
Crude proceeds N'billion 218 196 11%
Gas proceeds N'billion 71 46 54%
NGL proceeds N'billion 4 0.2 1900%
OTD operations N'billion 2,189 2,914 (25)%
Gross Profit N'billion 113 194 (42)%
Operating (Loss)/Profit N'billion (110) 161 (168)%
Income tax credit N'billion 182 45 304%
Profit-After-Tax N'billion 201 76 164%
EPS N 16 6 167%
Cash (used in)/generated from N'billion (339) 131 (359)%
operations2
Cash and bank balance2 N'billion 144 203 (29)%
Total Capex3 N'billion 75 27 178%
Crude oil lifting MMbbl 2.77 2.10 32%
Gas sales4 MMscf 31.85 18.20 75%
NGL sales MMbbl 0.30 0.05 500%
Total MMboe 8.38 5.18 62%
Average Realized Oil Price $/bbl 66.30 75.41 (12)%
Average Realized Gas Price $/Mscf 1.60 1.84 (13)%
Average Realized NGL Price $/bbl 8.82 3.07 187%
Exchange rate (average) N/$ 1,528 1,480 3%
1. Includes revenue from Independent Power Projects (IPP), pipeline tariffs, and electric vehicle (EV) initiatives.
2. Represents the balance at 30 September 2025 and 30 September 2024.
3. Total capex does not include asset acquisition costs.
4. Gas sales represents the portion of produced gas that was sold to third parties. Accordingly, sales gas volumes are
lower than total gas production.
Overview
Oando's nine-month 2025 performance reflects the full consolidation of the NAOC JV assets
acquired in 2024, marking a significant uplift in upstream capacity and operational resilience.
Production volumes improved across key assets, though crude liftings were lower than expected
due to timing differences in cargo schedules. Strong upstream performance — including a 75%
increase in natural gas sales — was partly offset by softer trading revenues and weaker realised
prices. Profitability was impacted by non-cash valuation and foreign exchange adjustments,
resulting in an operating loss for the period.
Revenue
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Group revenue declined by 20% year-on-year to N2.5 trillion in 9M 2025 (9M 2024: N3.2 trillion),
primarily reflecting a slowdown in trading activity, despite stronger performance in the Exploration &
Production (E&P) segment.
Key segment performance highlights include:
• Crude Oil: Lifted volumes rose 32% to 2.77 MMbbl (9M 2024: 2.10 MMbbl), contributing N218
billion in revenue. This was partially offset by a 12% decline in the average realised price to
$66.30/bbl (9M 2024: $75.41/bbl).
• Natural Gas: Sales volumes increased 75% to 5.31 MMboe (9M 2024: 3.03 MMboe),
generating N71 billion in revenue (9M 2024: N46 billion). The average realised price
declined by 13% to $9.59/boe (9M 2024: $11.06/boe).
• Natural Gas Liquids (NGLs): Revenue grew to N4 billion, supported by a rise in volumes
(0.30 MMbbl vs. 0.05 MMbbl) and stronger pricing ($8.82/bbl vs. $3.07/bbl).
• Trading: Revenue declined to N2.2 trillion (9M 2024: N2.9 trillion), reflecting reduced PMS
trading activity and a total of 19.8 MMbbl of crude traded during the period.
Gross Profit
Gross profit declined by 42% to N113.0 billion in 9M 2025 (9M 2024: N194.4 billion), driven by the
drop in Group revenue. Cost of sales also declined by 19% to N2,428.4 billion (9M 2024: N2,995.2
billion), in line with reduced trading volumes and improved cost control measures.
Administrative Expenses
Administrative expenses decreased by 73% to N86.3 billion in 9M 2025 (9M 2024: N316.6 billion),
primarily due to a N186.7 billion reduction in exchange loss arising from the revaluation of foreign
currency-denominated payables and borrowings that impacted the prior period, and a reversal of legal
provisions no longer required of N120.9 billion.
Depreciation and amortisation increased by 64% to N65 billion (9M 2024: N40 billion), reflecting
higher production volumes of 8.23 MMboe (9M 2024: 3.5 MMboe) and the consolidation of the NAOC
asset base.
Impairment of assets
The Group recognised a net impairment reversal of N150.7 billion on financial assets in 9M 2025,
compared to an impairment charge of N25.5 billion in 9M 2024. The improvement was primarily driven
by the resolution and restructuring of previously impaired receivables, following the execution of a
settlement arrangement during the period.
Operating (Loss)/Profit
The Group reported an operating loss of N109.7 billion in 9M 2025, compared to an operating profit
of N161.0 billion in 9M 2024. The decline was primarily due to other operating losses of N287.2 billion
(9M 2024: other operating income of N308.7 billion), driven mainly by a N311.6 billion fair value loss
recognised on the modification of financial instruments during the period.
Net Finance Income/(Costs)
Net finance income rose to N128.0 billion in 9M 2025, compared to a net finance cost of N131.1 billion
in the prior-year period. The improvement was driven primarily by lower finance costs and the
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resolution of long-outstanding items recognised during the period, reflecting continued progress in
strengthening the Group's financial position and balance sheet integrity.
Taxation
The Group recognised a tax credit of N181.8 billion in 9M 2025, compared with N45.2 billion in 9M
2024. This was driven by the reversal of previously recognised tax provisions from 2019 to 2022, as
well as the recognition of unutilised capital allowances.
Profit After Tax
Profit After Tax stood at N201.3 billion in 9M 2025, up 164% from N76.3 billion in 9M 2024, supported
by a stronger underlying performance from the E&P segment and favourable tax-related adjustments.
Similarly, Earnings per share increased by 167% to N16/share (9M 2024: N6/share).
