TORONTO, April 28 /CNW/ - Exile Resources Inc. (TSXV: ERI) today
announced that, with partner Valeura Energy Inc. and operator Aladdin
Middle East Ltd., it had spud the Company's first exploration well,
Bostanci-1, on April 24, 2011 in Turkey. This well is located in the
southern most corner of the Rubai License 2600 adjacent to the borders
with Iraq and Syria.
"The Bostanci structure is a large surface anticline, with Cretaceous
Mardin limestones interpreted to lie within the core of the structure
as the reservoir target," said Tony Henshaw, President and CEO, of
Due to surface location constraints, the Bostanci wellsite is located to
the north of the target and will require a deviated well, of
approximately 11,400 feet measured depth, to reach the interpreted
reservoir level. This is expected to take approximately 70-80 days to
drill. Exile and Valeura are sharing equally the drilling costs of the
well, estimated to be $6.2 million excluding completion and cased-hole
testing. This expenditure would take Exile's equity to just under 29%.
The Ogunduk area is still under evaluation, as the partners continue to
evaluate the results from the seismic program and consider other leads
on the License area.
About Exile Resources Inc.
Exile Resources Inc. is an oil and gas exploration company advancing the
development of the Akepo Oilfield in the shallow water Niger Delta,
Nigeria. With significant experience and track record of success in
international operations, the Company is pursuing additional prospects
in Africa and beyond, looking for opportunities that are early on in
the exploration and development value chain. Please visit Exile
Resources web site for further information: www.exileresources.com.
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Forward-Looking Statements - Certain information set forth in this news
release may contain forward-looking statements that involve substantial
known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain of
which are beyond the control of Exile Resources Inc. including, but not
limited to the impact of general economic conditions, industry
conditions, volatility of commodity prices, risks associated with the
uncertainty of estimates, currency fluctuations, independent actions of
its joint venture partners, dependence upon regulatory approvals, the
availability of future financing and exploration risk. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation,
may prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Exile Resources Inc.
For further information:
Exile Resources Inc.
Tony Henshaw, President & CEO
Tel: (44) 20-7793-2592
Investor Relations -The Equicom Group
Tel: (1) 403-218-2839