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Exile Updated First Oil Target for Akepo-1st Well

Source: www.gulfoilandgas.com 10/18/2010, Location: Africa

Exile Resources Inc a junior oil and gas exploration and production company with operations focused on Africa, along with its joint venture partners in the Akepo field development project, announced that the Akepo-1st well will be produced via a pipeline to a nearby onshore facility, eliminating the need for an early production system.

“After evaluating several development plans and scenarios, the joint venture partners determined that a permanent pipeline solution is the most prudent and economic approach in developing Akepo-1st and the rest of the Akepo field,” said Tony Henshaw, President and CEO of Exile Resources. “We considered using an early production system consisting of a shuttle barge, to ship produced crude oil to a nearby offtake facility. This type of production system would have been quicker to deploy, but would have seen allin costs of roughly $50 per barrel. The permanent pipeline will cost roughly $11 per barrel, which should add back about $5 million to the project economics.”

The pipeline will span approximately 13 kilometres to a nearby onshore facility. The contract for the pipeline has been awarded and construction will begin in December 2010, with first production targeted for May 2011. Although there is a slight delay in first oil production from the field, the decision to forego the early production system has substantially improved the project’s economics.

In addition to Akepo-1st, the Akepo field joint venture partners have identified an additional prospect within the license area. Prospect A, located north of Akepo-1st, is an easily accessible, low-cost exploration opportunity that could easily be tied into the permanent pipeline system.

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