Wrap Text
9M 2026 Unaudited Results Release
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”)
9M 2026 Unaudited Results Release
Lagos, Nigeria | 30 October 2026 – Oando PLC (“Oando” or the “Group”), Africa’s
leading indigenous energy group listed on both the Nigerian Exchange and
Johannesburg Stock Exchange, today announces its unaudited results for the nine
months ended 30 September 2026.
Operational delivery drives operating profit, cash and deleveraging
Group Highlights
• Average production of 42,985 boepd, up 14% year-on-year and within
guidance, driven by new wells and higher uptime.
• Production Opex down 22% to $15.39/boe (9M 2025: $19.67/boe), driven by
sustained delivery of the Group’s cost optimisation initiatives across the
enlarged asset base
• Facility uptime of 96.1% (9M 2025: 85%), with zero fatalities and zero lost-time
injuries across 14.9 million hours worked
• Traded crude volumes of 17.5 MMbbl across 32 cargoes (9M 2025: 19.8 MMbbl
across 21 cargoes), with increased sourcing from marginal field producers.
• NGL delivery of 9.5 kbpd (gross), the highest in five years, and an 80% increase
in gas supply to the JV-owned Okpai IPP, supporting higher power generation
for the national grid
• Revenue up 9% to N2,776.1 billion (9M 2025: N2,541.5 billion), led by E&P
growth on higher crude oil liftings and gas and NGL sales, alongside improved
average realised prices
• Operating profit of N159.7 billion (9M 2025: operating loss of N109.7 billion), on
higher production and the absence of a prior-period fair value loss
• Adjusted EBITDA of N181.8 billion (9M 2025: negative N194.1 billion), driven
by higher E&P sales volumes and realised prices
• Profit after tax of N106.5 billion (9M 2025: N201.3 billion), held back by N244.2
billion of finance costs on acquisition debt
• Cash generated from operations of N285.0 billion (9M 2025: N339.2 billion
used)
• Capex of N110.7 billion (9M 2025: N85.1 billion), mainly for drilling across OMLs
60–63
• Closing cash of N175.9 billion (9M 2025: N143.8 billion); total borrowings down
22% from the FY 2024 peak to N2.16 trillion, with the Corporate Facility and
Medium-Term Loan restructured and in good standing
Commenting on the results, Wale Tinubu CON, Group Chief Executive, Oando
PLC, said:
“Our performance in the first nine months of 2026 demonstrates how diligent execution
under our operatorship, supported by our renewed investment drive, is delivering
greater efficiency, improved reliability, lower unit costs and ultimately higher production
across our expanded upstream portfolio. Production averaged 42,985 boepd, up 14%
year-on-year, while facility uptime improved to 96.1% and production operating costs
declined by 22% to US$15.39 per boe. These gains were achieved with zero fatalities
and zero lost-time injuries across approximately 14.9 million hours worked.
Our drilling and workover programmes, alongside the restoration of previously
constrained facilities, improved production uptime and drove volume growth, while
enhanced gas processing strengthened NGL recovery and deliveries to customers.
Completion of the Ob/Ob–Kwale reverse flow project also increased gas supply to the
Okpai power plant by 80%, demonstrating the broader value of our assets in
supporting domestic industry and electricity generation.
These operational gains supported revenue of N2.78 trillion, operating profit of N159.7
billion and cash generated from operations of N285.0 billion. We continued to invest
in growth while strengthening the balance sheet, deploying N110.7 billion in capital
expenditure as total borrowings declined by 20% from year-end 2025 to N2.16 trillion.
For the remainder of 2026, our priorities are to progress the seven-well development
programme, sustain operational reliability and strengthen shareholders’ funds through
our impending equity raise. These initiatives are intended to reduce leverage, enhance
our capacity to fund growth and support future shareholder distributions.
We have demonstrated what we can achieve across our strategic assets and are
confident in the opportunities ahead. Our commitment remains to realise the full
potential of our substantial resource base and deliver lasting value for our
shareholders.”
2026 Outlook
• FY2026 production guidance narrowed to 40,000–45,000 boepd.
• Deliver the seven-well development programme in OMLs 60–63, with the final
well scheduled to spud in December 2026.
• FY2026 capex of approximately $90–100 million, focused on high-impact,
short-cycle upstream activities.
• FY2026 traded crude oil volume guidance of 22–26 MMbbl following changes
to one of the Company’s crude oil marketing programmes.
• Advance the capital management programme, with a focus on reducing
acquisition debt, lowering financing costs and strengthening liquidity and
balance sheet flexibility.
