OANDO PLC - Oando PLC Expands African Upstream Portfolio with Successful Bid for Block KON 13 in Angola

Oando PLC Expands African Upstream Portfolio with Successful Bid for Block KON 13 in Angola

Oando PLC
(Incorporated in Nigeria and registered as an external company in
South Africa)
Registration number: RC 6474
(External company registration number 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
("Oando" or the "Company")


Oando PLC Expands African Upstream Portfolio with Successful Bid for Block KON 13 in
                                    Angola
Lagos, Nigeria — January 22, 2025

Oando PLC (the Company), Africa's leading indigenous energy solutions provider listed on both
the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that
its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of
Block KON 13 in Angola's Onshore Kwanza Basin, following a competitive bidding process
organized by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).

Block KON 13 is strategically located in the prolific Kwanza Onshore Basin which represents
significant exploration potential in both pre-salt and post-salt plays, with estimated prospective
resources of 770 to 1,100 million barrels of oil. The block has two (2) exploration wells previously
drilled to a target depth of 3,000m, with oil and gas observed across various depths. With a 45%
participating interest, OER will lead the development of the block as operator, alongside Effimax
(30%) and Sonangol (15%) as co-venturers.

Commenting on the award, Wale Tinubu CON, Group Chief Executive, Oando PLC, said:
"I am thrilled by our successful bid and award of Block KON 13 in Angola. This development
underscores Oando's relentless commitment to expanding our footprint across Africa and
contributing to the continent's energy sufficiency goals. I am confident in our ability to leverage
our expertise to develop and maximize the value of this asset. We look forward to collaborating
with our co-venturers and other key stakeholders to harness this opportunity and unlock its full
potential for Angola and Africa as a whole".

This milestone marks Oando's strategic entry into the Angolan oil and gas market and represents
a significant step in its long-term vision to grow its upstream operations across Africa. It solidifies
the Company's position as a prominent player in the Continent's energy landscape, evolving from
a local indigenous operator to a regional powerhouse. Following the Company's recent successful
acquisition of NAOC Ltd in Nigeria, the addition of Block KON 13 further bolsters the company's
upstream portfolio and reflects its commitment to driving regional growth and energy security.

OER is a wholly owned upstream subsidiary of Oando, holding interests in fourteen oil and gas
assets encompassing exploration, development, and production activities, both onshore and
offshore in Nigeria and São Tomé and Príncipe. The company maintains an extensive asset
portfolio comprising over 22,447 square km of acreage, a capacity to handle 483,000 barrels of
oil per day (bopd), a gas handling capacity of 3,663 million standard cubic feet per day (mmscf/d),
3.5 million barrels of terminal capacity, a pipeline network spanning over 1,255 km, 14 flow
stations, and a 1GW power plant.


For further information, please contact:
Ayotola Jagun Company Secretary
The Wings Office Complex,
17a Ozumba Mbadiwe Avenue,
Victoria Island, Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com


For: Oando PLC
Ayotola Jagun (Ms.)
Chief Compliance Officer and Company Secretary


JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited


Date: 23-01-2025 07:05:00
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