[pretoria] - Oando aims to hike oil production to enable it to resume dividend payments

  |   Pretorianews

Oando has a primary listing on the Nigerian Stock Exchange and an inward listing on the JSE.

CE Wale Tinubu said on Friday that the company’s results reflected the progress made in the past few quarters and provided an indication of their expectations for the year, having reduced its debt significantly.

“Now that our debt profile is down by 78 percent from $2.5bn (R36bn) as of December 2014 to $558m currently, and our de-leverage programme is 90 percent complete with most of our non-core operations divested for good value, we can focus on steady growth in our upstream entity,” Tinubu said.

He added that with Brent crude oil at a decent level of $74.48 a barrel, their efforts would be geared towards increasing their production to sustain profitability and position them on the path to resumption of dividend payments to shareholders....

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