Responsibility for Publication
This announcement has been authorised for publication on behalf of Oando PLC by:
Adeola Ogunsemi
Group Chief Financial Officer
About Oando PLC
Oando PLC is Africa’s leading indigenous energy solutions provider listed on the Nigerian
Exchange (NGX) and the Johannesburg Stock Exchange (JSE). Oando operates across the
energy value chain, including upstream exploration and production, trading, and renewable
energy initiatives.
Through its subsidiaries, Oando Energy Resources and Oando Trading, the Company holds
interests in onshore and offshore oil and gas assets and maintains a significant presence in
the global energy trading market. Oando is committed to driving Africa’s energy transition and
delivering innovative, sustainable and value-driven solutions that meet the continent’s unique
energy needs.
For more information, visit oandoplc.com
Follow Oando on LinkedIn: https://www.linkedin.com/company/oando-plc/
X: https://x.com/Oando_PLC
Enquiries +234 (1) 2704000
Adeola Ogunsemi / Group CFO
Folasade Ibidapo-Obe / Chief Compliance Officer & Company Secretary
Ayeesha Aliyu / Head, Investor Relations
Disclaimer – Forward-Looking Statements
This results release contains forward-looking statements regarding the operations, financial condition,
strategy, and prospects of Oando PLC (“the Company”). These statements are based on current
expectations and assumptions and are subject to risks and uncertainties that could cause actual results
to differ materially. Such risks include, but are not limited to, market conditions, regulatory
developments, geopolitical events, operational challenges, and the Company’s ability to implement key
initiatives, including its capital restructuring, energy transition and diversification strategy. Readers are
cautioned to carefully consider the foregoing factors and other uncertainties, and not to place undue
reliance on forward-looking statements. Forward-looking statements apply only as of the date on which
they are made, and the Company undertakes no obligation to update or revise any forward-looking
statements, except as required by applicable laws and regulations .
Operations Review
E&P Business Performance
Production
Production for the period was within guidance, averaging 42,985 boepd, up 14% from the 9M
2025 average. Unit costs continued to fall. Production Opex was $15.39/boe, down 22% from
$19.67/boe in 9M 2025, reflecting sustained savings from the Group’s cost optimisation
initiatives, notably in transport, logistics, services and ICT, and higher production across a
largely fixed field cost base.
Unit 9M 2026 9M 2025 %Change
Crude Oil bopd 12,193 10,853 12%
Gas boepd 28,689 25,387 13%
NGLs bpd 2,103 1,374 53%
Total boepd 42,985 37,614 14%
Production Opex $/boe 15.39 19.67 (22%)
1. Production comprises Oando’s 40% working interest (WI) in OMLs 60, 61, 62 and 63, 40% WI in Qua Ibo
Marginal Field, and 45% WI in Ebendo Marginal Field.
2. Volumes are subject to reconciliation and may differ from liftings within the period.
3. Gas volumes reflect the total quantity of gas produced during the period, inclusive of volumes utilised for
operations or reinjection.
4. Gas volumes have been converted to barrels of oil equivalent using a conversion factor of 6 Mscf per boe.
OMLs 60–63 (40% WI, Operator)
Production from OMLs 60–63 averaged 40,017 boepd in 9M 2026, up 16% year-on-year (9M
2025: 34,499 boepd), with growth across all three streams: crude oil rose 14% to 10,600 bopd,
gas 15% to 27,314 boepd and NGLs 53% to 2,103 bpd. The increase was driven by new Idu
wells brought onstream in May and August, the restart of Samabri 4T following an ESP
replacement and the return to service of the Oshie flow station in June.
Rich gas from Oshie and remediation work on the NGL recovery unit supported a JV NGL
delivery of 9.5 kbpd to Indorama, the highest in five years. Completion of the Ob/Ob-Kwale
reverse flow project increased gas supply to the JV-owned Okpai IPP by 80%, enabling higher
power generation for the national grid and strengthening the Group’s domestic gas-to-power
position.
OML 56 – Ebendo (45% WI)
Average daily production was broadly flat at 2,585 boepd (9M 2025: 2,574 boepd). In June
2026, the Group agreed to sell its interest in OML 56 (now PML 23) to Energia Limited; see
Assets Held for Sale in the Financial Review.
OML 13 – Qua Ibo (40% WI)
Production averaged 384 bopd in 9M 2026, down 29% from 541 bopd in 9M 2025, primarily
due to natural field decline.
