|By PR Newswire||
|October 22, 2012 05:01 AM EDT||
CALGARY, Alberta, October 22, 2012 /PRNewswire/ --
Oando Energy Resources Inc. ("OER" or the "Company") (TSX: OER), today announced that the Ebendo-4 well, in which OER has a 42.75% working interest, has been brought on production at 2,000 bopd (855 bopd net to OER).
"Bringing the EB-4 well on stream boosts the combined gross production from the Ebendo field significantly to 4,000 bopd," said Pade Durotoye, CEO of OER. "Following the success of the EB-4 well, we continue to advance our Ebendo drilling program with our EB-5 well that is aimed at appraising the untested hydrocarbons contained within the five levels of hydrocarbon bearing sands that were encountered during the EB-4 drilling program."
The production increase of 2,000 bopd (gross) is attributable to the tie in of the EB-4 well that was recently drilled and completed as a dual string producer, as announced on August 20, 2012. The two strings have a total combined production capacity exceeding 2,000 bopd (gross), with the short string having the capacity for producing in excess of 1,000 bopd (gross) and the long string having the capacity for producing the balance. As a result of the increase in production, the Ebendo Field currently produces 4,000 bopd (gross) from the two producing wells, EB-1 and EB-4.
The field production capacity will be limited at 4,000 bopd (gross) for good reservoir management, whilst the field under goes further appraisal. Of the field's total gross production of 4,000 bopd, 1,710 bopd is attributable to OER.
OER owns a 42.75% non-operating interest in the Ebendo (OML-56) field.
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 5,000 barrels of oil per day (including the additional production from Ebendo Field). 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, "intendsand similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking statements relating to the intended Acquisition.
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 (http://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.
For further information:
Pade Durotoye, CEO
Oando Energy Resources Inc.
Head Investor Relations
Oando Energy Resources Inc.
Jeremy Dietz/David Feick
SOURCE Oando Energy Resources Inc.