Oando sets eyes on LSE

LAGOS, Nigeria, Nov. 2 (UPI) -- Nigerian oil company Oando PLC announced plans to apply for listing on the London Stock Exchange.

Oando has invested heavily in drilling operations in offshore regions in Nigeria. It also moved closer to Russian energy Gazprom and state-run Ghana National Petroleum Corp. to make gains in the oil-rich nation.

The company is listed on the Nigeria Stock Exchange and Africa's JSE Ltd stock exchange. Its revenue has grown steadily since 2003 and it has also received approval from its shareholders to raise more than $1 billion for its global expansion efforts.

"A lot of (investors) are learning that there are indigenous (Nigerian) companies ... who in every way and manner run their businesses like world-class corporations," Chief Executive Officer Wale Tinubu told The Wall Street Journal.

Oando announced plans to boost its oil production from 5,000 barrels per day currently to around 100,000 bpd by 2013.

The Journal notes, however, that its plans for expansions depend on the pace of deregulation by the Nigerian government.