|
Shareholder Update
With regard to the RTO by Oando plc the Toronto Stock Exchange is reviewing the listing application and the process is ongoing. The Deadline for the Master Agreement has therefore been extended to May 31st 2012 although obviously it is hoped that a decision will be reached by the TMX before then. Exile and Oando plc are working 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 still 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.
Exile
Resources
is
engaged
in
the
acquisition,
exploration
and
development
of
oil
and
gas
properties
in
Sub-Saharan
Africa.
Exile
aims
to
identify
and
acquire
additional
interests
in
oil
and
gas
properties
with
a
greater
emphasis
placed
on
exploration,
towards
a
long-term
goal
of
achieving
production.
The
Company
expects
to
enter
into
partnerships
in
order
to
fully
exploit
any
production
potential
of
any
exploration
assets
it
acquires.
 |
Exile
Resources
is
a
public
company
which
trades
on
the
TSX
Venture
exchange
under
the
trading
symbol
ERI.
Click
here
to
view
the
Exile
Resources
stock
performance
on
the
TSX
Venture
Exchange.
All
quotes
are
delayed
15
minutes
unless
otherwise
stated. |
|
