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NNPC/NAOC/OANDO Joint Venture has made Significant Gas & Condensates Discovery Onshore Niger Delta
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”)
Oando PLC Announces that the NNPC/NAOC/OANDO Joint Venture has made Significant Gas &
Condensates Discovery Onshore Niger Delta
LAGOS, NIGERIA September 4, 2019 – Oando PLC (referred to as “Oando” or the “Group”), through its
Upstream subsidiary Oando Energy Resources (OER) is pleased to announce that the
NNPC/NAOC/OANDO Joint Venture (NNPC 60%, Oando 20% and NAOC the operator 20%), has made
a significant gas and condensate find in the deeper sequences of the Obiafu-Obrikom fields, in OML61,
onshore Niger Delta.
The Obiafu-41 Deep appraisal/exploration well has reached a total depth of 4.374m encountering an
important gas and condensate accumulation within the deltaic sequence of Oligocene age comprising
more than 130m of high quality hydrocarbon-bearing sands. The find amounts to about 1 trillion cubic feet
of gas and 60 million barrels of associated condensate in the deep drilled sequences. The discovery has
further potential that will be assessed with the next appraisal campaign. The well can deliver in excess of
100 million standard cubic feet/day of gas and 3,000 barrels/day of associated condensates. The
discovery is part of a drilling campaign planned by the Joint Venture aimed at exploring near-field and
deep pool opportunities as immediate time to market opportunities.
OER is positive that this discovery will have an impact on its gas reserves. The impact will be determined
and communicated to the market on conclusion of the next annual independent reserves and resources
evaluation.
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
Alero Balogun
Head, Corporate Communications
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, ext. 6761
albalogun@oandoplc.com
For Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary
Lagos
5 September 2019
Sponsor: Sasfin capital (a member of the Sasfin Group)
Date: 05/09/2019 08:34:00
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