…Upsizes Reserve-Based Lending facility to $375 million
Oando Plc an Indigenous Nigerian oil and gas producer/trading firm recorded N52.5 billion in pre-tax profit in the first quarter (Q1) of 2025.
The bottom line was however boosted by N165.6 billion in tax credit which led to a profit after tax of N113 billion for the three months’ period that ended March 2025.
As at March 2025, the Group had four operating segments namely: Exploration and production(E&P), Supply and Trading, Mining & infrastructure development and Corporate and others.
Three out of the four segments reported losses including Supply and Trading which reported a loss of N5.23 billion, Mining reported a loss of N25.74 million, and Corporate a loss of N21.75 billion.
Exploration and Production had a loss before income tax of N25.54 billion, which translated into an after tax profit of N140 billion after the income tax credit of N165 billion.
Upsizes Reserve-Based Lending (RBL2) facility to $375 million
In June 2025, Oando Oil Limited, an upstream subsidiary of Oando PLC, completed the upsizing of its Reserve-Based Lending (RBL2) facility from a reduced balance of USD 100 million to USD 375 million.
The RBL2 facility, originally secured in 2019 at USD 525 million, had been progressively repaid to USD 100 million by December 31, 2024.
The refinancing transaction was led by the African Export-Import Bank (Afreximbank), with support from Mercuria Asia Resources PTE Limited (Mercuria), and represents a milestone in the Group’s ongoing capital restructuring efforts.
The upsized facility provides enhanced financial flexibility and is expected to support Oando’s strategic growth objectives, including its target to achieve production levels of 100,000 barrels of oil per day (bopd) and 1.5 billion cubic feet (Bcf) of gas per day by the end of 2029.
This development follows Oando’s successful acquisition of Nigerian Agip Oil Company Limited in August 2024, which significantly expanded the Group’s upstream asset portfolio.
As of the date of this report, the Group holds approximately 1 billion barrels of oil equivalent (boe) in 2P reserves, operates 24 producing fields out of 40 discovered, and controls over 1,250 kilometers of pipelines, among other strategic infrastructure assets.
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