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Oando's affiliate Oando Energy Resources announces new discovery
Oando PLC
(Incorporated in Nigeria and registered as an external company in South
Africa)
External Registration number: RC 6474
Company registration number: 2005/038824/10
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
(“Oando” or the “Company”)
Oando’s affiliate Oando Energy Resources Announces New Discovery
Oando shareholders are referred to the announcement released on Monday,
13 August 2012, by Oando Energy Resources Inc., an affiliate company of
Oando. The announcement has been extracted below for ease of
shareholders’ reference:
Quote
Oando Energy Resources Announces New Discovery
Initial well test flows over 950 bopd from previously unevaluated sand
formation.
CALGARY, ALBERTA August 13 2012 – Oando Energy Resources Inc. ("OER" or
the "Company") (TSX:OER), a company focused on oil exploration and
production in Nigeria, today announced initial drilling results from
the fourth well drilled in the Ebendo Marginal Field, OML-56
(previously known as Obodeti/Obodugwa) . The EB-4 well was spud on March
24, 2012 and was drilled to a total depth (TD) of 12,120ft measured
depth (MD) on June 11th, 2012. The well, which was intended to appraise
the updip portion of the structure, encountered eight new hydrocarbon
bearing sands over an interval from 9,667ft to 11,182ft, each with
individual reservoir thicknesses of between 21ft and 110ft. These sands
were in addition to the producing sand target previously encountered in
the first well (EB-1).
“We continue to successfully advance our appraisal program in the Ebendo
Marginal Field,” said Olapade Durotoye, CEO of OER. “Next steps include
further evaluating this positive data and further delineation of the
discoveries to assess their size and productive capacity, which we
expect to begin in the fourth quarter of 2012.”
The deepest of the newly appraised sands, contained in Level XXa, was
perforated and tested. The well flowed over 950bopd of 49 degree API oil
during a well flow test using a 24/64” adjustable choke. Further well
tests will be conducted over the next few days on the next sand (Level
XIX). Level XIX was the primary target for the well, as it was the only
identified producing sand from the single producing well in the field.
These test results may not necessarily be indicative of the well’s long-
term performance or of ultimate recovery.
The Company intends to complete the EB-4 well as a Dual String producer
prior to commencing drilling on the EB-5 well, which is intended to
appraise the shallow hydrocarbon bearing sands encountered in EB-4.
OER has a 42.7 % Non-Operating interest in the Ebendo Marginal field.
About Oando Energy Resources Inc. (OER)
OER currently has a broad suite of producing, development and
exploration properties in the Gulf of Guinea (predominantly in Nigeria)
with current production of approximately 4,500 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. In particular, this
news release contains forward-looking statements including relating to
next steps, conducting further well tests and the Company's intentions
relating to completion of the EB4-well.
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 uncertainties.
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.
Contact Information:
Pade Durotoye, CEO
Oando Energy Resources Inc.
+44 207 793 2594
www.oandoenergyresources.com
Jeremy Dietz/David Feick
Investor Relations
+1 403 218 2833
jdietz@equicomgroup.com
dfeick@equicomgroup.com
Unquote
For further information please contact:
Tokunboh Akindele
Head, Investor Relations
Oando PLC
10th Floor
2, Ajose Adeogun Street
Victoria Island
Lagos, Nigeria
Tel: +234 (1) 2601290-9, Ext 6396
DL: +234 (1) 2702496
Fax: +234 (1) 2611366
Website: www.oandoplc.com
15 August 2012
Sandton
JSE Sponsor
Macquarie First South Capital (Proprietary) Limited
Date: 15/08/2012 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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