JDZ Nigeria-Sao Tome e Principe

[seek the light]

Oando and Exile Resources have entered into an agreement that has Exile acquiring certain assets of Oando in Nigeria. While it was not reported what OMLs and OPLs are to be included in the deal, it was reported that Oando will receive 100,000,000 post-consolidation common shares in the capital of Exile in exchange for the assets.

“We are very excited about this proposed transaction with Oando to build the leading indigenous upstream oil and gas company in Africa and believe this will produce great value for our Exile shareholders” Stan Bharti, Exile’s chairman said.

Exile and Oando are joint venture partners on Exile’sAkepo oil fieldlocated in Nigeria. On January 5, 2009, Exile announced that it had entered into an agreement with an affiliate of Oando whereby such affiliate was permitted to acquire a 75% working interest in Exile‘s 40% interest in the Akepo field in return for funding Exile‘s historical expenses, and financing the future development expenditure of the project.

Under the terms of the agreement that is structured in two stages, the affiliate of Oando is required to reimburse Exile‘s historical expenses on the Akepo field, and finance the further development of the project, in return for acquiring 75% of Exile’s current economic interest in the project.


http://www.petroleumafrica.com/en/newsarticle.php?NewsID=11886