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Last updated on April 17, 2014 at 14:30 EDT

The Parliament of Sierra Leone has ratified the award of offshore exploration blocks for ODYE Limited with partners, Chevron and Noble Energy

October 8, 2012

LONDON, Oct. 8, 2012 /PRNewswire/ – 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 3(rd) 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.”

About ODYE

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.

SOURCE ODYE Limited

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: PR Newswire