The Directors are pleased to announce the unaudited interim financial statements of Oando for the second quarter ended 30 June 2012.

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1 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" or "the Group") UNAUDITED FINANCIAL STATEMENTS FOR THE SECOND QUARTER ENDED 30 JUNE 2012 Shareholders are advised that the following announcement for the unaudited Interim financial statements for the six month period ended 30 June 2012 was released on the Nigerian Stock Exchange today, 20 July, QUOTE The Directors are pleased to announce the unaudited interim financial statements of Oando for the second quarter ended 30 June The Group retained the existing structure of six divisions in line with the nature of its businesses. The divisions consist of the following: Oando Marketing, Oando Supply and Trading, Oando Energy Services, Oando Gas and Power, Oando Exploration and Production and Oando Terminals and Logistics. Find below our results for the period ended 30 June 2012: Consolidated income statements 6 Months to 6 Months to Full year to 30-Jun Jun Dec-11 US$ 000 US$ 000 US$ 000 Revenue 2,256, ,770, ,755, Cost of sales (2,056,464.31) (1,550,532.18) (3,317,401.71) Gross profit 199, , , Other operating income 18, , , Selling & marketing costs (28,359.51) (24,932.92) (50,584.20) Administrative expenses (97,386.27) (114,223.85) (269,848.44) Operating profit 92, , , Finance income 11, , , Finance costs (37,352.27) (25,671.99) (56,502.49) Finance costs net (25,444.88) (22,504.27) (40,285.33) Profit before income tax 67, , , Income tax expense (24,510.10) (40,258.85) (73,506.75)

2 Profit for period year 42, , , Consolidated Statement of financial position ASSETS Non-current assets 6 Months to 6 Months to Full year to 30-Jun Jun Dec-11 US$ 000 US$ 000 US$ 000 Property, plant and equipment 1,182, ,054, ,123, Intangible assets 155, , , Deferred income tax assets 32, , , Available-for-sale financial assets Non current receivables 214, , , Current assets 1,583, ,426, ,530, Inventories 274, , , Available-for-sale financial assets 1, Trade and other receivables 1,108, , , Cash and cash equivalents 88, , , ,473, ,080, ,023, Total assets 3,056, ,506, ,518, EQUITY Share capital 7, , , Share premium 318, , , Other reserves 131, , , Retained earnings 153, , , , , , Non-controlling interest 13, , , Total equity 623, , , Non-current liabilities Borrowings 572, , , Deferred income tax liabilities 67, , , Provisions for other liabilities and charges 34, , , , , ,749.96

3 Current liabilities Trade and other payables 858, , , Current income tax 48, , , Borrowings 851, , , ,759, ,159, ,290, Total liabilities 2,433, ,861, ,927, Total equity and liabilities 3,056, ,506, ,518, Performance synopsis The Group s results for the period ended 30 June, 2012 is due to the following: Turnover (Increased by 27%) Revenue increased compared to the same period in 2011 due to: Increase sales of crude oil compared to prior year Relatively higher average crude prices; 49% increase in PMS pump price from N65 to N97per litredue to partial deregulation of the downstream sector of the petroleum industry Additional N1.4billion revenue contribution from East Horizon Gas Company (EHGC) which commenced commercial operation in January 2012 Gross profit (Decreased by 9%) Gross margin was lower compared to the same period in 2011 due: Lower PMS volumes were sold as a result of two weeks of nationwide strike in January 2012 and PMS scarcity for some days in February 2012 Change in pricing mechanism for Akute Power plant Administrative and marketing expenses (Decreased by 9%) Lower operating costs in respect of OML 125 compared to prior year Selling and marketing expenses reduced due to sales volume reduction as explained under gross margin Properties Plant and Equipment (PPE) and Long-term Receivables (LTR) (Increased by 12% & Increased by 11% respectively) PPE and LTR increased compared to the same period in 2011 for the following reasons: Additional capital expenditure on upstream assets, and East Horizon Gas Company s (EHGC) 128Km natural gas pipeline. Refurbishment of the

4 third rig in preparation for operational deployment. Commencement of construction work on Apapa Single Point Mooring (SPM) project. Inventories (Increased by 35%) Increase in volume of imported refined petroleum products during the period compared to the same period of 2011 Depreciation in exchange rate of naira to USD by N4.20 Trade and other payables (Increased by 45%) Trade and other payables (Increased by 30%) Increase in volume of imported refined petroleum products during the period compared to the same period of 2011 Depreciation in exchange rate of naira to USD by N4.20 Additional trade receivables and payables arising from commencement of operations by EHGC Borrowings (Increased by 31%) Depreciation of the naira relative to the same period of 2011, resulting in increase in value of foreigncurrency denominated borrowings. Additional borrowings were secured to finance the capital expenditure (rig upgrade, gas pipeline construction and development of upstream assets) as stated above Capital and Reserves (Decreased by 3%) Reduction in reserves was due to impact of exceptional charges at the end 2011 Depreciation in exchange rate of naira to USD by N4.20 Shareholding We remain one of the few companies listed with shareholders base in excess of 260,000. As of 30 June 2012, the range of shareholdings of the company is as shown below: Range No of holders Holders % Units Units % 1-1, , ,002, ,001-5,000 72, ,315, ,001-10,000 10, ,618, ,001-50,000 9, ,946, , ,000 1, ,718, , , ,499, ,001-1,000, ,163, ,000,001-5,000, ,021, ,000,001-10,000, ,746, ,000,001-50,000, ,969, ,000, ,000, ,404,

5 100,000,001-2,274,118, ,711, ,531 2,274,118,138 QUOTE Sandton 18 July 2012 JSE Sponsor Macquarie First South Capital (Proprietary) Limited

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