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Tag: Oando

  • Oando distributes 1.28b shares to shareholders

    Oando distributes 1.28b shares to shareholders

    The board of directors of Oando Plc has approved distribution of 1.284 billion ordinary shares of 50 kobo each to shareholders of the indigenous energy group.

    The 1.284 billion shares, being distributed under the first phase of the group’s shares distribution scheme, were valued yesterday at about N89.9 billion.

    Total shares that could be distributed under the many phases as may be determined by the directors amounted to 4.279 billion shares, equivalent to about N300 billion at current valuation.  

    In a regulatory filing yesterday at the Nigerian Exchange (NGX), Oando indicated that 1.284 billion shares would be distributed under the first phase in two equal tranches.

    The first tranche of 641.856 million shares would be distributed to shareholders on the register of the company as at the close of business on February 14, 2025 on the basis of one new ordinary share of 50 kobo each for every 12 ordinary shares of 50 kobo each.

    The second tranche of 641.856 million shares would be distributed to shareholders on the company’s register of members as at the close of business on June 30, 2025.

    The decision to cause the distribution was reached by the board at their meeting on Thursday, January 30, 2025.

    Shareholders had at the group’s 45th annual general meeting (AGM) on Tuesday, December 17, 2024, approved that “the company may cause shares received pursuant to sub-resolution (b) above, and/or their cash equivalent to be distributed to shareholders of record at date(s) as may be determined by the Board of Directors, from time to time, on a pro-rata basis.”

    Oando currently had total issued share capital of 12.431 billion ordinary shares of 50 kobo each, out of which 4.279 billion ordinary shares of 50 kobo each qualified as returned shares under the AGM resolutions.

    These returned shares could be distributed in shares or equivalent cash to shareholders on the basis of their shareholdings, as the board may determine from time to time.

    Read Also: Oando expands upstream portfolio with Block KON 13 in Angola

    However, all shares that are caused to be distributed pursuant to the said AGM resolution shall be distributed within a period of 36 months commencing January 30, 2025.

    Oando’s share price rose by 2.26 per cent to N70 per share yesterday at the NGX. 

    Oando has seen bullish sentiment after it reported 45 per cent growth in turnover to N4.1 trillion in 2024 as the energy company ramped up production on the back of successful integration of its acquired assets.

  • Oando’s turnover rises to N4.1tr on increased production

    Oando’s turnover rises to N4.1tr on increased production

    • Our focus in 2025, by Tinubu

    Oando Plc grew its turnover by 45 per cent to N4.1 trillion in 2024 as the energy company ramped up production on the back of successful integration of its acquired assets.

    Key extracts of the financial results for the year ended December 31, 2024 released at the weekend showed that turnover rose from N2.9 trillion in 2023 to N4.1 trillion in 2024, an increase of 45 per cent. Profit after tax also increased by nine per cent to N65.5 billion in 2024.

    Oando’s production for the 12-month period averaged 23,911 barrels of oil equivalent per day (boe/d) in 2024, an increase from the 23,258 boe/d achieved in 2023. The growth was primarily driven by the acquisition of an additional 20 per cent stake in the NAOC JV in fourth quarter 2024, partially offset by production disruptions due to shut-in wells resulting from sabotage activities.

    Group Chief Executive, Oando Plc, Wale Tinubu, said the 2024 performance highlighted the transformation undergone by the group during the year, highlighted by the successful acquisition and subsequent integration of NAOC Ltd.

    According to him, the acquisition significantly enhanced the group’s production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd.

    He said the financial results underscored the strength of the company’s business model despite the challenges in the operating environment and the costs associated with the onboarding of NAOC.

    He pointed out that the group had incurred $18.1 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $52.3 million in 2023.

    He said Oando has been positioned to build on the momentum of a successful 2024 and would leverage its strong operational capabilities and strategic partnerships to deliver value to its stakeholders.

    Read Also: Oando expands upstream portfolio with Block KON 13 in Angola

    “In 2025, our priority shall be to drive cost optimisation, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations. In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling programme across three rig lines.

