CALGARY, Dec. 27, 2012 /CNW/ - Oando Energy Resources Inc. ("OER" or the "Company") (TSX: OER), a company focused on oil exploration and production in Nigeria, today
announced an update regarding the damaged 10 inch Kwale-Akri oil
delivery pipeline that is operated by Nigerian Agip Oil Company Limited
(NAOC) and connects OER's Ebendo Field (OML 56) to the Brass export
terminal (as previously disclosed on November 12, 2012).
The Kwale-Akri pipeline has been fully repaired and has commenced
operations with reduced volumes being injected into the pipeline for
testing, to ensure full integrity before full volume capacity is
attained. Gross production from the Ebendo Field (OML 56) has
recommenced at approximately 2,000 Barrels Per Day ("bbls/day"), (900
bbls/day net to OER) with a gradual ramp-up to full gross production of
4,000bbls/day expected over the next several weeks, as full pipeline
integrity is confirmed.
Prior to the Kwale-Akri pipeline shut-in, OER was producing
approximately 4,600 bbls/day from its two producing assets, the Abo
Field (OML 125) and the Ebendo Field. The Abo Field produces 3,225
bbls/day into a floating, production, storage and offloading unit and
has not been affected by the pipeline disruptions. As stated above, The
Ebendo Field is currently producing 900 bbls/day of production (net to
OER), resulting in OER currently producing a cumulative total of 4,125
OER owns a 42.75% non-operating interest in the Ebendo Field (OML 56).
About Oando Energy Resources Inc. (OER)
OER currently has a broad suite of producing, development and
exploration assets in the Gulf of Guinea (predominantly in Nigeria)
with current production of approximately 4,125 barrels of oil per day.
OER has been specifically structured to take advantage of current
opportunities for indigenous companies in Nigeria, which currently has
the largest population in Africa, and one of the largest oil and gas
resources in Africa.
Forward Looking Statements:
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words "expect, "anticipate, "continue,
"estimate, "objective, "ongoing, "may, "will, "project, "should,
"believe, "plans, "intends" and similar expressions are intended to
identify forward-looking information or statements.
Although the Company believes that the expectations and assumptions on
which such forward-looking statements and information are reasonable,
undue reliance should not be placed on the forward-looking statements
and information because the Company can give no assurance that such
statements and information will prove to be correct. Since
forward-looking statements and information address future events and
conditions, by their very nature they involve inherent risks and
Actual results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to: risks related to international operations, the actual
results of current exploration and drilling activities, changes in
project parameters as plans continue to be refined and the future price
of crude oil. Accordingly, readers should not place undue reliance on
the forward-looking statements. Readers are cautioned that the
foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect the
Company's financial results are included in reports on file with
applicable securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com) for the Company. The forward-looking statements and information
contained in this news release are made as of the date hereof and the
Company undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws
SOURCE: Oando Energy Resources Inc.
For further information:
Pade Durotoye, CEO
Oando Energy Resources Inc.
+1403 561 1713
Head Investor Relations
Oando Energy Resources Inc.
+1403 560 7450
Jeremy Dietz/David Feick
+1 403 218 2833