Drilling Programme
The Group’s seven-well drilling campaign for 2026 across its operated OMLs 60–63 has
progressed in line with plan. Of the first six wells, Idu 6ST and Idu 15 are complete and on
stream; workovers at Samabri 4T and 7T are complete, and Idu T and Samabri A50 are
currently being drilled. The seventh and final well, Ogbainbiri, is scheduled to spud in
December 2026. On completion, the campaign is expected to add approximately 16,000–
20,000 boepd (gross) of production, helping to sustain plateau output and offset natural field
decline across the operated portfolio.
Exploration – Block KON 13 (Angola)
Through its subsidiary, Oando Exploration and Production Angola Ltd, the Company holds a
45% participating interest and operates KON 13. This lies in the onshore part of the Kwanza
Basin in the Republic of Angola. Following the signing of the Production Sharing Contract in
March this year, the Contractor Group, led by Oando, continues technical studies and plans
a 2D seismic acquisition programme.
Operational Resilience & Sustainability
9M 2026 9M 2025
Fatalities (FAT) 0 0
Lost Time Injuries (LTI) 0 0
TRIR 0.00 0.00
Total Hours Worked 14,934,164 9,646,966
Gas Utilisation (%) 92.4 91.5
Facility Uptime (%) 96.1 85
Reconciliation Loss (%) 2.8 NR
1. The percentage difference between measured hydrocarbon production and delivered sales volumes, reflecting
production reconciliation and operational efficiency.
2. NR means not previously reported.
The Group delivered zero fatalities, zero lost-time injuries and a TRIR of 0.00 in 9M 2026,
even as total hours worked rose 55% to 14.9 million (9M 2025: 9.6 million) with higher activity
across the enlarged asset base. Facility uptime rose to 96.1% (9M 2025: 85%) as production
and evacuation infrastructure became more reliable. Higher uptime also improves service
reliability for third parties using the Group’s pipeline infrastructure and gives capacity to
evacuate the additional volumes expected from the drilling and development programme. Gas
utilisation improved to 92.4% (9M 2025: 91.5%), allowing more of the gas produced to be
monetised. Reconciliation losses reported were 2.8%, mainly due to third-party interference.
The Group is prioritising pipeline integrity and security to reduce these losses and improve
delivery reliability.
Trading Business Performance
Traded Volumes Unit 9M 2026 9M 2025 %Change
Crude Oil MMbbl 17.5 19.8 (12%)
The Trading division continued to execute its strategic priorities despite persistent market
volatility. It traded 32 crude oil cargoes in 9M 2026 (9M 2025: 21), while total volumes declined
12% to 17.5 MMbbl (9M 2025: 19.8 MMbbl) as the mix shifted towards smaller parcels. This
reflects continued execution of the Company’s crude oil marketing and offtake programmes
and increased sourcing from marginal field producers.
In Q4, the Group expects to continue executing its crude oil marketing activities and to
progressively expand its refined products trading business as commercial opportunities
convert into executed transactions.
FY2026 traded crude volume guidance was revised to 22–26 MMbbl following a change to
one of the Company’s crude oil marketing programmes. The revision removes volumes
previously expected under that programme after NNPC implemented its new crude-backed
financing structure; it does not reflect any change in the Group’s underlying trading capability
or commercial strategy.
________________________________________________________________________
Clean Energy Update
In Clean Energy, the Lagos e-bus service recorded over 212,000 rides in 9M 2026 at 73%
average capacity utilisation. A further 11 e-buses have arrived in Lagos, taking the fleet to 13,
and the enlarged fleet is expected to begin operations in Q4 2026. In PET recycling, land title
has been secured for a planned 2,750 tonnes-per-month facility in Ogun State, with due
diligence underway.
Mining Update
Oando Mining plans to start operations at its Bauchi tin project in Q2 2027. It is also
assessing lithium licences in Southwest Nigeria and progressing gold exploration in Kebbi
State.
