Exile Resources Inc. has announced that the Company and its partner, Sogenal, recently completed the first, dry season, stage of the Environmental Impact Assessment (EIA) report for the Akepo Oilfield which is required before any oil field operations so that drilling may begin.
The contractor was OESSL, an experienced local company; the marine vessel used was mobilized from FLT Onne Port Harcourt; and the work progressed without incident over four days in December, both on time and within budget.
While at sea, the opportunity was taken to perform an initial examination of the well head for the suspended Akepo-1ST well which is visible above the waterline, and it appears to be in good condition.
Exile's next major steps for Akepo project are to examine the options for either re-entry of the existing suspended well or a new well, and to choose among various options for the development of the oil field.
Tony Henshaw, President and CEO, commented "This first phase of operational activity in the area represents the culmination of meticulous and methodical planning with the help and co-operation of the Department of Petroleum Resources staff in Lagos and Warri, and the competent and efficient work by our local contractors. We look forward to continuing these co-operative relationships as we further our progress to develop the Akepo Oilfield."
Exile Resources Inc. has filed its financial statements and management's discussion and analysis for its fiscal year ended August 31, 2007, which can be viewed on www.sedar.com and the Company's website.
Options for financing the next stage of development are under consideration.
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