Oanda posts H1 loss
Dual-listed Nigerian energy group Oanda has recorded an after-tax loss of N35-billion for the six months to June 30 compared with an after-tax profit of N9-billion in the six months to June 2014.
Further, its gross profit decreased by 27% year-on-year to N37-billion in the period under review, compared with the N50.5-billion recorded in the first half of the prior year.
“Our nation is experiencing change, as witnessed from the tone of redirection in the oil and gas industry, which will lead to improved accountability and operational efficiencies in our sector,” CEO Wale Tinubu said.
He added that Oando was also experiencing this change, with the sale of 60% of its downstream business to the Helios/Vitol joint venture for $461-million.
This was in line with the company’s strategic goals of placing its fundamental growth expectations on the upstream businesses, with the cash proceeds of the divestment to be used to reduce its debt and shore up its balance sheet amid the challenging times.
Meanwhile, the company reported that it increased its 2P net reserves by 82% from 230.6-million barrels of oil equivalent (MMboe) to 420.3-MMboe, while its average production grew from 4 531 barrels of oil equivalent (boe) a day in 2014 to 55 399 boe a day this year.
“We are encouraged by our recent success in the upstream, which has seen an 11-fold increase in production and 82% increase in 2P reserves, as well as a substantial reduction in our acquisition debt.
“Our strategic focus is to increase operational efficiencies, while creating the necessary platform to be the partner of choice to the international oil companies as they continue their divestment programmes,” Tinubu added.
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