Oando Energy Resources Announces Spudding of Ebendo-5 Well
CALGARY, Alberta, October 16, 2012 /PRNewswire/ –
Oando Energy Resources Inc. (“OER” or the “Company”) (TSX:OER), a company focused on
oil exploration and production in Nigeria, today announced the spudding of the EB-5 well
in the Ebendo Field (OML 56), located onshore Nigeria. OER commenced drilling operations
on October 12, 2012 and has reached a depth of 4,000 ft. EB-5 is an appraisal well,
targeted at evaluating the medium sands encountered during the recently-concluded EB-4
well drilling program.
EB-5 is expected to reach a target depth of 10,000 ft and will enable the appraisal of
any reserves that may be present in the five hydrocarbon bearing sands that were
encountered while drilling the EB-4 well. The sands’ fluid contents were not conclusively
determined during the drilling of EB-4, as they were not the primary targets of that
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 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 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
There is no certainty that any portion of the resources referred to herein will be
discovered and, if discovered, there is no certainty that it will be commercially viable
to produce any portion of the resources.
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.
SOURCE: Oando Energy Resources Inc.
For further information: Pade Durotoye, CEO Oando Energy Resources Inc. email@example.com +1-403-561-1713 Tokunboh Akindele Head Investor Relations Oando Energy Resources Inc. firstname.lastname@example.org +1-403-560-7450 Jeremy Dietz/David Feick Investor Relations +1-403-218-2833 email@example.com firstname.lastname@example.org
SOURCE Oando Energy Resources Inc.