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Oando 'making progress' in upstream plans.

Business Day (South Africa)

| November 24, 2009 | COPYRIGHT 2008 Johnnic Communications. (Hide copyright information)Copyright

Byline: Siseko Njobeni

Oando 'making progress' in upstream plans SISEKO NJOBENI Energy Affairs Editor JSE-listed energy group Oando expected its oil fields Oil Mining Lease 90 and 56 to start production within the next two quarters, the company said yesterday. The assets are expected to improve Nigeria's oil and gas reserves. The upstream assets are also expected to eventually boost Oando's financial performance. Commenting on its results for the quarter ended on September 30, Oando said it had made progress in generating revenue from its upstream assets. The company also said it was at an advanced stage of concluding the acquisition of controlling interests in Equator …

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