Oando Sells 95% Stake in OPDC to Energia for $48.45m

Oando Plc has agreed to sell a 95 per cent equity interest in Oando Production and Development Company Limited (OPDC) to Energia Limited for a base price of $48.45 million.

The energy company disclosed the transaction in its unaudited financial statements for the second quarter of 2026, released on Friday.

It said OPDC, the seller, entered into a sale and purchase agreement with Energia on 19 June 2026.

The final consideration will comprise the $48.45 million base price and other adjustments to be determined at the completion of the transaction.

Oando said Energia had paid the agreed deposit of $9.69 million as of 30 June 2026, marking a significant step towards closing the deal.

OPDC holds a 45 percent participating interest in Oil Mining Lease 56, which has been redesignated as Petroleum Mining Lease 23.