    “Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.

    “As we look ahead to an exciting and successful 2025, we recognise that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all,” Tinubu said.

    As the company prepares for its 2025 targets, it is bolstered by optimistic oil demand predictions. The U.S. Energy Information Administration’s (EIA) global oil demand predictions forecast global demand to grow by 1.3 million barrels per day (bpd) in 2025, a significant increase from the estimated growth of 0.9 million b/d in 2024. This projected growth surpasses the pre-pandemic 10-year average (2010-2019) of 1.5 million bpd, indicating a positive trajectory for the global oil market.

    The release of the 2024 results brought Oando up to date on its financial reporting, successfully meeting all regulatory requirements.

  • Oando expands upstream portfolio with Block KON 13 in Angola

    Oando expands upstream portfolio with Block KON 13 in Angola

    Oando Plc subsidiary – Oando Energy Resources (OER) – has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, the company announced yesterday.

    The award followed a competitive bidding process organised by the Angolan National Agency for Petroleum, Gas and Biofuels (ANPG).

    Oando, Africa’s leading indigenous energy solutions provider is listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange.

    According to the company, Block KON 13 is strategically located in the prolific Kwanza Onshore Basin which represents significant exploration potential in both pre-salt and post-salt plays, with estimated prospective resources of 770 to 1,100 million barrels of oil.

    The block has two exploration wells previously drilled to a target depth of 3,000m, with oil and gas observed across various depths.

    With a 45 per cent participating interest, OER will lead the development of the block as operator, alongside Effimax (30 per cent) and Sonangol (15 per cent) as co-venturers.

    Commenting on the award, Wale Tinubu, Oando’s Group Chief Executive (GCE), said: “I am thrilled by our successful bid and award of Block KON 13 in Angola.

    Read Also: Nigeria seeks realisation of $29tr African economy by 2050

    This development underscores Oando’s relentless commitment to expanding our footprint across Africa and contributing to the continent’s energy sufficiency goals.

    “I am confident in our ability to leverage our expertise to develop and maximize the value of this asset. We look forward to collaborating with our co-venturers and other key stakeholders to harness this opportunity and unlock its full potential for Angola and Africa as a whole.”

    The milestone marks Oando’s strategic entry into the Angolan oil and gas market and represents a significant step in its long-term vision to grow its upstream operations across Africa.

    It solidifies the company’s position as a prominent player in the ontinent’s energy landscape, evolving from a local indigenous operator to a regional powerhouse.

    Following the Company’s recent successful acquisition of NAOC Ltd in Nigeria, the addition of Block KON 13 further bolsters the company’s upstream portfolio and reflects its commitment to driving regional growth and energy security.

    OER is a wholly owned upstream subsidiary of Oando, holding interests in 14 oil and gas assets encompassing exploration, development, and production activities, both onshore and offshore in Nigeria and São Tomé and Príncipe.

  • Oando, NNPCL mull plans to boost oil production

    Oando, NNPCL mull plans to boost oil production

    Oando Plc and the Nigerian National Petroleum Corporation Limited (NNPCL) have expressed readiness to work together to boost oil production as Oando continues to ramp up operations after the acquisition of the Nigerian Agip Oil Company (NAOC) from Eni.

    The two joint venture (JV) partners held a high-level meeting to discuss operational strategies and reaffirm commitments to shared goals of increased productivity and operating efficiency.

    The meeting was led by the Group Chief Executive Officer, Nigerian National Petroleum Corporation Limited (NNPCL), Mallam Mele Kyari and Managing Director, Oando Energy Resources Nigeria Limited, (OERNL), Dr. Ainojie  Irune.

    Kyari described Oando’s acquisition of NAOC from Eni as a positive development for Nigeria and the oil industry.

    “It signifies indigenous companies’ ability to play a bigger role in big assets and align with the national aspiration in the energy industry.

    “We see this development as a massive step on the path to realising that national goal. We will work with Oando intently to ensure that we do two things, as you have highlighted: increase oil production and also increase gas production,” Kyari said.

