Oando’s Bold Expansion in Angola
In a major move, Oando Plc, through its subsidiary Oando Energy Resources (OER), has been awarded the operation of Block KON 13 in Angola’s resource-rich Kwanza Onshore Basin by the Angola National Agency for Petroleum, Gas, and Biofuels (ANPG).
Key Highlights:
• OER holds a 45% interest in the block, partnering with Effimax (30%) and Sonangol (15%).
• Block KON 13 holds prospective resources of 770–1,100 million barrels of oil.
• Previous exploration wells have identified oil and gas at various depths.
Oando’s expansion aligns with its strategy of growing its upstream portfolio across Africa. This follows a successful acquisition of Nigeria Agip Oil Companies (NAOC) in 2024, which increased its stock price from ₦15.55 in July 2024 to ₦66 by December 2024 (+324%). By January 22, 2025, its stock had risen further to ₦72 (+9.1%).
Financial Gains in 2024:
• Revenue grew by 51% year-on-year, reaching ₦2 trillion in H1 2024.
• Market valuation soared by 656%, from ₦112.5 billion in 2023 to ₦895 billion in 2024.
Looking Ahead:
Oando’s strategic acquisition positions it to benefit from Angola’s untapped oil reserves, offering potential for long-term profitability. The company’s bid for Trinidad and Tobago’s Petrotrin Refinery further underscores its ambition to lead in Africa’s energy sector.
With an eye on 2025, Oando is poised for continued growth, making it a stock to watch for investors.
