LONDON, Oct. 8, 2012 /CNW/ - ODYE Limited ("ODYE" or the "Company") is pleased to announce that the Sierra Leone Government has awarded ODYE's subsidiary, ODYE (SL) Limited, a participating interest in two offshore deepwater exploration blocks, SL 8A-10 and SL 8B-10, along with its partners, Chevron and Noble Energy.
ODYE's 100% owned subsidiary, ODYE (SL) Limited, has signed a petroleum license with Sierra Leone's Minister of Finance on 21 September 2012 which was ratified by the Parliament of Sierra Leone on 24 September 2012 for the exploration blocks that were provisionally awarded and subject to negotiations by the Petroleum Directorate for its 3rd bid round, with the bidding closing on 30 March 2012.
The two blocks, SL-08A and SL-08B, have been combined into one concession and are located between 75 and 110 miles (120 and 180 km) southwest of the capital of Freetown and cover a combined area of about 2,100 square miles (5,500 sq. km). The new blocks have average water depths ranging approximately 4,900 to 9,800 feet (1,500 to 3,000 m).
According to ODYE Director, Dominic Traynor, "The Company is looking forward to working with Chevron and Noble Energy to develop the exploration blocks for the benefit of all stakeholders and the people of Sierra Leone."
Under the award, Chevron (SL) Ltd. will be operator with a 55 percent interest, along with Noble Energy SL Limited. (30 percent) and ODYE (SL) Limited (15 percent). This is before a Sierra Leone National Oil Company optional back-in of 15 percent at final investment decision.
In addition, ODYE's Corporate Communications Director, Ms. Patrizia Ferrarese states, "As part of ODYE's commitment to sustainable development, ODYE will implement an agriculture initiative to catalyze growth through food security, employment creation and regional development in Sierra Leone. The ODYE led Agriculture Initiative will commence with a commercial rice project in the country and the company is currently completing its feasibility study for the project."
ODYE is an oil and gas exploration company focused primarily in West Africa. The Company is actively engaged in the acquisition of a portfolio of high quality exploration assets both onshore and offshore.
Please visit the Company's web site at www.odye.co.uk
Cautionary Note Regarding Forward-looking Information
Certain statements made in this presentation are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates and projections about its industry and market, its beliefs and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. These factors include, amongst other: political risk; currency and exchange rate movements; commodity pricing changes; the ability of the Company to locate and extract minerals; management of growth; dependence on key personnel; rapid expansion; financial risk management; and future growth subject to risks. The Company cautions recipients of this document not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this document. The forward-looking statements made in this document relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this document except as required by law or by any appropriate regulatory authority.
Image with caption: "The two exploration blocks, SL-08A and SL-08B, have been combined into one concession and are located between 75 and 110 miles (120 and 180 km) southwest of the capital of Freetown and cover a combined area of about 2,100 square miles (5,500 sq. km). (CNW Group/ODYE Limited)". Image available at: http://photos.newswire.ca/images/download/20121008_C5021_PHOTO_EN_19009.jpg
SOURCE: ODYE Limited
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