OANDO PLC - Oando Successfully secures $375M Upsizing of AfreximBank Reserve Based Lending (RBL2) Facility

Oando Successfully secures $375M Upsizing of AfreximBank Reserve Based Lending (RBL2) Facility

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 SUCCESSFULLY SECURES $375 MILLION UPSIZING OF ITS AFREXIMBANK 
RESERVE BASED LENDING (RBL2) FACILITY

Lagos, Nigeria – Oando PLC ("Oando" or the "Group"), is pleased to announce that its
upstream subsidiary, Oando Oil Limited ("OOL" or the "Company"), a 20% participating
interest holder in the OMLs 60-63 JV and an affiliate of Oando Energy Resources Nigeria
Limited, has successfully completed the upsizing of its reserve-based lending ("RBL2")
facility to $375 million.

The RBL2 facility secured in 2019 at $525 million, was paid down to $100 million by year-
end 2024, creating significant headroom for refinancing and enhancing Oando's financial
flexibility.

This refinancing, led by African Export-Import Bank (Afreximbank) with support from
Mercuria Asia Resources PTE Limited (Mercuria), marks a key milestone in Oando's
strategic capital management; and will support the Company's ambition to achieve
100,000 barrels of oil per day (bopd) and 1.5 billion cubic feet (Bcf) of gas per day by the
end of 2029.

The transaction follows Oando's successful acquisition of Nigerian Agip Oil Company
Limited in August 2024, as a result of which Oando now operates one of the largest
upstream asset portfolios in Nigeria, with a 2P reserves base of approximately 1 billion
barrels of oil equivalent (boe), along with an extensive infrastructure network comprising
of 40 discovered oil and gas fields of which 24 are currently producing; approximately 40
identified prospects and leads; over 1,250 kilometers of pipelines; multiple flow stations;
3 gas processing facilities; a major export terminal and two power plants with a combined
1 GW capacity,

Commenting on this development, Wale Tinubu, Group Chief Executive, Oando PLC and
Executive Chairman, Oando Energy Resources said:

"We are pleased to have completed the upsizing of our RBL2 facility, a strategic milestone
that reinforces our commitment as Operator of the Oando-NEPL JV to maximizing the
value of our expanded asset portfolio. Our Joint Venture holds extensive reserves with
the potential to generate over $11 billion in net cashflows to Oando over the assets' life.
This working capital facility is a critical enabler towards efficiently extracting and
monetizing these resources. We appreciate the continued partnership of Afreximbank and
Mercuria, whose unwavering support underscores their alignment with our long- term
focus on maximizing production, optimizing asset performance, and delivering
sustainable value to all stakeholders."

Afreximbank, is a longstanding financial partner to Oando PLC and its affiliates and has
consistently supported the Company's growth and expansion initiatives, reinforcing its
commitment to financing indigenous African businesses. Mercuria, one of the world's
largest independent energy and commodities groups, brings its global expertise and
financial backing, further strengthening Oando's ability to execute its production growth
strategy.

Enquiries:
Adeola Ogunsemi / Group CFO                                                 +234 (1) 2704000
Ayotola Jagun / Chief Compliance Officer & Company Secretary                +234 (1) 2704000
Ayeesha Aliyu / Investor Relations                                          ir@oandoplc.com


About Oando PLC
Oando PLC is Africa's leading Indigenous energy solutions provider listed on the Nigerian
Exchange (NGX) and the Johannesburg Stock Exchange (JSE). Oando operates across the entire
energy value chain, encompassing upstream exploration and production, trading, and renewable
energy initiatives.

Through its subsidiaries, Oando Energy Resources and Oando Trading, the company holds
interests in onshore and offshore oil and gas assets and maintains a significant presence in the
global energy trading market. Oando is committed to driving Africa's energy transition and delivery
innovative, sustainable and value driven solutions that meet the continent's unique energy needs.

For more information visit oandoplc.com

For: Oando PLC


Ayotola Jagun (Ms.)
Chief Compliance Officer and Company Secretary

4 June 2025

JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited

Date: 04-06-2025 04:07:00
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