    Kyari underscored the importance of the partnership and the potential for further growth.

    He expressed confidence in Oando’s ability to drive the JV to new heights, stating, “We believe that you will be able to steer this ship to the delivery line in the short term and the long term.”

    Irune expressed gratitude for NNPCL’s support and used the opportunity to provide critical updates on the developments since Oando’s acquisition in August 2024.

    According to him, in less than 100 days, since the acquisition, Oando has been able to increase production outputs by almost 50 per cent.

    Read Also: Olori applauds Tinubu’s achievements in oil production, economic growth

    “We’ve been able to improve the integration of both legacy companies, again led by not just Oando, but NNPC, bringing the JV that used to exist in three parts into two, seamlessly,” Irune said.

    He emphasised the company’s commitment to increasing production and improving operational efficiency.

    Said he: “We are excited about the future of this partnership. With the support of NNPC, we aim to increase production to over 100,000 barrels of oil per day and 1.3-1.4 billion cubic feet of gas per day within the next three years”.

    He stressed the need for collaboration to successfully tackle the issues surrounding the industry’s current reality, which extend beyond financial, security, community, or production integrity issues.

    “The challenges we have seen are not insurmountable. Rather, with the commitment and collaboration of all parties, we will overcome the current adversity to build a sustainable industry and economy,” Irune said.

  • NAOC acquisition earns Oando award

    NAOC acquisition earns Oando award

    Oando Plc has been adjudged as the company with the most impactful and transformative deal in Africa

    At the Africa Energy Week (AEW) 2024, Oando  emerged winner of the ‘Deal of the Year’ award in recognition of Oando’s $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian Energy firm Eni on August 22, 2024.

    The Africa Energy Chamber (AEC), the  organisers of the annual week-long oil and gas conference, hosted and recognised different stakeholders at a Gala and Award night held at the Cape Town International Conference Center (CITCC), South Africa.

    According  to the organisers, the “Deal of the Year” award recognises the most transformative and impactful deal in the energy sector – honouring excellence in negotiation, strategic alignment, innovation and collaboration – and celebrates deals that drive advancements in energy and economic growth.

    The NAOC acquisition, 10 years in the making since Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture (JV) in 2014 when the company acquired ConocoPhillips Nigeria business, doubled Oando’s stake in the JV to 40 per cent and operator of the assets.

    Group Chief Executive, Oando Plc, Mr. Wale Tinubu said the company was delighted and honoured to receive the ‘Deal of the Year’ award, which further celebrated what has been a remarkable year on many fronts.

    “First, we marked our 30th anniversary as a business, then concluded our strategic plan to acquire our second international oil company in a decade, Nigerian Agip Oil Company (NAOC) and step up to the role of operator.

    “This award is more than just an accolade for a successful deal closure; it represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision,” Tinubu said.

    Read Also: Nigerians urged to support oil sector reforms

    He pointed out that NAOC acquisition was the culmination of a decade of preparation, strategic planning, and unwavering commitment to a vision of becoming Africa’s first indigenous international oil company.

    According to him, the acquisition was a testament to the organisation’s 30-year journey spanning the entire energy value chain, with consistent and deliberate actions at each stage that have led to the advancement of indigenous participation in the industry.

    He commended the staff,  financiers and partners of Oando for their belief and role in making the deal and the resultant award a reality.

    With this year’s AEW theme of “Invest in Africa Energies: Energy Growth Through an Enabling Environment”, the AEC, through the AEW Awards 2024, recognised other persons, International (IOCs) and National Oil Companies (NOCs) across the continent through awards in 10 categories.

  • Oando posts N2 trillion turnover in first half 2024

    Oando posts N2 trillion turnover in first half 2024

    Oando Plc witnessed considerable growth in the first half with turnover rising to N2 trillion within the first six months of this year.

    This turnover’s rise is 51 per cent

    Key extracts of the interim report and accounts for the first half ended June 30, 2024 released yesterday at the Nigerian Exchange (NGX) showed that the leading energy solutions company had surpassed its full-year profit in 2023 by first half of 2024.