Financial Review
Unit 9M 2026 9M 2025 %Change
1
Revenue N’billion 2,776 2,542 9%
Crude proceeds N’billion 401 218 84%
Gas proceeds N’billion 103 71 45%
NGL proceeds N’billion 6 4 50%
OTD operations N’billion 2,220 2,189 1%
Gross Profit N’billion 175 30 483%
Adjusted EBITDA2 N’billion 182 (194) NM
Operating Profit/(Loss) N’billion 160 (110) NM
Income tax credit/(expense) N’billion 181 182 (0%)
Profit-After-Tax N’billion 106 201 (47%)
EPS N 12 16 (25%)
Cash (used in)/generated from N’billion 285 (339) NM
operations3
Cash and cash equivalents3 N’billion 176 144 22%
Total Capex3 N’billion 111 85 31%
Crude oil lifting4 MMbbl 3.97 2.77 43%
Gas sales5 Bscf 34.01 32.28 5%
NGL sales MMbbl 0.57 0.30 90%
Total6 MMboe 10.21 8.45 21%
Average Realised Oil Price $/bbl 87.31 66.84 31%
Average Realised Gas Price $/Mscf 2.26 1.55 46%
Average Realised NGL Price $/bbl 8.80 6.85 28%
Exchange rate (average) N/$ 1,366 1,528 (11%)
1. Includes revenue from Independent Power Projects (IPP), pipeline tariffs, and electric vehicle (EV)
initiatives.
2. Adjusted EBITDA is defined as operating profit/(loss) before depreciation, depletion and amortisation and
net impairment reversals/(charges).
3. Cash and cash equivalents represent the balance on 30 September 2026 and 30 September 2025; cash
from operations and capex are for the nine months ended.
4. Overlift of approximately 0.57 MMbbl.
5. Gas sales represent the portion of produced gas that was sold to third parties. Accordingly, sales gas
volumes are lower than total gas production.
6. Gas volumes converted to barrels of oil equivalent using a standard conversion factor of 6 Mscf per boe.
Overview
The Group’s strategy is delivering, with disciplined operational execution translating directly
into stronger financial performance. Higher E&P sales volumes and realised prices lifted
revenue and gross profit, and the Group returned to an operating profit.
The business is generating cash from operations, while investing more in the drilling
programme and continuing to reduce debt. Net debt fell during the period, and closing cash
was above the prior-year level.
Profit after tax was lower, reflecting non-recurring finance income in the prior year and the
continuing cost of acquisition debt. The capital management programme aims to reduce that
cost, which is expected to allow more of the Group’s operating performance to flow through to
earnings.
With a stronger operating base, a balance sheet reset well underway and a deep inventory of
development opportunities, the Group is well positioned for its next phase of growth and for
sustained value creation for shareholders.
Revenue
Group revenue grew 9% YoY to N2,776.1 billion in 9M 2026 (9M 2025: N2,541.5 billion), driven
primarily by growth in the Exploration & Production segment, supported by a 21% rise in total
E&P sales volumes to 10.21 MMboe (9M 2025: 8.45 MMboe) and elevated crude oil prices
amid ongoing geopolitical tensions in the Middle East. Growth in naira terms was held back
by the stronger naira, which averaged N1,366/$ (9M 2025: N1,528/$). Key performance
drivers included:
• Crude Oil liftings rose 43% to 3.97 MMbbl (9M 2025: 2.77 MMbbl), alongside a 31%
rise in the average realised price to $87.31/bbl (9M 2025: $66.84/bbl). This contributed
N401 billion in revenue, up 84% year-on-year.
• Natural Gas sales volumes increased 5% to 34.01 Bscf (9M 2025: 32.28 Bscf), and
the average realised gas price increased by 46% to $2.26/Mscf (9M 2025: $1.55/Mscf).
This contributed N103 billion in revenue, up 45% year-on-year.
• Natural Gas Liquids (NGLs) sales volumes increased 90% to 0.57 MMbbl (9M 2025:
0.30 MMbbl), and the average realised NGL price increased by 28% to $8.80/bbl (9M
2025: $6.85/bbl). This contributed N6 billion in revenue, up 50% year on year.
• Trading revenue rose 1% to N2,219.5 billion (9M 2025: N2,188.6 billion), reflecting a
higher price environment.
Gross Profit
Gross profit increased by 483% to N174.5 billion in 9M 2026 (9M 2025: N29.8 billion), as
higher crude oil prices and sales volumes drove revenue growth ahead of production cost
growth. While the group continued to benefit from cost optimisation initiatives across the
enlarged asset base, the modest 3.6% increase in cost of sales was attributable to the impact
of the reclassification of employee benefit expenses and depletion, depreciation and
amortisation (DD&A) of oil and gas assets from administrative expenses to cost of sales during
the period.
Administrative Expenses
Administrative expenses increased by 21% to N157.9 billion in 9M 2026 (9M 2025: N130.4
billion), driven primarily by a 60% increase in professional fees to N79.0 billion (9M 2025:
N49.4 billion), mainly reflecting advisory costs on the Group’s debt restructuring and capital
management programme, which are not expected to recur once the programme completes.
