OANDO PLC - Oando PLC Announces Earnings Guidance for FYE 2019

Oando PLC Announces Earnings Guidance for FYE 2019

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)
                                                                               OANDO PLC
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
(“Oando” or the “Company”)


PRESS STATEMENT

Oando PLC Announces Earnings Guidance for FYE 2019

Lagos, Nigeria – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy
group listed on both Nigerian Exchange Limited and Johannesburg Stock Exchange, wishes to inform our
valued shareholders and stakeholders that our net earnings for the year ended 31 December 2019 will be
significantly below that of the prior year. This reduction in earnings is due to the following:

   i.   The adverse impact of the COVID-19 pandemic on the global demand for oil in 2020 resulted in
        lower forecasted oil prices, thus triggering a re-assessment of the expected future cash flows from
        our oil and gas assets. Accordingly, we have taken the prudent approach of recognizing a
        substantial impairment of a portion of the Group’s intangible assets that arose from acquisitions
        done in prior years.

  ii.   Following the successful resolution of a disruptive and value destructive long-standing shareholder
        dispute, we have taken a decision to recognize a significant impairment on a category of the
        Group’s intangible and financial assets arising from the financing and settlement of the resolution.

Despite the above, we remain fully committed to returning the Group to profitability by pursuing organic and
inorganic growth opportunities in the upstream and increasing our trading volumes.


For further information, please contact:
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

Adeola Ogunsemi
Chief Financial Officer
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6506
aogunsemi@oandoplc.com
Lagos
29 April 2022
For Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary

JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited




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Date: 03-05-2022 07:05:00
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