    The release of the results came as the NGX lifted suspension on trading in the shares of the company after weekend’s release of the 2023 audited report and accounts. The NGX, in line with regulatory guidelines, had briefly suspended trading on the shares of Oando after the company missed extended deadline for publication of its 2023 full-year results.

    The six-month report showed that turnover rose from N1.3 trillion in first half 2023 to N2 trillion in first half  2024. Profit after tax stood at N62.6 billion in first half 2024, more than N60.3 billion recorded for the whole of 2023, when the company made a recovery from losses.

    Read Also; Again, the Rivers war!

    Oando’s N2 trillion half-year turnover is the highest among listed peers and underscored the group’s focus on operational excellence and resilience.

    While the company experienced a decrease in its upstream production due to sabotage activities and a shut in of wells for the necessary repairs, Oando averaged 5,790 bbls/day of crude oil and 18,286 boe/day of natural gas. These along with its performance with NGLs (natural gas liquids), the company averaged a consolidated production capacity of 24,389 boe/day in first  half 2024.

    Group Chief Executive, Oando Plc, Mr. Wale Tinubu said the first half 2024 results highlighted the resilience of the company despite persistent challenges occasioned by sabotage and theft across the group’s assets in the Niger Delta, which led to frequent shut-ins and impacted production.

    He noted that since assuming operatorship of its recently acquired assets, the company has  implemented a series of production-enhancing initiatives, which are already yielding results, as demonstrated by a 36 per cent increase in output within the first 30 days following the acquisition.

    Oando attained enviable status as an operator following its acquisition of Nigerian Agip Oil Company (NAOC) in August for $783 million.

    Tinubu said with the landmark purchase, the company has since established a production-war room to expedite production ramp-up and address operational inefficiencies.

    According to him, the initiative is part of a broader integration and efficiency enhancement process aimed at seamlessly integrating NAOC’s assets into Oando’s existing business portfolio and aligning operational standards.

    “As we navigate a dynamic market environment, we are confident in our trajectory toward sustained production growth, positioning us to deliver long-term, sustainable value for all stakeholders,” Tinubu said.

    He assured on the future outlook for the company citing global oil prices projected to average $89/b for the remainder of 2024 and $91/b in first quarter 2025, according to the US Energy Information Administration (EIA).

    The EIA had also predicted global consumption to reach around 102.91 million bpd in 2024, driven by increased global demand for oil and liquid fuels.

    “Oando, through its focus on operational efficiency and production optimisation, is well-positioned to capitalise on these favorable market conditions and deliver long-term sustainable value to its stakeholders,” Tinubu said.

  • Oando grows turnover to N2.9 trillion

    Oando grows turnover to N2.9 trillion

    • Net profit of N60.3b

    Oando Plc recorded significant improvements in sales and profitability in the immediate past business year with total turnover rising by 43 per cent to N2.9 trillion.

    Key extracts of the audited report and accounts of Oando for the year ended December 31, 2023 released at the Nigerian Exchange (NGX) showed that turnover rose from N1.9 trillion in 2022 to N2.9 trillion in 2023. The company recorded a remarkable turnaround, bouncing back from a net loss of N81.2 billion in 2022 to a net profit of N60.3 billion in 2023. Operating profit had leapt by 961 per cent from N20.58 billion in 2022 to N218.31 billion in 2023. Also, the company reduced its upstream borrowings by 23 per cent, from $635.6 million in 2022 to $488.9 million in 2023. 

    Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258 boepd in 2023 compared to 20,703 boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent  increase to its 4,939 bbls/day in 2022. Consistent with the improved performance, it averaged 16,808 boe/day of natural gas, 10 per cent  better than 15,292 boe/day of natural gas in 2022.

    The company attributed improved operations and repairs of shut-in wells offset by persistent sabotage activities as a reason for the production increase.

