Oando is a multinational Nigerian energy company listed on both Nigerian and Johannesburg exchanges.
Public company
1Growth Drivers
What could change its growth trajectory, and what would confirm it?
Volume growth rests on drilling and workover programmes, restored facilities, and the seven-well development programme in OMLs 60–63. NGL delivery reached 9.5 kbpd gross, and gas supply to the Okpai IPP rose 80%.
The programme continues, with its final well scheduled to spud in December 2026. Capex of ₦110.7 billion in the period went mainly to drilling across OMLs 60–63.
2Market Outlook
Is its category moving in its favor or against it?
Its category moves in Oando's favor: average production reached 42,985 boepd, up 14% year-on-year and within guidance, and revenue rose 9% to ₦2,776.1 billion in the nine months ended 30 September 2026.
Oando narrowed its FY2026 production guidance to 40,000–45,000 boepd. The firm guides FY2026 capex at approximately $90–100 million for short-cycle upstream activities.
3Risk Factors
Which risks could break the thesis, and what would warn of them?
An unfinished FRCN review of Oando's 2025 audited statements and ₦244.2 billion of acquisition-debt finance costs that reduced profit after tax in 9M 2026 are the live break-risks; Oando awaits completion of all requisite regulatory clearances.
Oando's group plans an impending equity raise aimed at strengthening shareholders' funds.
