Oando H1 2026 results show strong growth

Oando Plc released its unaudited results for the first half of 2026, reporting a 20% increase in revenue to N2.1 trillion, profit after tax up 8% to N68.6 billion, and gross profit surging 331% to N101 billion. Average daily production rose 16% to 42,789 boepd, driven by new wells, restoration of shut-in wells, and improved facility uptime of 92%. Production operating costs fell 18% to $16.83 per boe. The company also increased crude trading volumes by 2.1% to 13.15 million barrels, generated N179.5 billion in operating cash flow, and commenced gas supply to a 60 MW power plant in Nigeria — Bayelsa State. Oando executed a Production Sharing Contract for Block KON 13 in Angola, holding a 45% participating interest. The company reaffirmed its full-year production guidance of 40,000-50,000 boepd and outlined plans for a seven-well drilling programme, 62 additional wells, and a $1.5 billion capital raising programme.