NNPC/NAOC/OANDO Joint Venture Made Significant Gas & Condensates Discovery Onshore Niger Delta

As NSE Reclassify Oando Plc Shares As Low Price Stock

Oando Plc, through its Upstream subsidiary Oando Energy Resources (OER) announced Thursday that the NNPC/NAOC/OANDO Joint Venture (NNPC 60%, Oando 20% and NAOC the operator 20%), has made a significant gas and condensate find in the deeper sequences of the Obiafu-Obrikom fields, in OML61, onshore Niger Delta.

The Obiafu-41 Deep appraisal/exploration well has reached a total depth of 4.374m encountering an important gas and condensate accumulation within the deltaic sequence of Oligocene age comprising more than 130m of high quality hydrocarbonbearing sands. The find amounts to about 1 trillion cubic feet of gas and 60 million barrels of associated condensate in the deep drilled sequences. The discovery has further potential that will be assessed with the next appraisal campaign. The well can deliver in excess of 100 million standard cubic feet/day of gas and 3,000 barrels/day of associated condensates.

The discovery is part of a drilling campaign planned by the Joint Venture aimed at exploring near-field and deep pool opportunities as immediate time to market opportunities.

OER said it is positive that this discovery will have an impact on its gas reserves. The impact will be determined and communicated to the market on conclusion of the next annual independent reserves and resources evaluation.

Meanwhile, The Nigerian Stock Exchange (NSE)on Thursday reclassifed Oando Plc shares from Medium Priced Stock to Low Priced Stock effective Thursday, September 5, 2019. This is in compliance to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members’ Rules).

Oando dropped below the N5 mark on April 30, 2019, and traded below N5 up till close of business on 30 August 2019.

Low Priced Stocks are securities that have traded below N5 per share in four out of the last six months period. For upward or downward movements in price to occur on any Low Priced Stock that is priced at below N5 and listed on The NSE, stockbrokers are required to trade a minimum volume of 100,000 units and tick size of N0.01kobo.

Post Author: Friday Ekeoba