Operating Profit/(Loss)
The Group reported an operating profit of N159.7 billion in 9M 2026 (9M 2025 operating loss:
N109.7 billion). This reflects growth in gross profit to N174.5 billion, a swing to other operating
income of N80.7 billion (9M 2025 other operating loss: N160.0 billion), and a net impairment
reversal on financial assets of N62.3 billion (9M 2025: N150.7 billion). The swing in other
operating income was mainly driven by the absence of the N311.6 billion fair value loss on
modification of financial assets recognised in 9M 2025, along with higher net foreign exchange
gains and a profit on an asset disposal. The impairment reversal was 59% lower year-on-year,
driven by settled customer receivables and a nil finance lease impairment in Q3 2026.
Adjusted EBITDA was N181.8 billion (9M 2025: negative N194.1 billion). The improvement
reflects the growth in gross profit and other operating income and excludes the effect of
impairment reversals in both periods.
Net Finance Income/(Costs)
Net finance cost stood at N235.2 billion in 9M 2026 (9M 2025 net finance income: N128.0
billion). This was driven by lower finance income earned in the period at N9.0 billion (9M 2025:
N368.7 billion), as 9M 2025 had benefited from non-recurring interest income of N321.1 billion
on loan receivables and bank deposits and N47.6 billion on finance leases. Finance costs rose
slightly to N244.2 billion (9M 2025: N240.7 billion), following principal repayments in the
period. With borrowings still elevated after the acquisition, debt service absorbs a substantial
share of the cash the business generates: interest paid during the period was N143.9 billion,
equivalent to 50% of cash generated from operations. Reducing this burden is a principal
objective of the capital management programme set out on pages 10 and 11.
Taxation
The Group recognised a tax credit of N181.1 billion in 9M 2026 (9M 2025: N181.8 billion),
arising from reversing provisions previously recognised for Companies Income Tax,
Petroleum Profit Tax, Capital Gains Tax, and Education Tax.
Profit After Tax
Profit after tax fell 47% to N106.5 billion in 9M 2026 (9M 2025: N201.3 billion), as the swing
from net finance income to net finance costs more than offset the improvement in operating
profit. Both periods included a similar tax credit (9M 2026: N181.1 billion; 9M 2025: N181.8
billion). The year-on-year decline therefore reflects financing costs and comparative effects
rather than underlying operating performance. Earnings per share declined 25% to N12 (9M
2025: N16).
Cash Flow
Net cash generated from operating activities was N217.8 billion in 9M 2026, compared to
N235.0 billion used in 9M 2025. This reflects a positive swing in cash generated from
operations before interest and tax to N285.0 billion (9M 2025: N339.2 billion outflow), a
working capital inflow of N77.0 billion (9M 2025: N272.5 billion inflow), and interest payments
of N143.9 billion (9M 2025: N165.2 billion).
Net cash used in investing activities was N92.3 billion in 9M 2026 (N8.0 billion generated in
9M 2025), reflecting higher capital expenditure of N110.7 billion (9M 2025: N85.1 billion), about
$81.0 million and in line with FY2026 guidance of $90 to $100 million, primarily to support the
drilling programme, including intangible asset purchases and the non-recurrence of significant
interest income received in 9M 2025.
Net cash used in financing activities was N337.1 billion (N221.9 billion generated in 9M 2025),
as repayments of borrowings exceeded new proceeds. Repayments increased to N792.7
billion (9M 2025: N676.6 billion) while proceeds were lower at N457.7 billion (9M 2025: N868.8
billion). Excluding restricted cash, the Group closed the period with N 175.9 billion in cash and
cash equivalents (9M 2025: N143.8 billion).
Capital Structure
The Group is deleveraging. Total borrowings fell 20% in the first nine months of 2026, from
N2.70 trillion as of 31 December 2025 to N2.16 trillion as of 30 September 2026 and are now
22% below their post-acquisition peak of N2.77 trillion at end-2024. Net debt also fell N286
billion over the nine-month period to N1.99 trillion. Since 2014, the Group has repaid N5.2
trillion in debt.
N’billion FY 2024 FY 2025 9M 2026
Total borrowings 2,772 2,695 2,162
Change vs FY 2024 — (3%) (22%)
Net debt1 2,617 2,272 1,986
Cumulative debt repaid since 2014 3,510 4,373 5,166
1 Total borrowings less cash and cash equivalents.
Capital Management Update
Management continues to execute the Group’s balance sheet transformation plan, which aims
to eliminate the retained earnings deficit, strengthen covenant headroom and extend debt
maturities, with completion targeted by end-Q1 2027. Progress to date and next steps are set
out below.
