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 unaudited results for the twelve months period ended December 31, 2023.

OPERATIONAL HIGHLIGHTS

Upstream: 1% increase in production: 20,837 boepd FYE 2023 vs 20,703 boepd FYE 2022 Oil production of 6,024bbls/day (vs 4,939bbls/day in FYE 2022) Natural Gas production of 14,572boe/day (vs 15,292boe/day in FYE 2022) NGL production of 241bbls/day (vs 472bbls/day in FYE 2022).

Trading: 50% increase in traded crude oil volumes 32.8 million bbls FYE 2023 vs 21.8 million bbls FYE 2022 15% decrease in traded refined petroleum products (1,645,535 MT in 2023 vs 1,937,833 MT in FYE 2022)

FINANCIAL HIGHLIGHTS

71% Turnover increase. N3.4trillion FYE 2023 vs N1.9trillion (FYE 2022)

Profit-After-Tax of N74.7billion compared to Loss-After-Tax of N81.2billion (FYE 2022)

23% reduction in Upstream borrowings: $488.9million (FYE 2023), vs. US$635.6million (FYE 2022).

Commenting on the results, Wale Tinubu, Group Chief Executive, Oando PLC said: 'Despite the persistent pipeline vandalism across the Niger Delta, which continues to dampen crude production, we achieved a profit after tax of N 74.7 billion in 2023 largely driven by increased trading volumes due to our strategic global partnerships and net foreign exchange gains on the group's foreign currency denominated assets as against losses on our foreign currency denominated liabilities. Furthermore, our milestone signing of the Sale and Purchase Agreement with Eni towards the acquisition of 100% of the shares of NAOC Ltd, marked a pivotal moment for our organization and is poised to unlock substantial synergies in the near future. Our focus is now on completing the acquisition and seamlessly integrating operations to deliver exceptional value to our shareholders'

Contact:

Ayotola Jagun

Tel: +234 (201) 270400

Email: ajagun@oandoplc.com

Adeola Ogunsemi

Chief Financial Officer

Tel: +234 (201) 270400, Ext 6506

Email: aogunsemi@oandoplc.com

(C) 2024 Electronic News Publishing, source ENP Newswire