Sequel to its projection, Oando Plc has announced a turnover of N350.6 billion for the half year ended June 30, 2012, representing an increase by 31 per cent when compared to N267.8 billion recorded in the same period of 2011.
In its submission to the Nigerian Stock Exchange (NSE), the company said it was set to list its upstream arm in Canada’s Toronto Stock Exchange (TSE).
The company’s gross profit increased by 8 per cent in the review period, from N31.5 billion in the corresponding period of 2011 to N33.9 billion in 2012, while profit after tax fell by four per cent to N6.6 billion, from N6.9 billion in 2011 half year.
Commenting on the result, the company’s Group Chief Executive, Mr. Wale Tinubu, said the company has experienced significant developments across the oil and gas sector, “We remain steadfast in our commitment to grow our businesses in line with our strategic focus.”
According to him, the exploration and production division has been notified of a closing date for the reverse takeover transaction.
He explained that the division signed a farm-in agreement for the acquisition of a 40 per cent participating interest in the Qua Ibo field, which immediately increased the company’s 2P reserves by five million barrels, while also delivering a successful drilling programme in the Obodeti-Obodugwa field, which promises an imminent increase in the oil reserves and production.
“Our fourth swamp rig remains in the United States, undergoing extensive refurbishment, with planned deployment scheduled for early next year.
“The three drilling rigs contracted to the IOC’s have maintained high safety standards and a 95 per cent average drilling uptime in their operations. We continue the strive to expand our footprint in the midstream with our dedicated participation in the federal government’s privatisation of generating and distribution assets,” he said.