Oando PLC reports the investment of a N16 Billion Convertible Note 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 PLC reports the investment of a N16 Billion Convertible Note The following press release was made by Oando today, 25 September 2012: Quote Lagos, Nigeria - Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian Stock Exchange and the JSE Limited, today announced the conclusion of a N16 Billion Convertible Note Investment into the company by Ocean and Oil Development Partners Limited. Commenting, Mr. Wale Tinubu, Group Chief Executive, Oando PLC said “The closure of this N16 Billion Convertible Note (“The Convertible Note”) is the first step in our corporate strategy towards restructuring our Balance Sheet. The company over the next few months will be reducing its net debt exposure, through capital raising activities, company asset divestments and synergetic business combinations, to improve our funding capacity to drive our Exploration and Production growth strategy”. The Convertible Note was executed with Ocean and Oil Development Partners Ltd and Oando PLC on 10th September, 2012 and has a 180 day tenor. Unquote 25 September 2012 Sandton JSE Sponsor Macquarie First South Capital (Proprietary) Limited Date: 25/09/2012 01:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.