CALGARY, April 23, 2012 /CNW/ - Exile Resources Inc. (TSX-V: ERI) today provided an update on its current operational and corporate initiatives.
Corporately, with regard to the reverse take-over (RTO) by Oando plc, the Toronto Stock Exchange (TSX) is reviewing the listing application and the process is ongoing. The deadline for the Master Agreement has been extended to May 31, 2012, although, obviously it is hoped that a decision will be reached by the TSX before then. Exile and Oando plc continue to work with the TSX towards completion of the RTO.
Operationally, in Nigeria, first oil from the Akepo Field has been delayed by early onset of the rainy season which has delayed pipelay operations, and this is now expected to be in Q4, 2012.
In Turkey, the company is waiting for a decision on the award of the Bostanci License by the Licensing Authorities. In the meantime, discussions are ongoing with GYP, the drilling contractor for the Bostanci well which was terminated early, regarding the unused funds paid by Exile for the well which are still held by GYP.
In exchange for the value of these funds, Exile is negotiating to acquire 12.5% equity in the Calgan exploration license held by GYP and AME which lies to the west of the Rubai Licenses, and with producing oilfields in adjacent licenses. A well is to be drilled in the near term on a thrust related structure, and Exile would be carried by GYP through the drilling of the well. If the well is successful, Exile would contribute a pro-rata share of the cost of testing.
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 prospects in Africa, Turkey 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.
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 and Oando plc, including, but not limited to, the impact of general economic conditions, industry conditions, the impact of pipeline operations upon the commencement of first oil from the Akepo Field, dependence upon regulatory approvals and awards (including without limitation, the approval of the Toronto Stock Exchange to the proposed RTO with Oando plc, and the final determination of the licensing authorities in Turkey with respect to the Bostanci License) and the outcome of negotiations with GYP. 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.
For further information:
Exile Resources Inc.
Tony Henshaw, President & CEO
Tel: (44) 20-7793-2592
David Feick, Investor Relations
Tel: +1(403) 218-2839
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