    According to the company, the increase in profitability was driven by the increase in revenue and a significant increase in other operating income, largely due to foreign exchange gains on the group’s dollar-denominated monetary assets. This was despite an increase in administrative expenses primarily from exchange losses from the impact of the naira devaluation on foreign currency-denominated liabilities.

    Group Chief Executive Officer, Oando Plc, Mr. Wale Tinubu, said the group’s performance was bolstered by the strength of its global trading alliances, increase in total production, and favourable exchange gains from its foreign currency denominated assets.

    He noted that the group’s recent completion of a transformational acquisition of Nigerian Agip Oil Company (NAOC) Ltd was a pivotal moment for the company due to the expansive reserves and vast infrastructure network.

    “Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets.

    “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders,” Tinubu said.

    He outlined that with this solid financial performance, Oando is well-positioned to capitalise on the opportunities presented by the energy sector, building on the momentum generated by its $783 million acquisition of NAOC in August 2024.

    Read Also: Oando targets 100,000bpd crude, 1.5b cubic feet of gas

    He pointed out that the acquisition doubled the company’s total reserves to 1.0 billion barrels of oil equivalent (boe) from 505.6 million boe based on 2022 reserves estimate, adding that with its new status as an operator, Oando is better positioned to control its destiny by deploying its acquired assets to deliver even better returns to its shareholders.

    With the release of its 2023 audited financial statements, the company is bringing its reporting obligations to date, and it is expected that its recent shares trading suspension will be lifted, allowing investors to benefit. Oando’s share price had risen by 127 per cent following the completion of the NAOC acquisition.

  • Oando restates commitment to sustainable energy future for Nigerians

    Oando restates commitment to sustainable energy future for Nigerians

    In continuation of his dedicated mission to ensure robust sources of energy for Nigerians, Wale Tinubu, the Group Chief Executive, Oando Group, has emphasized the company’s long-standing dedication to transforming lives through accessible energy sources.

     “This is an energy story we’ve been writing for over 30 years. We are changing Nigeria’s lives every day by providing access to varied energy sources that power industries and fuel the economy,” Tinubu stated.

    Tinubu, in a compelling narrative about Nigeria’s energy landscape, conveyed a strong sense of purpose, asserting that Oando has a mission to demonstrate the capacity of indigenous companies to lead the nation’s energy sector.

    Read Also: Concerns as silent rage of hazardous pollution threatens air quality

    While drawing a parallel to Nigeria’s independence in the 1960s, he explained, “We see this as the emancipation of Nigeria’s indigenous oil and gas community.

    “With a deep understanding of the resources beneath the surface, Oando is determined to excel and embrace meritocracy. We do not understand limits; we strive for the best,” Tinubu affirmed.

     He noted that the company adheres to global standards in operations and maintenance, while at the same time showcasing its commitment to quality and excellence.

    Highlighting the significance of the Okpai Phase I and II projects, Tinubu explained that the facilities boast a combined capacity of approximately 1GW, marking them as “the most reliable and efficient plants in the country.

     “Since 2005, Okpai has contributed over 43,435 GWh to the national grid, enabling communities across Nigeria to thrive. Okpai Phase II is set to make an immediate impact, with an expected injection of 300 MW into the national grid, followed by an additional 180 MW anticipated by the third quarter of 2025.”

       Tinubu emphasized that the $800 million, 480 MW facility is centered on the company’s mission: “Building our nation remains at the heart of what we do.”

  • Oando targets 100,000bpd crude, 1.5b cubic feet of gas

    Oando targets 100,000bpd crude, 1.5b cubic feet of gas

    The Oando Energy Resources Nigeria Ltd, yesterday said it is targeting to produce 100,000 barrels per day of crude over the next five years and 1.5 billion standard cubic feet of gas.

    The oil company made the disclosure when its delegation led by the Oando Managing Director, Dr Ainojie Alexander Irune, met with Rivers State Governor, Sir Siminialayi Fubara, at Government House in Port Harcourt.

