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Tag: Oando Plc

Business

Oando seeks $750m to triple oil output

Oando Plc is seeking to raise up to $750 million to finance an ambitious drilling programme designed to increase its oil production by as much as 300 per cent. The company’s Chief Executive Officer, Wale Tinubu, disclosed the plan in an interview with Reuters, noting that Oando, which averaged just over 32,000 barrels of oil […]

Business

Oando unveils second tranche stock dividend distribution

Oando Plc has commenced the second tranche of its stock dividend distribution. This continues the issuance of 1.28 billion additional shares to shareholders. The milestone follows shareholder approval granted at the company’s 45th Annual General Meeting held on December 17, 2024. The firm stated in a statement on Sunday. At the meeting, shareholders authorised the […]

News

Oando wins operatorship of KON 13 oil block in Angola

Oando Plc, Nigeria’s indigenous energy solutions provider listed on both the Nigerian Exchange Limited and the Johannesburg Stock Exchange, has announced that its upstream subsidiary, Oando Energy Resources, has been awarded the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin. A statement from the company’s Secretary, Mrs. Ayotola Jagun, on Wednesday, revealed that […]

Afreximbank creates payment solution to save traders $5bn
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Afreximbank secures $650m for Oando’s NOAC acquisition

The African Export-Import Bank announced its role in facilitating a $650 million financing package for Oando Petroleum and Natural Gas Company Limited’s acquisition of a full stake in Nigerian Agip Oil Company Ltd. This was disclosed in a statement on Friday. The continental bank said it structured a senior $500 million and a junior $150 […]

News

Oando completes acquisition of Nigerian Agip Oil Company for $783m

Oando PLC has successfully finalized the acquisition of Nigerian Agip Oil Company from Italian energy conglomerate Eni, marking a pivotal moment in the company’s growth trajectory. The transaction, valued at $783 million, underscores Oando’s commitment to strengthening its presence in Nigeria’s oil and gas industry. This was disclosed by the company in a press release, […]

Oando share price soars as court decision on delisting approaches
Business

Oando share price soars as court decision on delisting approaches

Since Oando released its audited financials for 2021, investors dealing on the Nigerian Exchange have been clamouring for its shares. Oando was the top gainer on Tuesday, rising 10% as demand for the stock vastly outstripped supply. Investors continued to compete for shares on Wednesday, sustaining the bullish momentum. The stock had almost no sellers […]

FBNH, GTCO join NGX banking index
Business

Oando, CWG top gainers list as NGX ends two-day losing streak

Nigerian stocks ended Friday’s trading session in positive territory, breaking a two-week losing trend. The All-Share Index closed at 68,143.34 index points, up 0.09% from the 68,082.11 index points it had at the end of the previous trading day. The market value of stocks also increased by N33 billion to conclude at N37.295 trillion, or 0.09%, […]

Oando acquires 100% Italian-owned NAOC
News Oil and Gas

Oando acquires 100% Italian-owned NAOC

Nigerian energy company, Oando Plc, has agreed to buy all of the shares of Eni, an Italian oil and gas company, including Nigerian Agip Oil Corporation Limited. The completion of the transaction is contingent upon ministerial clearance and other necessary regulatory approvals, according to a statement made on Monday and signed by the company secretary, […]

News Oil and Gas

Court extends Oando’s minority share acquisition deadline

Oando Plc has been granted a 90-day court-ordered extension to create and file the Scheme of Arrangement Document for the acquisition of shareholders’ minority shareholding. This was contained in a statement released on Thursday which also revealed that Venus Construction Company Limited, one of Oando’s minority shareholders, had petitioned the court to order Ocean and […]

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