Initiative Status Progress and Q4 2026 focus
Equity In Progress Up to N500 billion to be raised in two tranches, expected in Q4
Capital 2026 and Q1 2027. The application for the N220 billion Rights
Raise Issue has been submitted to the SEC. Majority shareholders
have reaffirmed their commitment to support the offering.
Debt-to- In Progress Conversion of US$300 million of existing debt into equity,
Equity forming part of the balance sheet transformation plan presented
Conversion at the 2026 AGM.
US$1.5bn In Progress Multi-instrument issuance programme of up to US$1.5 billion to
Issuance refinance or restructure a significant portion of existing
Programme borrowings. SEC feedback has been received; programme
documentation is being updated for resubmission in Q4 2026.
The restructuring of the Corporate Facility and Medium-Term Loan has cleared the Group’s
outstanding principal and interest arrears and restored its core facilities to good standing. The
next phase addresses the cost of the debt itself. The equity raise, debt-to-equity conversion
and US$1.5 billion issuance programme are designed to replace a significant portion of
acquisition debt with equity and longer-dated financing, reducing leverage, extending the
Group’s debt maturity profile and lowering its annual interest burden. As finance costs fall,
more of the Group’s operating performance is expected to flow through to profit after tax, and
a greater share of operating cash flow will be available for reinvestment and, in time, for
distribution to shareholders.
Hedging
To manage oil price volatility and support revenue stability, the Group implemented a hedging
programme covering 6,000 barrels per day using purchased put options at a strike price of
$59/bbl. These instruments provide downside protection while preserving upside exposure.
Assets Held for Sale
In June 2026, the Group agreed to sell its interest in OML 56 (now PML 23), held through
OPDC, to Energia Limited for $48.45 million subject to closing adjustments, and OPDC’s net
assets are classified as held for sale. OML 56 contributed 2,585 boepd in 9M 2026, about 6%
of Group production, and accounts for 4.6 MMboe (0.5%) of the Group’s 2P reserves. The
sale supports the Group’s strategy to exit non-core assets and focus capital on its core assets.
Management Execution Priorities
Strategic Priority 9M 2026 Progress Q4 2026 Execution Focus
Deliver Operational • Production up 14% to 42,985 • Spud the final well of the
Performance boepd, within guidance, as new seven-well programme,
Idu wells and the restored Oshie complete c.100 rig-less
flow station lifted output. activities to deliver FY2026
production of 40,000–45,000
• NGL output up 53%, supporting boepd
a five-year-high NGL delivery to • Mobilise a third rig by end-
Indorama 2026/Q1 2027 to expand
drilling capacity for 2027
growth
Strengthen the Balance • Total borrowings cut 22% from • Launch the N220bn Rights
Sheet the FY 2024 peak to N2.16 Issue and advance the
trillion, with net debt down to US$300m debt-to-equity
N1.99 trillion conversion to reduce
leverage and rebuild equity
• Corporate Facility and Medium-
Term Loan restructured and • Progress the US$1.5bn
arrears cleared; AGM approvals issuance programme to
secured and Rights Issue under refinance acquisition debt,
SEC review extend maturities and lower
interest costs
Disciplined Capital • N285.0 billion of cash generated • Deploy FY2026 capex of
Allocation & Cash from operations (9M 2025: $90–100 million into short-
Generation N339.2 billion used), funding cycle activity to bring new
N110.7 billion of capex (Incl. barrels onstream quickly
intangible assets) and N792.7
billion of debt repayments • Recover outstanding legacy
receivables to release cash
• Closing cash up 22% to N175.9 for deleveraging
billion
Optimise Portfolio • Facility uptime up to 96.1% (9M • Extend cost optimisation
Performance 2025: 85%), creating capacity to across the enlarged portfolio
evacuate additional volumes to lower unit costs further
and protect margins
• Production Opex of $15.39/boe,
reflecting lower transport, • Sustain high facility uptime to
logistics, service and ICT costs maximise evacuated
volumes and limit losses
Advance the Growth • Angola Block KON 13 PSC • Launch operations of the
Portfolio executed, securing a 45% enlarged 13-bus Lagos fleet
operated exploration position to scale clean energy
revenue
• 11 e-buses delivered to Lagos; • Advance PET recycling
PET recycling site secured financing and priority mining
assets towards development
JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited
Date: 30/10/2026 05:41:00
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