Lagos, Nigeria | 25 June 2025-Oando PLC (“Oando” or the“Group”), Nigeria’s leading indigenous energy group listed on both the NigerianExchange Ltd. and Johannesburg Stock Exchange, today announces its unauditedresults for the three months ended 31 March 2025.
Commenting on the results,Wale Tinubu CON, Group Chief Executive, Oando PLC said:
“Q1 2025 marked a strong start to the year for us, with a 72% year-on-year increase in production volumes as a result of the successful integration of the NAOC assets into our portfolio, improved asset reliability and the reactivation of shut-in wells, reflecting early wins from our focus on operational efficiency and disciplined execution.
Beyond Nigeria, we have expanded our regional presence with our entry into Angola’s Kwanza Basin marking a major milestone in scaling our upstream footprint across Africa.Similarly, being named preferred bidder for the Guaracara Refinery in Trinidad and Tobago demonstrates the strength of our integrated business model, our growing role in the Afro-Caribbean landscape, and a reflection of our evolution into a more geographically diversified energy company.
Following a transformative2024, our priority is to maximize the value of our expanded upstream portfolio through targeted infrastructure upgrades, rig-less well interventions and an extensive drilling programme in the second half of the year. These activities are now enabled by the working capital we have secured, giving us financial flexibility to accelerate execution. We are also taking decisive action to restructure our balance sheet towards restoring financial resilience.
With a full-year contribution from the NAOC assets, a more diversified trading operations and an optimized balance sheet, we are confident in our ability to generate stronger cash flows,reduce leverage, and deliver sustainable value to our shareholders.”
Three-months2025 performance highlights
Group highlights
• Revenue grew by 2% year-on-year to ₦933 billion (Q1 2024: ₦915 billion), supported by higher upstream volumes and FX revaluation gains.
• Gross profit increased by 172% to ₦85 billion (Q1 2024: ₦31 billion), reflecting stronger E&P margins.
• Capital expenditure rose to ₦45 billion (Q1 2024: ₦9 billion), driven by asset integration and production optimisation initiatives following the NAOC acquisition.
• Pursuant to shareholder approval, the Board approved the distribution of 1.28 billion ordinary shares, reinforcing value return commitments
Exploration and Production
• Achieved average daily production of37,595 boepd (within guidance), up 72% year-on-year, driven by the fullconsolidation of NAOC assets and well reactivations.
• Crude oil production rose 132% to 11,369bopd, gas volumes grew 56% to 25,185 boepd, and NGL production increased 30% to1,040 bpd.
• Recorded zero lost-time injuries (LTIs) and 12.3 million LTI-free hours, underscoring continued HSE excellence.
• Awarded operatorship of Block KON 13 inAngola, marking a strategic entry into the Kwanza Basin and expanding Oando’s African upstream footprint.
Trading
• 6 crude oil cargos (5.96 MMbbl) traded in Q1 2025, up from 4 cargos (4.86 MMbbl) in Q1 2024, driven by stronger offtake execution.
• No PMS cargos traded in Q1 2025 (Q12024: 4 cargos), reflecting lower market demand post-subsidy removal and increased local refinery supply.
• Increased crude volumes partially offset reduced PMS activity, with new pre-financing structures advancing to support future growth.
• Selected as preferred bidder for the Guaracara Refinery in Trinidad & Tobago, establishing a strategic foothold in the Caribbean downstream market.
Clean Energy
• Achieved 53,941 EV rides in Q1 and42,779 kg of CO₂ emissions averted through 2 operationale-buses under the electric mobility programme.
• Advanced development of a 1.2GW solar PV module assembly plant, with land secured and financial modelling completed.
• Progressed PET recycling facility with land acquisition finalised and revised contracting strategy in place for a2,750 tons/month plant.
• Re-evaluated waste-to-energy project with BGE due to capital cost considerations; feasibility review ongoing.
• Completed techno-economic study for a6MW geothermal pilot, continued engagements with key partners.
• Published Nigeria’s National Wind Resource Capacity Report, identifying state-level wind potential across the country.
Mining and Infrastructure
• Advanced partnerships on bitumen and lithium development; sample testing confirmed resource viability.
• Launched early-stage assessments for gold and tin assets, supporting long-term diversification into base metals.
• Focused on de-risking and progressing assets with near-term production potential while securing strategic funding and technical partners.
2025 Outlook
• Target full-year production of 30–40 kboepd maintained, driven by a balanced capital programme of 3 new wells, 9 workovers,and 6 rig-less interventions
• Projected capex of $250–270 million focused on drilling, infrastructure, and ESG projects, with a 20% cost reduction goal
• Trading guidance of 25 – 35 MMbbl crude oil; 750,000 – 1,000,000 MT refined products
• 50 electric buses to be deployed in 2025;progress solar PV module assembly plant toward FID.
• Executing capital restructure and liquidity optimisation to improve financial resilience and returns.
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 entire energy value chain, encompassing 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.
