Oando PLC reports strong Q1 2025 results driven by production boost

** Oando PLC (JSE: UNTP) today released its unaudited Q1 2025 results, reporting a strong start to the year driven by the consolidation of NAOC assets. Average daily production soared to 37,595 boepd, a 72% increase compared to Q1 2024. This surge led to a gross profit increase of 172% to NGN 85 billion. Revenue grew 2% year-on-year to NGN 933 billion. The company also announced it was awarded operatorship of Block KON 13 in Angola. The Board approved the distribution of 1.28 billion ordinary shares. While improved, the Company notes macro-economic volatility will require disciplined cost controls and cash flow optimization for them to meet its outlook goals. Looking ahead, Oando maintains its full-year production target of 30-40 kboepd.