OANDO PLC - Oando Plc Provides Update on 2023 Audited Financial Statements Filing Timeline

Oando Plc Provides Update on 2023 Audited Financial Statements Filing Timeline

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 PROVIDES UPDATE ON 2023 AUDITED FINANCIAL STATEMENTS FILING TIMELINE

                                                 02 October 2024

Oando PLC (referred to as "Oando" or the "Company"), Nigeria's leading indigenous energy group listed on both
the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE), hereby wishes to notify the
public and its shareholders of a further delay in the completion of its 2023 audit, This is attributable to the recent
acquisition of Nigerian Agip Oil Company (NAOC) by Oando PLC, which was completed on August 22, 2024
(the "Transaction").

Pursuant to the International Standard on Auditing 560 regarding Subsequent Events, our auditors, BDO
Professional Services ("BDO"), are required to thoroughly assess the impact of the acquisition on the Company's
financial status prior to issuing their opinion. Although the current audit relates to the financial year ending
December 31, 2023, the auditors are required to consider any significant subsequent events that have transpired
between that date and when their opinion is issued. As the Transaction was concluded on August 22, 2024, this
has necessitated a review of all material agreements connected with the Transaction and their impact of the
Company's cash flows and going concern.

The Company is committed to completing this aspect of the audit promptly. Once finalized, the 2023 Annual
Financial Statements (AFS) will be presented to the Board for approval and then submitted to the Financial
Reporting Council (FRC) for regulatory approval before public release.

Regrettably, the Company was not able to meet the September 30, 2024 deadline earlier communicated to the
market for submitting its 2023 Audited Financial Statements (AFS). However, following the approval of an
extension by the NGX, the Company now anticipates filing its 2023 AFS no later than Wednesday, October 23,
2024, subject to receipt of approval to do so from the Financial Reporting Council of Nigeria (FRC).

We sincerely apologize for any inconvenience caused by these delays and appreciate our stakeholders' patience
during this period.

Ends

For further information, please contact:

Chief Financial Officer
The Wings Office Complex,
17a Ozumba Mbadiwe Avenue, Victoria Island, Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6506
aogunsemi@oandoplc.com

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: 02-10-2024 01:16:00
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