    Irune in a statement signed by Fubara’s Chief Press Secretary (CPS), Nelson Chukwudi, said the firm would not be able to actualise such ambitious targets without a harmonious relationship between the firm, the state government and host communities.

    He said: “We will continue to invest in the upstream, which brings us to the conversation of why we are here. We have ambitions to deliver a 100,000 barrels per day production target over the next four to five years, and over 1.5billion standard cubic feet of gas.

    “We can only do that in harmony. We can’t do it in a chaotic environment. And we have chosen this state as our base whilst we produce from three other states of Bayelsa, Imo and Delta.”

    Read Also; Now that NNPCL is out of the radar

    “And these assets span Oil Mining Leases (OMLs) 60, 61, 62 and 63 in all of these states. So, we plan continuous investment, but our priority for investment must be not just in the assets but also in the communities that these assets operate.”

    Irune explained that Rivers State, particularly Port Harcourt, was their main base of operation, adding that the company was delighted with the meeting with the governor as a mark of respect to their chief host.

    The Oando MD noted that following the untiring leadership provided by Fubara, there was prevailing peace that had contributed immensely to business stability.

    Irune said: “As you know, Oando Energy Resources, Port Harcourt Base, is located in this State, and our smooth operations, so far, has been a function of a stable environment, a stable community, and the ability for us to carry out our day-to-day operations within this community.

    “So, we are here to pay that courtesy visit and thank the governor for the continued support that he has given to the company.

    “We believe that the operating environment has been relatively improving. We see some unrest in some areas, especially as it relates the issue of pipeline vandalism, but we see significant improvement.”

    Irune said the company had continued to engage with all relevant stakeholders, including the host communities, who must be carried along on their business journey towards achieving success.

    He said: “And, I believe that this will be the first step to reducing the level of destruction that we see; overall, there is a peaceful Rivers State, a peaceful environment.

    “The government agencies are very cooperative and our local communities are, so far, being extremely welcoming, and have shown a lot of pride in the transitioning into indigenous hands of the formally known Eni Agip held assets to a local company, Oando Energy Resources, to invest in the country.”

    The statement said Fubara stressed mutual benefits the state should derive from investors like the Oando willing to take advantage of the prevailing investment-friendly climate to achieve its business dreams.

  • Oando shortlists for Trinidad and Tobago refinery

    Oando shortlists for Trinidad and Tobago refinery

    Nigeria’s Oando Plc and two other companies have been shortlisted by Trinidadian government has shortlisted as final contenders to acquire the country’s state-owned refinery, which was owned by the defunct Petrotrin.

    At a recent budget presentation, the Trinidadian Finance Minister, Colm Imbert, disclosed that among the initial 10 proposals, three companies had made the final shortlist including, CRO Consortium, a consortium of three Trinidadian companies, INCA Energy, an American company, and Nigeria’s Oando Plc.

    According to him, the bidding process began in February 2024, when the government of Trinidad and Tobago enlisted the services of U.S.-based Scotia Capital to oversee the refinery’s procurement by inviting expressions of interest.

    He added: “A formal selective Request for Proposals process will now be initiated to determine the winner amongst these three companies, with a view to restarting the Refinery, if found feasible.”

    He explained that the proposals received were evaluated based on five criteria which were, a clear restart plan and timeline by the proposing company.

    Read Also: Stakeholders laud launch of Nigeria Wind Energy Council

    This restart plan and timeline, he said, had to include an asset integrity assessment, utility requirements such as power, natural gas, and water, as well as sources of crude supply.

    Other criteria included a viable financing plan that covered working capital, and an agreement with the Trinidadian state oil company, Paria, that safeguarded the national interest in fuel security while addressing the management of Heritage’s crude supply.

    The criteria also included that the offer or demonstrated transparency and openness throughout the process, ensuring smooth information sharing to facilitate its completion.

    Imbert noted that the accumulated losses of the refinery as of the last audit was $15 billion, with the country carrying a public debt of $3 billion on behalf of the company. He also noted that when the refinery was shut down in 2018, it was battling with low productivity levels.