TORONTO, Feb. 23 /CNW/ - Exile Resources Inc. (TSX-V: ERI) ("Exile" or
the "Company"), a junior oil and gas exploration and production
company, today announced the Company has received the formal
Exploration Licence for Block 26 in Zambia, and provided an update on
all projects in Zambia, Turkey and Nigeria.
"Exile continues working towards first production with significant
progress being made in all regions," said Mr. Tony Henshaw, President
and CEO of Exile. "In Zambia, we have received the formal Exploration
Licence for Block 26 and are encouraged by the country's continued
efforts towards attracting foreign direct investment. In Turkey, we
have been working together with our joint venture partners in assessing
results of newly acquired 2D seismic data intended to further delineate
the Ogunduk prospect and identify additional drilling locations. Thus
far, results have been promising and the potential for future
exploration in the area continues to impress. In Nigeria, the pipeline
from the Akepo-1st well to onshore facilities is targeted to be
completed by mid-year, providing a permanent production solution for
the Akepo field."
Zambia, Block 26 - Early stage opportunity
Exile has received the official Exploration Licence for Block 26,
located in northeast Zambia and continues work on early-stage analysis
of the block.
Zambia is under-explored for oil and gas resources and Exile is
positioned for early-stage involvement in the country's promising oil
and gas sector.
Turkey, East Rubai Licenses - Further delineation of the Ogunduk
Approximately 54 kilometres of 2D seismic data was acquired on Licences
2598 and 2599 over the Ogunduk prospect. The seismic data will help
define a drilling location up-dip from the NE Ogunduk-1 well.
Originally drilled in 2009 and re-entered in October 2010, the NE
Ogunduk-1 well is located on the Rubai Licences in an apparent flank
position on a structure near the Syrian border. The well was
subsequently tested and demonstrated the ability to produce between 30
and 50 barrels of heavy oil per day (15° API). The well has been
temporarily suspended as Exile continues to review the results of the
re-entry together with the newly acquired 2D seismic.
Offshore Nigeria, Niger Delta - Akepo Field Update
The development plan for the Akepo field consists of a permanent
pipeline spanning approximately 15 kilometres from the Akepo-1st well,
located in shallow water within the Akepo field, to onshore facilities.
The pipeline has been delivered and is currently being concrete-coated
before being laid to tie-in the Akepo-1st well.
The Akepo-1st well was tested and completed earlier this year. Once
on-stream, the Akepo-1st well is targeted to produce between 2,500 and
3,000 gross barrels of crude oil per day. First production from the
Akepo field is targeted for the second quarter of 2011.
About Exile Resources Inc.
Exile Resources Inc. is engaged in the acquisition, exploration and
development of crude oil and natural gas properties in existing and
underdeveloped basins. The Company aims to identify and acquire
interests in additional properties with a greater emphasis placed on
exploration. Exile utilizes strategic partnership and joint ventures in
order to fully realize the production potential of any asset it
acquires. With significant experience and track record of success in
international operations, the Company is pursuing additional
opportunities that are early on in the exploration and development
value chain. Please visit Exile Resources web site for further
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.
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