Oando Energy Resources Announces Closure of NAOC Evacuation Pipeline for Ebendo Field
CALGARY, Alberta, November 12, 2012 /PRNewswire/ --
Oando Energy Resources Inc. ("OER" or the "Company") (TSX:OER), a company focused on oil exploration and production in Nigeria, today announced that it has been informed by Nigerian Agip Oil Company Limited ("NAOC") of evidence of leakages on the 10 inch Kwale-Akri oil delivery line, causing NAOC to temporarily close the pipeline. NAOC has been unable to inspect the line to determine the extent of damage, as flooding due to bad weather has caused the area to be inaccessible. All production evacuated through this pipeline will be temporarily shut in pending NAOC's ability to access, inspect and repair the line. The Ebendo Field currently evacuates its production through this pipeline to the Brass export terminal. The Company will provide operational updates to investors on the progress of these repairs as they become available.
OER owns a 42.75% non-operating interest in the Ebendo Field (OML 56).
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 3,225 barrels of oil per day (production from Abo Field, OML 125). 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.
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.
SOURCE Oando Energy Resources Inc.
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