BlackRock Greater Europe Investment Trust — Strategic initiatives to strengthen proposition

BlackRock Greater Europe Investment Trust (LSE: BRGE)

Last close As at 02/11/2026

GBP5.60

▲ 10.00 (1.82%)

Market capitalisation

GBP497m

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Research: Oil & Gas

Oando — Lower costs, stronger cash flow drive deleveraging

Oando’s 9M26 results showed continued improvement across the upstream business, with higher production, lower unit costs and reduced leverage. Average production increased 14% year-on-year to 43.0kboepd, while production opex declined 22% to US$15.4/boe, implying a materially lower Q3 run-rate. Facility uptime increased to 96.1%, while revenue rose 9% to NGN2.78tn, adjusted EBITDA turned positive at NGN182bn and cash generated from operations swung to NGN285bn. Total borrowings declined 20% from FY25 to NGN2.16tn and net debt fell to NGN1.99tn. Management narrowed FY26 production guidance to 40–45kboepd, maintained US$90–100m capex guidance and reiterated its previously reduced 22–26mmbbl crude trading target.

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