OANDO PLC - Completion Board Meeting to Raise N52.6 billion through Rights Issue

Completion Board Meeting to Raise N52.6 billion through Rights Issue

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: OANDO
ISIN: NGOANDO00002
(“Oando” or the “Company”)

Oando PLC holds Completion Board Meeting to Raise N52.6 billion through Rights Issue

Lagos, Nigeria – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous
energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced its
plans to commence its Rights Issue exercise.

The company received regulatory approval for its Rights Issue from the Securities & Exchange
Commission (“SEC”) on the 12th December 2012 and held its Completion Board Meeting on the 19th
December 2012. Oando plans to raise N54,578,835,312 through the issuance of 4,548,236,276 ordinary
shares of 50 Kobo at N12.00 per share. The Rights Issue exercise will open on Friday, 28 December,
2012 and close on Wednesday, 6 February, 2013. Vetiva Capital Management Limited is the Lead
Issuing House, with FBN Capital Limited and FCMB Capital Markets Limited will act as Joint Issuing
Houses.

The proceeds from the Rights issue will be used for the following:

   •   Part-repayment of N60 billion syndicated loan used to fund the acquisition of upstream assets
       and swamp drilling rigs.
   •   Part-financing of acquisition of upstream and midstream assets by Oando’s Upstream
       subsidiary, Oando Energy Resources (“OER”).
   •   Investment in working capital to support increased level of business.

Commenting Mr. Wale Tinubu, Group Chief Executive, Oando PLC said: “Now that we have obtained
the necessary regulatory approvals for our capital raise we are at the final stages in the execution of
our overall strategy to increase our exposure to the Upstream Sector whilst reducing the dependence
on the downstream. In 2010 we raised N21.1Bn through a Rights Issue, it was a highly successfully
event, as it closed 28% oversubscribed and we look forward to a similar outcome in this exercise.

We count on the consistent support of our shareholders to seize the opportunity to take up their
rights and benefit from the higher margin value creation the Upstream offers.”

Ends

For More information, please contact:

Tokunboh Akindele
Head, Investor Relations
aakindele@oandoplc.com

Oando PLC
10th Floor
2, Ajose Adeogun Street
Victoria Island
Lagos, Nigeria

Tel: +234 (1) 2601290-9, Ext 6396
DL: +234 (1) 2702496
Fax: +234 (1) 2611366

Website: www.oandoplc.com



20 December 2012
Sandton

JSE Sponsor: Macquarie First South Capital (Pty) Limited


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