Oando upsizes Afreximbank RBL facility, reports strong 2024 results

Oando PLC (JSE:UNTP) has announced the successful upsizing of its Afreximbank reserve-based lending (RBL2) facility to USD375 million. This follows the company's repayment of USD525 million to USD100 million by year-end 2024. This move enhances financial flexibility and supports Oando's strategic capital management, aiming to achieve 100,000 barrels of oil per day and 1.5 billion cubic feet of gas per day by 2029. The refinancing was led by Afreximbank and supported by Mercuria Asia Resources PTE Limited.