Oando - unaudited results release
Oando reported unaudited H1 2026 results, highlighting operational and financial growth. Average production increased 16% YoY to 42,789 boepd, supported by new wells and restored shut-in wells, with production costs reduced by 18% to USD16.83/boe. Revenue rose 20% to NGN2.1 trillion, and profit after tax increased 8% to NGN68.6 billion. The Group generated NGN179.5 billion from operations, with closing cash of NGN544.9 billion, strengthening liquidity. Capital expenditure was NGN81.4 billion, mainly on upstream drilling. The company restructured key facilities, progressed a USD1.5 billion debt issuance, and commenced long-term gas supply to Nigeria’s Bayelsa IPP. Future plans include completing a seven-well drilling programme, expanding clean energy initiatives, and optimising its capital structure to support growth and shareholder value.
|
