Lagos, Nigeria | 4 August 2026 – Oando PLC (“Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange Ltd. and Johannesburg Stock Exchange, today announces its unaudited results for the six months ended 30 June 2026.
Operational delivery and value realisation drive earnings and cash growth
Group Highlights
- Delivered average production of 42,789 boepd (+16% YoY), within guidance,supported by new wells drilled, the restoration of previously shut-in wells and improved uptime
- Production opex reduced 18% to $16.83/boe (H1 2025: $20.62/boe), reflecting delivery of the Group’s cost optimisation initiatives across the enlarged asset base
- Facility uptime of 92% (H1 2025: c.85%) and zero lost-time injuries recorded during the period
- Trading volumes of 13.15 MMbbl (H1 2025: 12.88 MMbbl), supported by increased sourcing from marginal field producers
- Revenue up 20% year-on-year to ₦2.1 trillion (H1 2025: ₦1.7 trillion), led by growth in the E&P segment and higher product prices
- Profit after tax up 8% to ₦68.6 billion (H1 2025: ₦63.3 billion), supported by improved operating profits and tax credits
- Cash generated from operations of ₦179.5 billion, against ₦287.9 billion usedin H1 2025, reflecting improved operational cash conversion
- Capex of ₦81.4 billion (H1 2025: ₦48.3 billion), directed to high-impact upstream drilling across OMLs 60–63 and the non-operated portfolio
- Closing cash and cash equivalents of ₦544.9 billion (H1 2025: ₦194.2 billion),strengthening the Group’s liquidity position
- Corporate Facility and Medium-Term Loan restructured, with both facilities in good standing
- Commenced long-term gas supply of 11.2 MMscfd to the newly commissioned60 MW Bayelsa Independent Power Plant, expanding the Group’s domestic gas monetisation portfolio
- Executed the Production Sharing Contract (PSC) for Block KON 13 in Angola,following the award of the block in January 2025, with Oando holding a 45%participating interest and serving as operator
Commenting on the results, Wale Tinubu CON, Group Chief Executive, Oando PLC, said:
“The first half of 2026 marks an important inflection point in Oando's journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation.
Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92% while reducing production operating costs by 18% to US$16.83 per boe.
Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio. In parallel, we continued an extensive programme of rig-less well interventions designed to restore production,sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16% year-on-year growth.
This translated into a stronger financial performance, with revenue increasing by 20%to ₦2.1 trillion, while the business generated ₦179.5 billion in operating cash,improving liquidity. Profit after tax also increased by 8% to ₦68.6 billion, reflecting theoverall improvement in operating performance during the period.
Looking ahead in 2026, our priorities remain firmly centred on completing our seven well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd. Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately100,000 boepd.
Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value.
We have built a resilient operating platform and established a clear roadmap forgrowth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”
2026 Outlook
- Development programme of 7 wells in OMLs 60–63, of which two have been drilled and two are currently being drilled, supported by approximately 100rig-less activities across the portfolio.
- FY2026 capex of approximately $90–100 million, focused on high-impact,short-cycle upstream activities.
- FY2026 production guidance maintained at 40,000–50,000 boepd
- FY2026 traded crude oil volume guidance revised to 22–26 MMbbls following changes to one of the Company’s crude oil marketing programmes.
- Completion of the Rights Issue and continued progress on the US$1.5 billionmulti-instrument issuance programme
- Expansion of clean energy initiatives.
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.
