Oando adds to Akepo field interest

Oando Exploration and Production has acquired 75% interest in Exiles Resources' 40% working interest in the Akepo field offshore Nigeria.

LAGOS, Nigeria -- Oando Exploration and Production has acquired 75% interest in Exile Resources' 40% working interest in the Akepo field offshore Nigeria.

Under the terms of the agreement that is structured in two stages, Oando will reimburse Exile's past expenses on the Akepo field, and finance the development of the project, in return for taking 75% of Exile's current economic interest in the project. This will give Oando a total 30% equity stake in the entire project, subject to the approval of the relevant authorities, and Sogenal Ltd., the operator.

01/05/2009

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