September 3, 2025/InvestmentOne Report

This report compares Seplat Energy, Aradel Holdings, and Oando Plc based on their H1 2025 performance, reserves, and growth potential. Seplat stands out for its transformational growth, driven by the acquisition of ExxonMobil s assets, with robust cash flow, a strong gas portfolio, and a large reserves base of 1.0 billion boe, positioning it for continued expansion.

Aradel, while smaller in scale, demonstrates impressive profitability, with strong returns driven by its stakes in ND Western and Renaissance, and exposure to over 700 MMboe in reserves. Oando, though growing through the NAOC JV and its diverse ventures in Angola and renewables, faces challenges due to its negative equity, high leverage, and volatile trading results. Seplat leads in growth potential, Aradel excels in profitability, and Oando offers significant upside if its restructuring is successful. Oil price fluctuations will have varying impacts, with Seplat s gas assets providing stability, Aradel s integration offering resilience, and Oando remaining most sensitive to price swings.

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