OAO - Oando PLC - Oando earnings forecast for the first quarter ending 31

OAO - Oando PLC - Oando earnings forecast for the first quarter ending 31       
March 2012                                                                      
Oando PLC                                                                       
(Incorporated in Nigeria and registered as an external company in South         
Africa)                                                                         
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")                                                      
OANDO EARNINGS FORECAST FOR THE FIRST QUARTER ENDING 31 MARCH 2012              
In terms of the Listings Requirements and Rules governing listing on the        
Nigerian Stock Exchange, Oando is pleased to provide the following profit       
and loss forecast for the first quarter ending 31 March 2012:                   
All figures in $ `millions                                                      
                                    Q1 2012 Forecast                            
Turnover                             886                                        
Cost of sales                        (767)                                      
Direct contribution                  119                                        
Operating expenses                   (59)                                       
Other operating income/charges       4                                          
Operating profit                     64                                         
Interest payable & similar charges   (22)                                       
Depreciation                         (14)                                       
Profit before tax                    27                                         
Provision for tax                    (8)                                        
Profit after tax                     19                                         
                                                                                
The earnings forecast is prepared in compliance with Nigerian Statement of      
Accounting Standards (SAS) translated to US Dollars ($).                        
The earnings forecast reported in this announcement has neither been            
reviewed nor reported on by the auditors of the Company.                        
20 December 2011                                                                
Sandton                                                                         
JSE Sponsor                                                                     
Macquarie First South Capital (Proprietary) Limited                             
OANDO PLC -                                                                     
EARNINGS FORECAST FOR THE FIRST QUARTER ENDING 31 MARCH 2012                    
KEY ASSUMPTIONS                                                                 
                                                                                
1  Exchange Rate NGN/USD  -          160                                        
  Interbank                                                                     
2  Annual Consumer Inflation Rate    11.1%                                      
  (Year on Year)                                                                
3  Average borrowing rate            17.5%                                      
4  Average selling price per barrel  $130/barrel                                
of crude                                                                      
5  Average selling price per         ($5.66/mscf)                               
  standard cubic meter of natural   N31.15/scm                                  
  gas                                                                           
6  Average selling price per litre   ($0.42/litre)                              
  of Premium Motor Spirit (PMS)     N65/litre                                   
7  Average selling price per litre    N157/litre ($1.03/litre)                  
  of Automotive Gas Oil(AGO)                                                    
8  Average operating day rate for    $101,401/day                               
  swamp rigs                                                                    
9  Average efficiency rate for       95%                                        
  swamp rigs                                                                    
10 Tax Rate - Company Income Tax     30%                                        
11 Tax Rate - Education Tax          2%                                         
12 Tax Rate - Petroleum Profit Tax   50%                                        
Date: 20/12/2011 15:00:10 Supplied by www.sharenet.co.za                     
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