Sierra Leone awards offshore blocks to ODYE Limited

Source: ODYE Limited

ODYE Limited ("ODYE" or the "Company") is pleased to announce that the Sierra Leone Government has awarded ODYE's subsidiary, ODYE (SL) Limited, a participating interest in two offshore deepwater exploration blocks, SL 8A-10 and SL 8B-10, along with its partners, Chevron and Noble Energy.

ODYE's 100% owned subsidiary, ODYE (SL) Limited, has signed a petroleum license with Sierra Leone's Minister of Finance on 21 September 2012 which was ratified by the Parliament of Sierra Leone on 24 September 2012 for the exploration blocks that were provisionally awarded and subject to negotiations by the Petroleum Directorate for its 3rd bid round, with the bidding closing on 30 March 2012.

The two blocks, SL-08A and SL-08B, have been combined into one concession and are located between 75 and 110 miles (120 and 180 km) southwest of the capital of Freetown and cover a combined area of about 2,100 square miles (5,500 sq. km). The new blocks have average water depths ranging approximately 4,900 to 9,800 feet (1,500 to 3,000 m).

According to ODYE Director, Dominic Traynor, "The Company is looking forward to working with Chevron and Noble Energy to develop the exploration blocks for the benefit of all stakeholders and the people of Sierra Leone."

Under the award, Chevron (SL) Ltd. will be operator with a 55 percent interest, along with Noble Energy SL Limited. (30 percent) and ODYE (SL) Limited (15 percent). This is before a Sierra Leone National Oil Company optional back-in of 15 percent at final investment decision.

In addition, ODYE's Corporate Communications Director, Ms. Patrizia Ferrarese states, "As part of ODYE's commitment to sustainable development, ODYE will implement an agriculture initiative to catalyze growth through food security, employment creation and regional development in Sierra Leone. The ODYE led Agriculture Initiative will commence with a commercial rice project in the country and the company is currently completing its feasibility study for the project."

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