Cash Flow
Net cash used in operating activities stood at N234.9 billion in 9M 2025, compared to N495.1 billion
used in 9M 2024. The improvement reflects enhanced cash conversion and working capital
optimisation, alongside disciplined cost management and better timing of operational receipts and
payments. Interest and tax payments during the period amounted to N168.2 billion.
Net cash generated from investing activities totalled N8.0 billion in 9M 2025, compared to a N861.5
billion outflow in 9M 2024 (reflecting the NAOC acquisition). The improvement reflects substantial
interest income and finance-lease receipts, which offset higher capital expenditure of N74.9 billion
(9M 2024: N26.9 billion), primarily driven by increased upstream activity and infrastructure
investments.
Net cash generated from financing activities was N221.9 billion in 9M 2025, compared to N1.43 trillion
in 9M 2024. This was driven by N868.8 billion in new borrowings to fund upstream development and
working-capital needs, partly offset by N676.6 billion in debt repayments and N7.5 billion in lease and
restricted-cash inflows.
Overall, the Group recorded a net decrease in cash and cash equivalents of N5.1 billion, closing the
period with a balance of N143.8 billion (9M 2024: N202.6 billion).
Capital Structure
Total borrowings stood at N2.80 trillion as at 30 September 2025 (31 December 2024: N2.77
trillion), reflecting increased drawdowns to support operational funding and capital projects, as well
as the impact of naira depreciation on foreign currency-denominated obligations. Net debt closed
the period at N2.66 trillion, while cash and cash equivalents (excluding overdrafts) stood at N143.8
billion (Dec. 2024: N221.8 billion), consistent with ongoing investments and debt service obligations
during the period.
The Group continues to prioritise a balanced capital structure and strong liquidity position,
supported by access to a diversified lender base and proactive management of funding costs.
During the period, we successfully renegotiated key facilities on more favourable terms, extending
repayment periods to enhance liquidity and working capital flexibility for our drilling programme.
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Funding and Capital Restructuring Update
To support long-term growth and reduce balance sheet pressure, the Group has commenced
implementation of its comprehensive capital restructuring and funding programme, following
shareholder approval at the 2025 Annual General Meeting and Extraordinary General Meeting held
on 11 August 2025. The approved initiatives focus on strengthening capital adequacy, improving credit
metrics, and enhancing financial flexibility through a combination of equity issuances, debt
conversions, and other financing instruments. Implementation activities are now underway, with the
measures expected to materially improve the Group's capital structure, reduce foreign currency
exposure, and reinforce long-term value creation.
We have now fully completed the restructuring of our longstanding MTL and Corporate Facility
obligations. As part of this process, N27 billion (principal and interest as at December 2024) has
been settled under the MTL, while the Group successfully met its commitment on the Corporate
Facility with the settlement of $98 million (principal and interest as at September 2025).
$375 Million Refinancing Completed to Accelerate Upstream Development
In June 2025, Oando Oil Limited (OOL), an upstream subsidiary of Oando PLC and 20% participant
in the OMLs 60–63 Joint Venture, successfully upsized its reserve-based lending facility ("RBL2") to
$375 million. Secured initially at $525 million in 2019 and paid down to $100 million by December
2024, the refinancing, led by Afreximbank with support from Mercuria, enhances the Group's financial
flexibility and supports its long-term production targets of 100,000 bopd and 1.5 Bcfd by 2029. The
upsized facility will support the efficient development and monetisation of these assets.
Hedging
To manage oil price volatility and support revenue stability, the Group implemented a hedging
programme covering 3,000 barrels per day using purchased put options with a strike price of $59/bbl.
These instruments provide downside protection while preserving upside exposure.
Shareholder distribution
In January 2025, the Board of Directors of Oando PLC approved the phased distribution of 1.28 billion
ordinary shares to shareholders, following the resolution passed at the 45th Annual General Meeting
in December 2024. The distribution is structured in two tranches: Tranche 1, comprising 679,364,208
shares for shareholders on record as of 14 February 2025, and Tranche 2, comprising 604,348,393
shares for those on record as of 30 June 2025.
The Tranche 1 distribution has now been completed in full, following receipt of regulatory approvals
in July 2025. Eligible shareholders received one (1) fully paid share for every twelve (12) existing
shares held as at the qualification date in August 2025.
The Tranche 2 distribution, applicable to shareholders on record as of 30 June 2025, will be executed
at a later date as approved by the Board of Directors.
Appointment of Executive Director
Effective May 20, 2025, Ms. Ayotola Jagun was appointed by the Board of Directors as an Executive
Director of Oando PLC. A qualified legal and governance professional with over 30 years of
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experience, Ms. Jagun has served as Oando's Chief Compliance Officer & Company Secretary for
the past 14 years. Her appointment underscores the Company's commitment to strong corporate
governance and inclusive leadership.
Appointment of Company Secretary
Effective August 8, 2025, the Board of Directors of Oando PLC appointed Ms. Folasade Ibidapo-Obe
as the Company's Chief Compliance Officer and Company Secretary, succeeding Ms. Ayotola Jagun,
who previously served in this capacity.
Ms. Ibidapo-Obe is a seasoned legal and governance professional with nearly two decades of
experience across corporate law, governance, regulatory compliance, and company secretarial
practice. She holds a Bachelor's Degree in Law (LLB Hons.) from the University of Lagos, a Master's
in Law (LL.M.) in International Corporate Governance and Financial Regulations from the University
of Warwick, UK, and several professional certifications, including Fellowship as a Chartered
Governance Professional and Chartered Secretary of the Governance Institute of Canada. She is
also a Certified Fraud Examiner, a Certified Ethics Officer, and a member of the Nigerian Bar
Association, the Law Society of Ontario, and the Toronto Lawyers Association.
13
Date: 30-10-2025 03:50:00
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